Fundstrat Predicts That the Approval of Bitcoin ETF Could Drive Price Up to $180,000 by 2024

Fundstrat, the financial services firm, recently issued a bold projection for Bitcoin (BTC), suggesting it could reach staggering $180,000 before its next block reward halving event in April 2024. This represents an estimated 521% price increase from current levels; and is driven by rising demand due to anticipated approval of an ETF for it.

Fundstrat’s Digital Asset Strategy Leader, Sean Farrell, elaborated in an investor note on Fundstrat’s prediction, outlining the dynamics that could cause such a drastic price shift. At present there exists an approximately equal balance of approximately $25 million daily Bitcoin mining rewards and demand; Farrell believes approval of an ETF would spur increased daily demand by as much as $100 million each day; at the same time the halving event will reduce daily mining rewards to $12 million per day.

Farrell estimates that these factors will lead to an imbalance between daily supply and demand, particularly with regard to spot Bitcoin ETFs; daily demand could spike to over $125 million while supply stays constant at $25 million, creating an imbalanced situation which requires prices of Bitcoin to increase so as to match supply with demand – Farrell suggests this could result in prices between $140,000 to $180,000 prior to April 2024 halving event.

Fundstrat sees potential for a Bitcoin ETF to become an eventful part of financial markets, overshadowing even well-established ETFs like QQQ in terms of inflows and outperforming precious metals ETFs, which collectively account for a market worth approximately $230 billion. According to Fundstrat’s projections, Bitcoin ETF assets could outshone precious metals ETFs which together represent a market worth $230 billion; Fundstrat projects that the value of bitcoin ETF assets could exceed $300 billion by their projections – as per Fundstrat’s projections – in value by sometime soon thereafter.

However, approval of a Bitcoin ETF raises serious allegations of potential manipulation. As with GLD and SLV precious metals ETFs, an physically-backed Bitcoin ETF may enable leveraged of fictional supplies to manage futures positions – while undoubtedly increasing cryptocurrency adoption and prices, such an ETF might enable manipulators’s to manipulate global prices when prices increase rapidly.

Fundstrat’s predictions regarding Bitcoin’s price trajectory have long been ambitious, aiming for six-digit valuation. Unfortunately, these predictions have yet to materialize fully; nonetheless, Fundstrat remains confident of an increased price thanks to ongoing developments within the crypto ecosystem as well as increasing institutional interest.

Fundstrat’s projection that Bitcoin could reach $180,000 prior to the 2024 halving event can be explained by expectations that an ETF approval could drive an upswing in demand, creating significant price growth potential and drawing in both investors and enthusiasts alike. While any significant price surge would pose its own set of challenges and risks, investors and enthusiasts have become drawn to such speculation within the cryptocurrency market as excitement builds over its impending arrival.

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