Fundstrat: Bitcoin could rise to $180k before halving in 2024

Analysts at Fundstrat believe Bitcoin could rise to $180k before halving in 2024

The launch of a bitcoin-ETF could boost daily demand for bitcoin by $100 million, analysts predicted

The price of bitcoin (BTC) could rise by 521% from current values to $180 thousand before the planned April 2024 halving, Business Insider reports, citing research from Fundstrat.

Now the daily demand for BTC of about $25 million is equivalent to the daily reward for mining of about $25 million, but the situation could change if a bitcoin-ETF is launched, the company's analysts believe.

They believe Bitcoin funds could increase daily demand for BTC by $100 million. Such an increase, taking into account the halving in April 2024, which would reduce the daily reward for mining to $12 million, means the Bitcoin price would have to rise significantly for an equilibrium between buyers and sellers to be reached.

In July, NYDIG analysts said that spot bitcoin-ETFs will provide demand for cryptocurrency for $ 30 billion. Experts came to this conclusion after the largest management companies submitted applications for the launch of such funds.

At the same time, Bloomberg senior analyst Eric Balchunas believes that the approval of applications to launch spot exchange-traded bitcoin funds (ETFs) in the United States will open the bitcoin market to $30 trillion in capital.