1 Red-Hot Cryptocurrency to Buy Now. It Could Soar 525% to 5,800%, According to Certain Wall Street Analysts.
Bitcoin (CRYPTO: BTC) gained 116% over the past year amid a resurgence in risk assets driven by an increasingly optimistic economic outlook. Other factors contributing to those returns include the recent approval of spot Bitcoin ETFs and the upcoming halving of Bitcoin mining rewards, estimated to occur on April 16, 2024.
Several Wall Street analysts think those factors will drive the cryptocurrency even higher in the future, but Anthony Scaramucci, Tom Lee, and Cathie Wood are among the most bullish. Their forecasts imply upside ranging from 525% to 5,800% from the current price of $64,000.
Recently approved spot Bitcoin ETFs offer direct exposure to Bitcoin without the friction of cryptocurrency exchanges. That could be a game changer. By letting investors consolidate accounts (i.e., no separate accounts for cryptocurrency) and eliminating high transaction fees, spot Bitcoin ETFs could greatly increase demand.
Source Fool.com
