Bitcoin's price may zoom to $2 lakh mark on SEC's ETF nod, say experts
ETF) to track bitcoin, industry experts predicted that Bitcoin could hit the $200,000-mark. Additionally, inflows of $50-100 billion in Bitcoin ETFs is expected in 2024, they said.
Global bank Standard Chartered said in a note, «We expect Bitcoin to enjoy price gains of a similar magnitude as a result of US spot ETF approval, but we see these gains materialising over a shorter (one- to two-year) period, given our view that the BTC ETF market will develop more quickly, This is consistent with our end-2024 view of Bitcoin at the USD 100,000 level.»
«If ETF-related inflows materialise as we expect, we think an end-2025 level closer to USD 200,000 is possible. This assumes that between 437,000 and 1.32mn new bitcoins will be held in spot US ETFs by end-2024. In USD terms, this should be roughly USD 50-100bn,» it added.
Predicting Bitcoin's price target for 2024, Mudrex CEO Edul Patel said, «It should be a great year for BTC in 2024. The combined effect of ETFs, halving and regulatory clarity drive up demand. It is expected that BTC will cross its previous highs of $69k.»
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View Details»«We can expect an inflow of $5-7 billion in the next 3 months. Over the long term (2-5 years), we can expect institutions to invest 1 to 3% of their capital. Considering that institutions manage around $30 trillion, this implies a potential inflow of approximately $.5 to 1 trillion,» Edul said.
Roshan Aslam, Founder and CEO of GoSats, said,«We can expect the Bitcoin price to surpass $55,000, and potentially even reaching the ATH price of $69,000 this year. We
