Bitcoin price will soar to $500,000 within a period of five years, “everyone” agrees with this idea
A few days ago, Cathie Wood, the chief executive of investment management firm Ark Invest, said that Bitcoin price could hit $500,000 in five years at Wall Street’s SALT conference. Although it sounds like this forecast is not feasible, recently, the founder of NorthmanTrader, Sven Henrich, also expressed his agreement.
— Sven Henrich (@NorthmanTrader) September 15, 2021
Sven Henrich agreed Bitcoin price is going to $500,000 with Cathie Wood
Wood believes the price of the leading cryptocurrency could increase ten-fold if institutions keep allocating 5% of their portfolios toward it. She initially revealed her $500,000 target back in May after the chief coin endured a significant sell-off with the rest of the market.
After this forecast was made, Founder of NorthmanTrader Sven Henrich retweeted an interview with Ark founder and CEO prominent investor Wood to express his agreement.
However, Henrich’s statement seemed to have a bit of irony in it. He tweeted somewhat sarcastically that it is going to happen since: “Everyone agrees. Then it must be true.” He did not clarify, though, whether he genuinely believes in the flagship crypto rising that much in five years or not.
Many of Henrich’s followers are optimistic, saying that Bitcoin will reach a higher price. However, one insider thinks it will drop – to the $9,700 area.
At the moment, the leading cryptocurrency has recovered the losses it saw over the past week, as it dropped from the $47,000 region and returned to the $44,300 and $43,700 areas. At press time, BTC is changing hands at $47,436, recorded a 3% increase in the last 24 hours.
However, BTC is still very far away from retesting $52,700, from where it plummeted on September 7. Bitcoin was last seen at that price point in mid-May, and then it dropped below. $40,000 for the whole summer: May 19 to August 6.
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