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Bitcoin’s price has been skyrocketing recently and has managed to move past $60,000 for the first time since April 2021. With the launch of the U.S.’s first BTC exchange-traded fund (ETF), analysts have been upgrading their price predictions for the crypto with one saying that it could potentially hit as high as $168,000.
Research firm Fundstrat has been known for its optimistic crypto price predictions. Earlier, the firm’s analysts predicted that Bitcoin (BTC) could soar to $100,000 by the end of 2021 while Ethereum (ETH) could go as high as $10,500 per coin.
However, Fundstrat’s team has upgraded its price prediction along with the introduction of the U.S.’s first Bitcoin futures ETF. The firm’s analysts now believe that BTC’s equilibrium price could go as high as $168,000 if the ProShares ETF could manage to bring in a serious wave of inflows from investors, according to YahooFinance.
“[T]he [new bitcoin ETF] will enable vastly more individuals to allocate to crypto,” Fundstrat Global Advisors co-founder Tom Lee wrote. “We think Bitcoin demand will exceed the inflows for QQQ.”
If the ProShares BTC ETF could manage to bring in $50 billion in its first year, it would imply an additional demand for Bitcoin of roughly $50 million per day. Fundstrat believes that this additional demand, along with the current upward price trajectory of the crypto, could potentially send BTC’s equilibrium price of $168,000 per coin.
“There are some views that the run-up in [bitcoin's price] is already discounting this approval,” Lee added. “To an extent, this is probably true, since Bitcoin has surged to near all-time highs in the past few weeks. But in our view, the price of Bitcoin will continue to rise, well after actual approval of the ETF.”
