Bitcoin could soar to $180,000 before the April 2024 halving as potential BlackRock ETF helps drive demand, Fundstrat says
The investment research firm said that while bitcoin's daily demand of about $25 million is equivalent to daily mining rewards of about $25 million, that could changeA bitcoin ETF could add an extra $100 million in incremental daily demand for bitcoin, according to the note. That increase, combined with the April 2024 halving set to slash daily mining rewards to $12 million, means the price of bitcoin would have to rise substantially to meet an equilibrium among buyers and sellers.
Halving, also known as halvening, is seen as bullish for bitcoin, as cutting the reward given to miners in half is cap to limit the supply of bitcoins and has historically led to price increases. "We anticipate [a bitcoin ETF] would attract new investors and generate increased demand for bitcoin," Farrell said.could lead to one of the biggest ETF launches on record, Fundstrat said, adding that it could ultimately break the record holder, the Invesco QQQ ETF, in its first year of inflows. The QQQ ETF, which tracks the Nasdaq 100, attracted $36 billion in inflows in its first year following its March 1999 launch.
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