The post Bitcoin (BTC) Could Jump 74% Following BTC ETF Release appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) broke the much-awaited resistance at $30,000 recently. The jump was so quick that it did not even see if the reason was actually concrete. The flagship cryptocurrency price nowadays is subject to updates on much-awaited financial products, and exchange-traded funds (ETFs). Recently, crypto investment firm Galaxy Digital came up with an estimation of potential BTC price and ETF market size increase following spot ETF release.  According to a blog post released on Tuesday, October 24, within the first year of Bitcoin ETFs’ launch, BTC price would see an increase of 74.1%. The market size of spot BTC ETFs could go up to $14.4 Trillion within a year following their launch.  A research associate at Galaxy Digital, Charles Yu calculated the figures and published the estimates. He used the gold ETFs as a baseline and found the numbers after evaluating the possible impact on BTC price after the fund inflows to Bitcoin ETF.  Bitcoin will see a 6.2% increase in the first month of ETF launch and then it will start dropping in the months to come. By the end of the 12th month, the monthly increase will be dropped to 3.7%. Considering the continued growth for the whole year, the cumulative growth will result in an increase of about 74.1%.  Source – Galaxy Digital  Yu did not disclose a definitive number since there are no confirmed signs of spot ETF approvals. Also, consider the price on September 30, 2023, for the base, when BTC was at $27,000. After considering the same level as the base, the estimated growth may result in the BTC price hitting around $47,000 in a year after the ETF launch.  However, the BTC price may be around $59,000 given the existing trading price of $34,284.  Bitcoin ETFs’ overall market cap is also going to…

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Filed under: News - @ October 26, 2023 3:12 am