I ran some numbers in a recent blog post about this, if we assume that the top 4 countries/regions in terms of exchange volume (US, Europe, Japan, South Korea). It would take 50% of the population to invest 1% of their annual income into Bitcoin to reach a price of $23,275.

So 50 of the population is probably a high expectation but 1% of income I can only assume is slightly below the average in terms of BTC investment, at least for most of us on here. Institutional money will make a massive difference, but if that money comes in the form of an ETF then things are a little less clear exactly how or to what extent that would affect the underlying BTC price. Especially when we're talking about ~$15k gain in price, the market cap would pretty much need to double.

I go into a little bit more depth behind the math in the post for anyone interested: https://medium.com/@rucksackmarketing/bitcoin-vs-1-trillion-market-cap-f442dffde920