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Crypto Expert Says Bitcoin Could Skyrocket By Over 600% Thanks To This Catalyst

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On Friday,James Butterfill, the head of research at CoinShares, projected that a particular catalyst could potentially rally Bitcoin's BTC/USD price by over 600%.

What Happened:In a blog post, Butterfillsharedabout a potential price impact on the crypto marketif a spot Bitcoin ETF is approved by the Securities and Exchange Commission (SEC).
One could assume that perhaps 10% invest in a spot Bitcoin ETF with an average allocation of 1%, which would equate to $14.4 billion of inflows in the first year.There does seem to be a relationship between inflows as a percentage of AUM (assets under management) and change in [BTC] price,"he said.

Also Read:Crypto Expert Warns Of $440 Billion Wipeout, Shares Concerning Prediction About Bitcoin

"If we take the aforementioned $14.4 billion of inflows, the model suggests it could push the price to $141,000 per Bitcoin. The problem with the estimate of inflows is that it is very difficult to ascertain exactly how much inflows there will be when the spot ETFs are launched , Butterfill added .

According to his analysis, a $31.3 billion inflow could propel Bitcoin to $265,437, marking a remarkable 627% surge from its current value of $36,565 at the time of writing.
Ultimately, thedemand for Bitcoinwillbe linked to several factors, such as regulatory changesor shifts in investor sentiment within the crypto space, Butterfill said.

Now Read:Bitcoin On The Cusp Of 'Final Correction,' Says Crypto Analyst

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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