Investors' bullish expectations are increasing for Bitcoin, which rose above $30,000 even after fake news.
At this point, while investors' expectations for a decline in BTC are decreasing, the new report of research company Matrixport supports investors' expectations.
Stating that spot Bitcoin ETFs could be an important catalyst for the price, Matrixport explained that even a modest 1% allocation for Bitcoin by companies applying for an ETF could lead to an inflow of approximately $50 billion in BTC.
Stating that the BTC price may rise after the possible approval of ETFs, Matrixport reported in its report that it predicted a price of $42,000 and $56,000 for BTC and included the following statements:
“Now let's examine the potential impact of BlackRock Bitcoin ETF' approval.
If Tether's market cap increases by $24 billion after this approval and acts as a proxy for potential ETF inflows, Bitcoin's price will rise to $42,000.
This estimate also means a conservative estimate for Bitcoin.
“If there is a larger allocation of $50 billion, Bitcoin could potentially rise to $56,000.”
Bitcoin is at $28,450 at the time of writing.
*This is not investment advice.
