Cryptocurrency

Forbes: $1.5 Trillion Bitcoin ETF Prediction Has ‘Snowball Effect’ On XRP and Solana (SOL)

Bitcoin’s price experienced a rollercoaster ride this week, plunging to $40,000 before rebounding with surprising strength. At the time of press, BTC is trading at $44,180.

According to a recent Forbes report, this sudden surge can be attributed to a renewed buzz surrounding the potential approval of a Bitcoin Spot ETF, which also helped Ethereum (ETH), XRP, and Solana (SOL) recover from the flash crash.

Read Also: XRP and Solana (SOL) Holders Have To Take Note of This Announcement

The price drop on Tuesday stemmed from anxieties regarding a potential rejection of the long-awaited ETF by the U.S. Securities and Exchange Commission (SEC). However, Forbes reports that the tide quickly turned as AllianceBernstein analysts, Gautam Chhugani and Mahika Sapra, issued a remarkably optimistic forecast for the future of Bitcoin and other crypto assets such as Ethereum, XRP, and Solana.

Their report, obtained by MarketWatch, predicts a meteoric rise for Bitcoin (BTC), reaching a staggering $80,000 before the end of 2024, which is expected to send its market cap to $1.5 trillion. This surge, they believe, will be fueled by a snowball effect triggered by the approval of a Bitcoin ETF.

“Bitcoin ETF flows build-up could be gradual,” the analysts explain, “but the applicants will be fighting hard to get a lead into this massive asset accumulation game, tuning up advertising and bitcoin branding leading to a snowball effect.”

The potential approval of a Bitcoin ETF has been a hot topic in the crypto world for years, with Wall Street giants like BlackRock actively lobbying for its implementation.

AllianceBernstein estimates that if approved, such an ETF could attract $5 billion in inflows within the first half of 2024, potentially doubling to $10 billion in the second half. By 2028, they predict that a staggering 10% of all Bitcoins could be held under ETFs.

However, the analysts acknowledge the potential for short-term volatility following the ETF’s approval. They expect a “fairly brief and shallow selloff,” as early investors take profits.

Read Also: XRP, SOL, ADA: Binance Announces Expansion of Investment Offerings. Here’s the Significance

Beyond the ETF buzz, other factors contribute to the optimistic outlook for Bitcoin. The upcoming April 2024 Bitcoin halving, which will reduce the Bitcoin rate by 50% or half, is expected to bolster its value further.

Additionally, the growing trend of companies like MicroStrategy and Tesla adding Bitcoin to their balance sheets is seen as a sign of increasing institutional adoption and confidence in the cryptocurrency.

However, the future remains uncertain, as a notable lawyer in the crypto space expects an SEC rug pull ahead of the ETF approval. But the recent price surge and optimistic predictions from renowned institutions like AllianceBernstein paint a promising picture for Bitcoin. The flagship crypto and the broader cryptocurrency market have an interesting few months ahead.


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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

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