Bitcoin Set to Hit $56,000 Upon BlackRock ETF Approval 🔥

While maintaining the $30,000 mark is proving challenging for Bitcoin$BTC , there appears to be a noteworthy surge in bullish sentiment. It can be attributed in part to the increased optimism of investors regarding the potential approval of a spot Bitcoin ETF in the US.

A potential approval can push #bitcoin between $42,000 and $56,000, according to a new report.

the US Securities and Exchange Commission (SEC) has declined to grant approval for a spot Bitcoin ETF despite numerous applications. Matrixport’s latest report has weighed in on the matter, speculating on the potential impact of BlackRock’s eagerly awaited spot Bitcoin ETF approval.

The report draws a comparison to the substantial $120 billion precious metals ETF industry. If even a modest 10–20% of investors currently engaged in precious metal ETFs decide to diversify their portfolios by allocating funds to Bitcoin ETFs, this shift could channel a notable $12 billion to $24 billion into these cryptocurrency investment options.

The crypto financial services platform’s latest analysis suggests that if BlackRock’s spot Bitcoin ETF is approved, the asset could experience a significant price surge.

Tether’s market cap, often viewed as a proxy for potential ETF inflows, plays a crucial role in this scenario. A $24 billion increase in Tether’s market cap is predicted to drive Bitcoin’s price to $42,000, reflecting a conservative estimate.

However, a more substantial influx of $50 billion, accounting for a 1% allocation from Registered Investment Advisors (RIAs), could propel Bitcoin to soar to an impressive $56,000.

BlackRock stated,

“Our earlier reports analyzed the 15,000-strong US registered investor advisor (RIA) community overseeing around $5 trillion. This group holds immense potential, and even a modest 1% allocation recommendation for Bitcoin would usher in around $50 billion in inflows.”#crypto2023