- Fundstrat predicts a potential 521% increase in Bitcoin’s price leading up to April 2024, fuelled by the combined effects of the upcoming halving event and increased demand through spot Bitcoin ETFs.
- A Blackrock Bitcoin ETF has a strong likelihood of SEC approval, according to Fundstrat, which could usher in a new era of demand for Bitcoin and trigger a major market rally.
Fundstrat, the US-based market strategy research firm, has provided the crypto community with its bullish Bitcoin price predictions for the upcoming months, aligning with the future of the Blackrock Bitcoin ETF and the forthcoming Bitcoin halving event.
Bitcoin ETF: A Game-Changer in the Making?
Fundstrat, in its analytical perspective, included the demand surge that could result from the approval of spot Bitcoin ETFs, such as the one proposed by Blackrock. The firm expressed a high degree of certainty regarding the impending approval of this ETF by the U.S. Securities and Exchange Commission (SEC). According to Fundstrat’s experts, such a seal of approval would likely amplify Bitcoin demand.
Sean Farrell of Fundstrat shed light on the possible multiplier effect on the Bitcoin network once these ETFs begin operations. He put forth a bold prediction – a 75% likelihood of spot Bitcoin ETF approval in the near future. This optimism arises from the recent filings for spot ETF applications by major financial players such as BlackRock, Fidelity, Citadel, and Valkyrie in June 2023. Farrell, in a note accessed by Business Insider, expressed anticipation that a Bitcoin ETF would bring new investors into the fold and trigger a surge in Bitcoin demand.
Notably, Fundstrat has identified the confluence of the Bitcoin halving event, scheduled approximately for April 2024, and the Blackrock Bitcoin ETF as potential catalysts for a significant rally for the leading cryptocurrency. Halving, a process that halves the block rewards earned by miners for processing Bitcoin blockchain transactions, intensifies the scarcity of the cryptocurrency, which in turn can stimulate price growth.
Bitcoin Price Forecast: The Sky’s the Limit
In a striking prediction, Fundstrat suggested that Bitcoin’s price could skyrocket by 521% from the current $30,000 benchmark, aiming for the $180,000 mark before April 2024 – a staggering ascent within a mere nine months.
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The firm argued,
“Bitcoin ETF launch would bring daily demand to $125 million, while daily supply is only $25 million.”
This projection aligns Fundstrat with other influential voices in the financial and crypto sectors, including Standard Chartered bank, Bitcoin advocate Michael Saylor, and Ark Invest’s Cathie Wood, who all envisage a bright trajectory for the cryptocurrency in the coming years.
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