Forbes recently published a column anticipating a significant increase in Bitcoin’s price, projecting an increase of up to $80,000 following the Securities and Exchange Commission’s (SEC) approval of Spot Bitcoin ETFs.
According to MarketWatch, crypto analysts at AllianceBernstein, one of the largest investment firms, believe that the US SEC’s approval of Spot Bitcoin ETF applications could result in a significant increase in Bitcoin’s price, reaching $80,000 by the end of 2024.
AllianceBernstein analysts Gautam Chhugani and Mahika Sapra highlight several factors that could contribute to this potential surge.
Aside from the approval of Spot Bitcoin ETFs, they point to the upcoming Bitcoin halving event in April as well as increased demand from various companies as catalysts for Bitcoin’s price to reach $80,000.
Analysts predict that 2024 will be a watershed year for the cryptocurrency market, particularly for Bitcoin. They anticipate a gradual increase in Bitcoin ETF flows, with applicants vying for a competitive advantage in the expanding market.
Additionally, increased Bitcoin advertising and branding efforts could create a snowball effect, driving up demand even further.
The crypto experts at AllianceBernstein predict a $5 billion inflow into Spot Bitcoin ETFs in the first half of 2024.
In the second half, they expect inflows to double to $10 billion, with projections indicating that Bitcoin’s market cap could reach $1.5 trillion by the end of the year.