Fundstrat, a market strategy research company based in the United States, announced its forecast for the price of Bitcoin on July 24. The company accounted for the demand created by spot Bitcoin ETFs from companies like Blackrock in their calculations.
Additionally, the company is more than certain that the U.S. Securities and Exchange Commission (SEC) will approve the spot ETF soon. According to the firm’s analysts, such an ETF clearance would probably lead to a rise in Bitcoin demand.
Sean Farrell of Fundstrat warned that once the ETFs start trading, there might be a multiplier impact on the Bitcoin network.
He said that there is a 75% possibility that a spot Bitcoin ETF will be approved soon. Spot ETF registrations have been submitted by companies like BlackRock, Fidelity, Citadel, and Valkyrie as of June 2023.
He wrote in a note that Business Insider was able to access that he expected a Bitcoin ETF to draw in new investors and boost Bitcoin demand.
The company also thinks that the upcoming Bitcoin halving event in April 2024 and the Blackrock Bitcoin ETF could spark a significant rise in the value of the top digital currency.
The Bitcoin blockchain’s block rewards are reduced by half as a result of the halving event, which increases the digital asset’s rarity.
The research company claimed that before April 2024, the Bitcoin price may increase by 521% from its current range of $30,000 to $60,000. This would result in a nine-month increase to $180,000.
The company joins Standard Chartered bank, Michael Saylor, an endorser of Bitcoin, and Cathie Wood from Ark Invest as both of the individuals believe that bitcoin has a very bright future.
