Most reputable experts believe that exchange-traded funds (ETFs) are ready for the next medium-term rally before the end of this year and will raise the Bitcoin price to $44,000.
The success of the regulated cryptocurrency futures market has not only led to the acceptance of Bitcoin within the traditional financial system, but has also created an important new vector for fund operators to work towards the creation of Bitcoin ETFs. The need for such a traditional investment instrument for trading has been discussed for a long time. The emergence of such exchange instruments will attract institutional investors to the digital market, which, in turn, is guaranteed to affect the price of Bitcoin.
These conclusions were made by the IronWood analytical group, which specializes in cryptocurrency market research. According to her forecasts, the emergence of Bitcoin ETF funds will entail an increase in the price of the first cryptocurrency to 44 thousand US dollars and the reason will be the entry into the market and the injection of capital of large players.
Ari Paul, one of the co-founders of the cryptocurrency hedge fund BlockTower, also shares this point of view. In his opinion, the arrival of large players on the market will launch the Bitcoin price rally before the end of this year.
In his opinion, the full launch of the Coinbase index fund, which allows you to invest up to $20 million, and the introduction of services for responsible storage, accounting and use of funds, will attract large investors. The position of the US Securities and Exchange Commission (SEC) regarding ETFs is also important. The IronWood team believes that the SEC's approval of ETFs alone will push the price of Bitcoin to $26,000.
Michael Stretton, CEO of IronWood, believes that the introduction of ETFs will increase Bitcoin's capitalization by more than $400 billion. After such an injection of capital, the price range of the cryptocurrency could be from $26,000 to $44,000.
One of the reputable managers of the Bitcoin ETF from the SEC, John Hyland, predicts such permission, and in the shortest possible time.
Eric Balchunas, an ETF analyst from Bloomberg, also believes that the desire to Coinbase to become more attractive to large investors and more regulated by regulators, as well as its cooperation with VanEck, which increases the chances of regulatory approval of exchange-traded funds based on cryptocurrencies.
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