Analysts called the condition for the growth of bitcoin (BTC) to $180,000 by April 2024
Date: 2023-07-26 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
The price of Bitcoin (BTC) could rise by more than 500% from its current price and reach $180,000 by halving in April 2024. This opinion was expressed by analysts at Fundstrat, reports Insider.
Researchers believe that the daily demand for BTC of approximately $25 million corresponds to a daily mining reward of approximately $25 million.
A spot bitcoin ETF can increase the daily demand for BTC to $100 million, while the halving should reduce the daily mining reward to $12 million.
"The implicit equilibrium price must increase in order for daily supply to match daily demand. The equilibrium analysis suggests that the clearing price will be between $140,000 and $180,000 before the halving in April 2024," Fundstrat said in a statement.
Bitcoin Spot ETF Predictions
Sean Farrell, head of digital asset strategy at Fundstrat, believes that the spot bitcoin ETF is 75 percent likely to be approved in the near future, as a number of firms, including BlackRock and Fidelity, are waiting for news from the US Securities and Exchange Commission about their applications. This can contribute to the significant growth of BTC.
"We expect [the bitcoin ETF] to attract new investors and create increased demand for bitcoin," Farrell said.
Moreover, spot bitcoin ETFs will eventually be able to dwarf the precious metals ETF market, which has almost $230 billion in assets.
"The bitcoin ETF market could eventually exceed $300 billion," Fundstrat said.
Why Bitcoin Could Fall
Trader and analyst Josh Rager believes that BTC has a good chance of continuing to grow, but does not rule out the possibility of a deep correction. According to him, the optimistic forecast will not be justified if the Securities and Exchange Commission rejects the application BlackRock on a spot bitcoin ETF.
Upward trends are likely to materialize if BlackRock gets approval, which, according to Rager, will happen with a high degree of probability closer to August.
