Bitcoin Predicted To Touch $80K By Year-End: 'Applicants Will Be Fighting Hard' For ETF Approval, Says Top Asset Manager
Portfolio Pulse from Benzinga Neuro
AllianceBernstein analysts predict Bitcoin (BTC) will reach $80,000 by end of 2024, driven by a spot ETF approval, the halving event, and rising corporate demand. Bitcoin surged 150% in 2023 and started 2024 strong. The SEC is expected to approve a spot Bitcoin ETF by ARK Investments and 21Shares, with BlackRock Inc also likely to receive approval. Spot ETFs could lead to a temporary selloff but are expected to attract institutional inflows, with $15 billion projected in 2024 and 10% of Bitcoin under ETFs by 2028.
January 03, 2024 | 8:46 am
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POSITIVE IMPACT
BlackRock Inc is expected to receive approval for a Bitcoin spot ETF around the same time as ARK Investments and 21Shares, potentially increasing its asset offerings and attracting more inflows.
The approval of a Bitcoin spot ETF for BlackRock would expand its product offerings and could attract new inflows, positively impacting its business. However, the confidence level accounts for the uncertainty of regulatory approval and market reception.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Bitcoin is predicted to reach $80,000 by the end of 2024, with a significant rise expected due to spot ETF approvals and increased corporate demand.
The prediction of Bitcoin reaching $80,000 is based on the anticipated approval of spot ETFs and increased corporate demand, which are strong positive drivers for Bitcoin's price. The confidence level is not at the maximum due to the inherent unpredictability of cryptocurrency markets and regulatory decisions.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Bitdeer Technologies Group's Q3 earnings are mentioned in the context of the article, but there is no direct impact on the company from the Bitcoin ETF predictions.
While Bitdeer Technologies Group is mentioned in the article, the news about Bitcoin ETF predictions does not directly affect the company's short-term stock performance, hence the neutral score.
CONFIDENCE 80
IMPORTANCE 10
RELEVANCE 10