Matrixport’s latest research has shed important light on the future implications of BlackRock’s Bitcoin spot ETF application. According to research, the approval of this highly anticipated ETF could lead to a significant rise in the price of Bitcoin (BTC).
Approval of BlackRock’s Bitcoin spot ETF could increase demand in the market and send Bitcoin’s price jumping towards $42,000 levels, Matrixport analysts predict. The report considered the assumption that 10% to 20% of gold ETF investors would buy shares in the spot Bitcoin ETF and stated that the $42,000 target was a “conservative estimate.”
It is worth remembering that BlackRock applied for a spot Bitcoin ETF on June 15, and in the seven days following the application, BTC rose from $24,800 to over $30,000.
The report also predicted that Bitcoin spot ETF approval could trigger approximately 15,000 registered investor advisors (RIAs) operating in the US.
“This group has tremendous potential, and even a modest 1% allocation proposal for Bitcoin could lead to around $50 billion in inflows.”
In such a case, with a larger inflow of $50 billion, BTC could potentially recover to $56,000.
Matrixport has maintained its optimistic outlook on Bitcoin since the beginning of the year. He had predicted in his previous reports that improving macroeconomic conditions and falling US inflation could push the BTC price higher, and the current price outlook shows that the prediction has been confirmed so far.
However, it is important to remember that ETF approval processes can be complex and uncertain. The approval or rejection of any ETF could have major impacts on the markets. Therefore, investors should always be careful and prepared.
You can follow the current price movement here.
Source : the crypto basic