CryptoQuant Points to $73,000 for Bitcoin After ETF Approval! Here are the Details…

According to the news from Coindesk, blockchain company CryptoQuantspotlight in its recent historical report BitcoinHe evaluated how the approval of his ETFs would affect the market.

Spot BitcoinETF’lpotential approval of BTC’CryptoQuant stated that if ETFs are approved, the market value of Bitcoin will reach 900 billion dollars and the total crypto market value will grow by 1 trillion dollars.

At this point, CryptoQuant analysts point out that the event that started the bull in 2020-2021 was the adoption of Bitcoin by corporate companies and stated that the next BTC The bull is available to its customers through spot ETFs. BitcoinHe argued that it could be initiated by financial institutions that provide access.

If spot ETFs are confirmed in CryptoQuant report BitcoinHe said the price could rise between $50,000 and $73,000.

“The value of assets under management of companies applying for the Bitcoin spot ETF is approximately $15.6 trillion. If companies put 1% of that figure into these ETFs, approximately $155 billion could enter the Bitcoin market.

This represents almost a third of Bitcoin’s current market value.

If this scenario happens, hypothetically the price of Bitcoin could rise to between $50,000 and $73,000.

Historically, in previous bull markets, Bitcoin’s market cap has increased 3-5 times more than its realized value.

Accordingly, every $1 that enters the Bitcoin market shows that the market value of BTC can increase by $3 to $5.”

Spot BitcoinCryptoQuant is not the only platform that thinks ETF approval could push the BTC price higher. Matrixport research Markus Thielen also said, “No one will dare to short BTC in the foreseeable future. “Even if the Cointelegraph report is false, BTC could still move higher in anticipation of confirmation.” said.

fake spotlight BitcoinRising above $30,000 on ETF news BitcoinAt the time of writing, it is trading at $28,300.

*This is not investment advice.