Bitcoin Price Prediction: Surge to $61,600 Amid ETF Launches, Is $70,000 Next?
In the latest Bitcoin price prediction, BTC’s price surged to $61,600, marking a 0.50% increase amid Asia’s trading session on Friday.
This rise is aligned with the introduction of spot Bitcoin ETFs by prominent financial institutions like Bank of America’s Merrill Lynch and Wells Fargo, showcasing Bitcoin’s escalating acceptance and potential for substantial growth.
Analysts forecast Bitcoin could reach between $100,000 and $200,000, driven by institutional adoption and the anticipation of the halving event, indicating a bullish future and a new chapter in Bitcoin’s valuation journey.
Following the SEC’s nod last month, Bank of America’s Merrill Lynch and Wells Fargo have begun offering spot bitcoin exchange-traded funds (ETFs) to their select wealth management clientele.
This development underscores Bitcoin’s growing appeal as an asset class, offering investors exposure to Bitcoin without the need for direct ownership.
BofA's Merrill, Wells Fargo offering spot bitcoin ETFs to clients https://t.co/HOoGOldWq2 pic.twitter.com/ggrYvQepj8
— CNA (@ChannelNewsAsia) February 29, 2024
The launch of these ETFs, especially post the 2022 “crypto winter,” has attracted new investors and reignited interest in the cryptocurrency. Some are even pivoting from traditional gold-backed ETFs to Bitcoin, viewing it as digital gold.
Key Points:
Analysts, including those from Bernstein, are optimistic, forecasting Bitcoin’s price could soar to $150,000 due to institutional adoption.
Despite this enthusiasm, Vanguard remains cautious, opting out of offering spot bitcoin ETFs, illustrating the varied stances among financial institutions.
This move by BofA and Wells Fargo, as reported by Bloomberg Law, signals a significant step towards broader
Read more on cryptonews.com
