BTC Soars 10%! Giant ETF Talk Boosts Crypto Craze
A sudden increase in the price of Bitcoin occurred this week, causing it to fall to $40,000 before climbing back up to $44,180. This surge can be attributed to the renewed buzz surrounding the potential approval of a Bitcoin Spot ETF, which assisted Ethereum, XRP, and Solana in recovering from the flash crash. Moreover, this surge can be attributed to it.
Anxieties regarding the possibility of the United States Securities and Exchange Commission (SEC) rejecting the long-awaited exchange-traded fund (ETF) were the root cause of the price drop that occurred on Tuesday. On the other hand, analysts from Alliance Bernstein, Gautam Chhugani, and Mahika Sapra have issued a forecast that is remarkably optimistic regarding the future of Bitcoin and other crypto assets, including Ethereum, XRP, and Solana.
According to their report, Bitcoin (BTC) is expected to experience a meteoric rise, reaching $80,000 before the end of 2024, which will allow its market cap to reach $1.5 trillion. Since the beginning of the cryptocurrency industry, the possibility of a Bitcoin exchange-traded fund (ETF) being approved has been a topic of intense interest. Wall Street giants such as BlackRock have been actively lobbying for the implementation of such a fund.
AllianceBernstein estimates that if such an exchange-traded fund (ETF) were to be approved, it would be able to attract $5 billion in inflows within the first half of 2024, with the potential to double to $10 billion in the second half of the same year. According to their prediction, exchange-traded funds (ETFs) could hold a startling 10% of all Bitcoins by the year 2028.
There are a number of other factors that contribute to the optimistic outlook for Bitcoin, in addition to the buzz surrounding exchange-traded funds (ETFs). These factors include the forthcoming halving of Bitcoin in April 2024, increasing institutional adoption, and confidence in the cryptocurrency. However, the future remains uncertain, as a notable lawyer in the crypto space expects an SEC rug pull ahead of the ETF approval.
