Fundstrat Predicts Bitcoin ETF Approval Could Drive Price to $180,000 by 2024
In a recent investor note, Sean Farrell, the leader of digital asset strategy at Fundstrat, suggests that the approval of a bitcoin exchange-traded fund (ETF) could have a significant impact on the price of Bitcoin. Here are the key points:
- The launch of a Bitcoin ETF could lead to a daily demand of $125 million, surpassing the daily supply of $25 million.
- This increased demand could drive the equilibrium price of Bitcoin to reach $140,000 to $180,000 before the halving in April 2024.
- Fundstrat believes that a Blackrock Bitcoin ETF could potentially surpass the inflows of the QQQ ETF, becoming one of the most monumental ETF launches.
- The firm predicts that Bitcoin ETF assets could outshine the market worth of precious metals ETFs, potentially reaching over $300 billion.
- However, there are concerns about potential manipulation and leverage of fictional Bitcoin supplies, similar to allegations made against precious metals ETFs.
In conclusion, Fundstrat anticipates a significant price increase for Bitcoin if a Bitcoin ETF is approved, with a potential price range of $140,000 to $180,000. While there are potential risks and concerns, the firm remains optimistic about the long-term growth of the cryptocurrency market.
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