Bitcoin has been trading below the key level of $100,000 since February 4, following investor sentiment affected by concerns over a global trade war triggered by new import tariffs announced by the U.S. and China.
According to Wood, despite the temporary market downturn, the chances of Bitcoin surpassing the $1.5 million mark per coin have increased.
“Many people know us for our ‘bullish’ Bitcoin forecast of $1.5 million,” Wood said. “We truly believe that the likelihood of our prediction being correct is rising due to the ongoing institutionalization of this new asset class. Many institutional investors are now looking at Bitcoin and thinking they need to add it to their asset portfolio because its risk and return profile is significantly different from all other assets in their portfolios.”
Optimistic price forecasts from investment giants like ARK Invest may foster greater confidence in Bitcoin among institutional investors.
Further adoption of institutional ETFs could drive up Bitcoin's price, as institutions have large capital volumes that can influence crypto markets.