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Crypto News: United States based market strategy research firm Fundstrat on Monday revealed its Bitcoin price prediction for the coming months. In its analysis, the firm priced in the demand generated through spot Bitcoin ETFs from the likes of Blackrock.
Also, the firm is more certain than not about the U.S. Securities and Exchange Commission (SEC) approving the spot ETF in the near future. Such an approval of ETF would likely increase demand for Bitcoin, the firm’s analysts said.
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Probability Of Bitcoin ETF Approval
Fundstrat’s Sean Farrell noted that there could be multiplier effect on the Bitcoin network once the ETFs begin to operate. He predicted that there is a 75% chance of a spot Bitcoin ETF approval in the near future. In June 2023, the likes of BlackRock, Fidelity, and Valkyrie have filed for spot ETF applications.
We anticipate a Bitcoin ETF would attract new investors and generate increased demand for Bitcoin, he stated in a note accessed by Business Insider.
Also, the firm believes the Bitcoin halving event scheduled for around April 2024 along with the Blackrock Bitcoin ETF could trigger a major rally for the top cryptocurrency. The halving event cuts down the block rewards given to miners for processing transactions on the Bitcoin blockchain by half, driving scarcity of the cryptocurrency.
BTC Price Prediction
The research firm noted that Bitcoin price could rise by 521% from the current range of $30,000 before April 2024. This would make it a jump to $180,000 in a span of nine months.
“Bitcoin ETF launch would bring daily demand to $125 million, while daily supply is only $25 million.”
The firm joins Standard Chartered bank, Bitcoin supporter Michael Saylor and Ark Invest’s Cathie Wood among those who see a huge potential for growth for the cryptocurrency in the years to come.
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