Bitcoin Continues to Shine
Bitcoin is currently trading at $43,200 after rising more than 4% over the past week. The launch of spot Bitcoin exchange-traded funds (ETFs) in the US helped its price rise exponentially last year, and analysts currently believe BTC may surpass $122,000 next year.
Experts Surveyed on BTC Price Predictions
A panel of experts surveyed by Finder revealed that the price of the flagship cryptocurrency is expected to be at a new all-time high of $77,423 by the end of this year, rising to $122,688 by the end of 2025 and a whopping $366,935 by 2030.
Spot ETFs and Bitcoin’s Price
Bitcoin fell below the $40,000 mark shortly after the launch of spot Bitcoin ETFs, pressured by significantly outflows from Grayscale’s Bitcoin Trust. BlackRock, Fidelity, Invesco, and others have launched new funds offering exposure to BTC.
Daily Trading Volumes Rise
The average daily trading volumes in the cryptocurrency investment product space hit a new high of $2.19 billion last month, as per CCData’s latest Digital Asset Management Review. The rise was linked to the introduction of spot ETFs in the US, along with improving market sentiment.
Rising Price Predictions
Finder’s panelists raised their BTC price predictions, expecting a rise for the first time above $100,000 by 2024 and above $300,000 per coin by 2030.
Factors Influencing Bitcoin’s Price
Kadan Stadelmann, CTO of Komodo, attributed Bitcoin’s “potential to reach $80,000 in 2024” to several factors, including major companies and institutional investors showing growing interest in the cryptocurrency, the launch of spot Bitcoin ETFs, and the upcoming Bitcoin halving event.
Spot BTC ETFs and Speculative Bubbles
University of Canberra Senior Lecturer John Hawkins said that if spot BTC ETFs are popular “there could be a temporary price increase,” but said that he sees BTC as a “speculative bubble” in the medium to longer-term.
Hot Take
Bitcoin’s Bright Future
Bitcoin continues to show resilience and has the potential to surpass its all-time highs in the coming years, as stated by experts. The introduction of ETFs and growing market sentiment have provided an optimistic outlook for BTC’s future prices.
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