After hitting $50,000 on Monday, February 15, Bitcoin (BTC) is strongly holding up closer to those levels. At press time, BTC is trading at a price of $49,535 levels with a market cap of $923 billion. Well, the world’s largest cryptocurrency is on its way to becoming the first trillion-dollar cryptocurrency asset class.
With the recent price surge over the last week, popular trader and analyst Peter Brand point out that Bitcoin (BTC) has entered its third parabolic advance in the last decade.
As we can see from the above chart, the previous parabolic advances have led to strong bull rallies ahead. As we can see, the BTC price is still in the early stage of its third parabolic advance and this can lead all the way to the BTC price going up to $240,000.
However, Peter Brandt is not alone in thinking that Bitcoin (BTC) can climb these levels. Popular Bitcoin evangelist and author of stock-to-flow (S2F) model PlanB has also suggested a similar ($228K) target for BTC price.
Well, this could be very much possible taking a look at the institutional developments happening around Bitcoin (BTC). Besides, big corporates have started considering the inclusion of Bitcoin in their balance sheets after Tesla’s BTC purchase.
Digital asset manager New York Digital Investment Group LLC (NYDIG) has filed for a Bitcoin ETF with the U.S. SEC on Tuesday, February 16. The filing states that the NYDIG Bitcoin ETF shall be listed on the New York Stock Exchange (NYSE). Banking giant Morgan Stanley will serve as the Bitcoin ETF’s authorized participant. The filing notes:
“The Trust’s investment objective is to reflect the performance of the price of bitcoin less the expenses of the Trust’s operations. The Trust will not seek to reflect the performance of any benchmark or index… In seeking to achieve its investment objective, the Trust will hold bitcoin”.
Another North American Bitcoin ETF by Canada-based Evolve Group Funds has been recently approved.
With the institutional interest in Bitcoin (BTC) surging to new highs, there’re high hopes of having a U.S-based Bitcoin ETF in the market by the year-end. Wall Street veteran Mike Novogratz is hopeful that the current nominee for the SEC chief – Gary Gensler – will have a positive outlook on having a Bitcoin ETF in the market and it should arrive by the year-end.
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