BTC price forecast for 2024 after confirmation of Bitcoin ETFs

The cryptocurrency market is buzzing with the US approval of a Bitcoin ETF (Exchange Traded Fund). This potential move has sparked various predictions about the future value of Bitcoin.

Analysts and experts are offering insights that range from cautiously optimistic to bullish.

An ETF opens doors to institutional capital.

According to Bloomberg, there is a 90 percent chance that the Bitcoin ETF space will go green this year. This news has fueled speculation about the impact of such an approval on Bitcoin's price.

Essentially, the approval of the Bitcoin ETF space could mark a critical shift in institutional engagement with the cryptocurrency. This opens up a streamlined path to the crypto market for US companies and attracts major businesses. Subsequently, increasing market flexibility and volatility.

“In the Middle Ages, [Bitcoin ETFs] Matty Greenspan, CEO of Quantum Economics, told BEncrypto.

Read more: Full list of Bitcoin ETFs approved in January 2024 and expiration dates

The introduction of the Bitcoin ETF space is expected to shake up the dynamics of cryptocurrency exchanges. Analysts such as Nate Gerasi of The ETF Store and Eric Balchunas of Bloomberg have pointed out that ETFs bring more competitive trading costs. Thus, it can change the revenue models and operations of traditional crypto exchanges.

Michael Sonnenshin, CEO of Greyscale, added another dimension to this discussion. He suggested that the approval of the ETF could open up around $30 trillion in assets advised for Bitcoin. This move could greatly expand the investor base by providing new opportunities for those who previously could not invest in Bitcoin.

“There is a lot of optimism in the market. Many investors are adding Bitcoin to their portfolios. Looking at the promising approval, for better or for worse, I would say for worse, it opens up opportunities for a segment of the investment community that has unfortunately had the opportunity to participate in acquiring Bitcoin. exposure in their portfolios,” added Sonnenschein.

BTC price forecast before Bitcoin ETF decision

Various predictions have been made regarding price forecasts. On the conservative end, Bitcoin prices are expected to hover between $42,000 and $100,000 upon ETF approval. However, a more hawkish view suggests it could rise to $160,000 or even $1,000,000, depending on institutional flow and supply factors.

For example, the CEO of Blockstream, Adam Back, has predicted that the price of Bitcoin will rise significantly, suggesting that it may reach $100,000. He believes this increase is possible even before the start of the ETF and the upcoming Bitcoin halving event. Back emphasized the significant impact an ETF can have on Bitcoin's price, highlighting its impact on market volatility.

Similarly, on-chain analysis firm CryptoQuant told BeInCrypto that Bitcoin is likely to exceed $160,000 for several reasons. These may include increased demand for Bitcoin from various ETFs, the upcoming Bitcoin halving event and lower interest rates in the broader stock markets.

“We argue that in 2024, Bitcoin and crypto markets may have a positive year due to the following effects: 1. Market review cycle, 2. Network activity, 3. Bitcoin halving, 4. Macroeconomic outlook, 5. Bitcoin spot ETF approval and 6. Growing stable coin liquidity,” CryptoQuant analysts confirmed.

Read more: How to prepare for a Bitcoin ETF: A step-by-step approach

On the other hand, Anthony Scaramucci, a prominent figure in the crypto space, expects the price to rise to $330,000.

“Imagine the magnitude of that. “If there's a hundred billion dollars flowing into bitcoin, the people at Fidelity think it could be about 11 times the valuation, so you could see bitcoin go from $600 billion to a $6 trillion asset,” Scaramucci said.

Meanwhile, Samson Mou, CEO of Jan3, predicted that the price of Bitcoin will rise significantly, possibly reaching $1 million. Mou pointed out the limitations of BTC exchanges compared to the abundance of institutional money. He emphasized that this influx of capital could lead to a large and rapid increase in the price of Bitcoin.

Drawing on past trends, such as 2017's 20-fold surge in Bitcoin's price in nine months, Mow suggested that the impact of ETF approvals would be faster and more dramatic, with billions of dollars in expected investment. to the market.

Despite the excitement, it is important to remember that these forecasts are speculative and dependent on various factors, including regulatory decisions and market dynamics. Given the extreme volatility of the cryptocurrency market, investors should approach these developments with caution and thorough research.