, Bernstein analyst Gautam Chhugani said in a research note that BTC’s predicted surge would be due to optimism surrounding the spot Bitcoin exchange-traded fund .Chhugani revealed that Bernstein expects the United States Securities and Exchange Commission to approve one or more proposals for a spot Bitcoin ETF by the first quarter of 2024.
The investment research company expects the ETF approval would lead to roughly 10% of BTC’s circulating supply going toward the exchange-traded products. Grayscale’s Bitcoin Trust already holds around 3% of the leading digital asset’s available supply. During the Bitcoin halving event, miners’ rewards per block will be slashed by 50%. The mechanism is scheduled to occur every four years to reduce the amount of BTC produced daily, which could, in turn, increase the crypto asset’s value due to simple economic supply-demand laws.
Since BTC hit the $35,000 mark, several industry participants have forecasted the cryptocurrency’s price target in the coming months. Prominent analyst Michael Van de Poppe recentlyWhile speculations abound, many factors, including regulatory changes, the spot Bitcoin ETF approval, and economic developments, could affect BTC’s next trajectory.
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