The prospects of a potential SEC approval of a Bitcoin ETF continue to spark speculation. Many experts already believe that the request made to this effect by BlackRock was a game changer for the crypto market. More and more people are expecting an asset price rally.
Bitcoin at $56,000 if BlackRock ETF demand passes
Recently, Gary Gensler, the head of the SEC, spoke about the Bitcoin ETF applications submitted to the SEC. He was clear: the financial regulator’s decision on the issue is not for now. In the meantime, speculation continues.
Matrixport, a financial services and digital asset management company delivered its own on the price of BTC. In particular, if BlackRock’s Bitcoin ETF application was approved. Although it is not certain that this will be the first request to be validated.
According to Matrixport, the price of bitcoin is likely to reach a valuation of $56,000 if this outlook is confirmed. Its forecasts are based in particular on the potential choices made by registered investment advisors (RIA).
They form a community of 15,000 people managing approximately $5,000 billion in assets. With their financial clout, Matrixport believes that if they decided, for example, to invest just 1% of the assets they manage, a rally is certain for BTC.
Matrixport expects a prudential projection of $42,000
Matrixport’s analysis is that approximately $50 billion in funds would flood the bitcoin market. Under these circumstances, the price of bitcoin could significantly exceed its current price of $29,000, up 4.92% in 24 hours.
Even if the flagship crypto seems to be on the rise in recent days, the financial company still wants to be a little cautious. The most likely hypothesis according to her is that the price of bitcoin could reach $42,000.
Here, Matrixport bases its analysis on the market capitalization of USDT, assuming an increase in the latter of $24 billion. It is worth remembering that this in itself remains speculation.
But it’s worth remembering that Matrixport’s predictions in its 2023 outlook report, released on December 9, 2022, turned out to be remarkably accurate. The platform’s new projections could once again be confirmed.
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