Imminent $3 Trillion ‘Watershed Moment—300% Crypto Price ‘Panic Could Be About To Blow Up Bitcoin, Ethereum And XRP

Update 2/11 below. This post was originally published on November 1st.

Bitcoins: Bitcoins: and other major cryptocurrencies, including Ethereum and XRP. Advised price: , has risen a lot this month (although a Federal Reserve reversal could devastate cryptocurrency prices).

Registration now an advisor to Forbes on Crypto Bates and Blockchain, as well as successfully navigating the Bitcoin roller coaster and cryptocurrency market ahead of next year's historic Bitcoin six-month period.

The price of Bitcoin, which has more than doubled since the start of the year, reached more than $35,000 per bitcoin last week, while Ethereum, XRP and XRP added $300 billion to the cryptocurrency market capitalization. in a year . month, "huge step". “There might not even be a prize.”

Analysts now predict that the price of Bitcoin could rise next year, pushing it to $150,000 per Bitcoin by 2025 and giving Bitcoin a market capitalization of $3 trillion, as Bitcoin Exchange Traded Funds (ETFs) flood the market.

The historic Bitcoin halving, which is expected to wreak havoc on cryptocurrency prices, is just around the corner. Register now and get your free CryptoCodex . A daily newsletter for traders, investors and cryptocurrency enthusiasts to help you stay ahead of the market.

“You may not love Bitcoin as much as we do, but the unbiased view of Bitcoin as a commodity represents a turning point in the cycle,” Bernstein analyst Gautam Chugani wrote in a note seen by CNBC . "A good idea is only as good as the time comes. The SEC approves ETFs from the world's leading asset managers (BlackRock CL: , loyalty, etc.) seems inevitable."

The world's largest asset manager, BlackRock, began its push into the EFT market as a replacement for Bitcoin in June when it filed with the US Securities and Exchange Commission (SEC). The market came under fire again in August, when a court ordered an SEC review and dismissed a lawsuit challenging Grayscale's request to convert its flagship Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. application

“We expect US-regulated ETFs to have a cryptocurrency moment and expect SEC approval by the end of 2023/Q1 2024,” Chugani wrote.

Update 02/11: According to crypto services firm Matrixport, Bitcoin and cryptocurrency traders have been "panicking" in recent days as so-called losers have pushed the market higher.

“Some traders expect the SEC to finalize BlackRock's (and other issuers') Bitcoin ETF filing by Christmas, which could provide momentum,” Markus Thielen, head of research and strategy at Matrixport, said in a report sent via email. “The SEC's next set of responses is expected in mid-January 2024, and the SEC is unlikely to release negative news before those dates.”

Thielen added that he expects Bitcoin's recent price surge to open up more opportunities, predicting that the price could reach $60,000 per Bitcoin by the new year.

Meanwhile, the upcoming halving of the Bitcoin supply, known as a halving, scheduled for April 2024, is also expected to cause chaos in the market, potentially eliminating small Bitcoin miners who use powerful computers to power the network to mine new Bitcoin .

“Once halved, we expect one-time ETF demand for Bitcoin to exceed peak miner sales by 6-7x,” Chhugani wrote. “We expect Bitcoin ETFs to be equivalent to 9-10% of Bitcoin in circulation by 2028.”

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Other market watchers have also been eyeing the arrival of a Bitcoin ETF in the United States, predicting that it will boost confidence in Bitcoin and the crypto asset class.

“The recent surge in bitcoin prices is increasing speculation that a bitcoin ETF will soon be approved in the U.S.,” said Greg Taylor, chief investment officer of Toronto-based Purpose Investments, which owns a time-custodial bitcoin ETF real launched in Canada. in 2021. . - written in the comments sent.

“Overall, this indicates that the value proposition of this asset class is clear to many investors. However, regulatory clarity and credible, accessible investment tools are expected before meaningful portfolio allocations can be made. approved, it will be very positive for the industry and the likely impact will have a positive impact on the Bitcoin price

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