As you know, the Hong Kong regulator approved 5 applications for the launch of ETF instruments for the two largest cryptocurrencies at once. China Asset Management, HashKey Capital Limited, Bosera Capital and Harvest Global Investment will now be able to sell shares in funds for both BTC and ETH.
Experts believe that such a decision can become a certain springboard for the price of Bitcoin. As, for example, it was in January, when the first spot funds were opened in the US.
BTC price forecast for April 2024.
It was already known last week that the Chinese regulator intends to give permission for the launch of new ETF funds for Bitcoin and Ethereum. However, the companies themselves may need a few more weeks for a full release, so you should expect an opening around the end of April.
Experts note that against the background of the commission's decision, the global cryptocurrency market began to gradually recover - this is good news for the industry, which during the past week saw a period of general decline. The reason for this was the intensified conflict between Iran and Israel.
BTC now has the potential to skyrocket. At its peak, the asset can reach $124,000. Since the token already today is almost double the analysts' forecasts, its future value may increase significantly. Amid the launch of spot ETFs and capital inflows, some expect a record high of $200,000.
As for the halving, it is capable of affecting BTC in two different scenarios. It will either push the asset to new highs above $100K or lead to a decline. Regarding the second scenario, experts from JP speak. Morgan. They believe that after the halving, the BTC price will more likely drop immediately to $42,000.
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