Bitcoin Price Predictions Directed by Speculations - COINTURK NEWS
reklamı kapat

Bitcoin Price Predictions Directed by Speculations

7:39 pm (17 days ago)
November 17, 2023

Cryptocurrency world seems to be excited about the Bitcoin ETF. James Butterfill, the Research Director at CoinShares, made a bold prediction that Bitcoin will reach $81,000 based on the speculation surrounding the approval of a Spot Bitcoin ETF in the US and the flow of funds.

btc kripto bitcoin cointurk

The expectation surrounding the potential approval of a Bitcoin Spot ETF triggered a bullish sentiment in the cryptocurrency market. Analysts believe that such an approval could inject billions of dollars into the Bitcoin market and pave the way for a significant price rally.

James Butterfill’s Analysis Using Fund Flows

Butterfill’s analysis focused on the complex relationship between Bitcoin prices and flows of Exchange-Traded Products (ETPs) on the stock market. By examining past data, Butterfill highlighted the correlation between rising prices and increasing inflows, suggesting a momentum-driven approach among ETP investors. Using a quantitative approach, Butterfill presented a prediction model that relates 45-day price changes to weekly flows as a percentage of Assets Under Management (AuM). The model proposed a potential increase towards $141,000 for Bitcoin with an estimated inflow of $14.4 billion.

fon modeli akis cointurk

Acknowledging the difficulty of accurately predicting future inflows, Butterfill presented an approach that considers various inflow scenarios and their potential effects on Bitcoin prices. With speculation increasing around a Bitcoin Spot ETF in the US, Butterfill emphasized that a $2.5 billion inflow could push BTC prices to $54,000, while a $6.2 billion inflow could potentially drive prices up to $81,000, based on fund flow data.

Bitcoin Price and Recent Performance

As of the latest update, Bitcoin experienced a 2.08% decrease in price in the last 24 hours. At the time of writing, it was trading at $35,994. This decline coincided with a broader market sell-off following BlackRock’s official application for a Spot Ethereum ETF to the SEC. However, Bitcoin resisted and gained over 29% in the past seven days, reflecting a rising trend in risky assets.

btc kripto para cointurk

Nevertheless, Butterfill highlights the regulatory approval and institutional acceptance as challenges for a Bitcoin ETF. Overcoming these obstacles and eliminating the perceived complexity of Bitcoin as an investment asset could lead to a rise in Bitcoin prices due to increased institutional and fund participation.

You can follow our news on Telegram, Facebook, Twitter & CoinMarketCap
Related Posts