Can Bitcoin Really Double in Price to $60,000 by the End of 2023?
Ever since BlackRock (NYSE: BLK) announced its plans to apply for permission to create a spot Bitcoin (CRYPTO: BTC) exchange-traded fund (ETF) back in June, the crypto market has been buzzing about what this new fund's launch might mean for the price of Bitcoin. That buzz only intensified when six other financial institutions also announced plans to launch their own spot Bitcoin ETFs. The conventional wisdom is that the token could surge past the $30,000 level and begin another rally as new investor money floods into the crypto market.
In fact, a new report from blockchain analytics firm CryptoQuant says that Bitcoin could soar above $50,000 and start to challenge its all-time high of $68,790. It even speculates about a price jump to as high as $73,000. That would imply an increase of close to $1 trillion in the market cap of Bitcoin. Given the huge numbers involved here, it's only natural to ask: Just how realistic is this scenario?
A number of key assumptions underpin this pricing model. The most important of them is that the financial institutions creating these new spot Bitcoin ETF products will recommend to their clients that they allocate at least 1% of their portfolios to Bitcoin. This percentage will give you a good idea of how much new money could flood into the crypto market after the ETF approvals.
Source Fool.com
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