Crypto influencer Crypto Rover has projected a $100,000 price target for Bitcoin.
The influencer’s bullish sentiment for BTC comes amid the Spot Bitcoin ETF filings.
Bitcoin ETFs could attract institutional investors given their tax and liquidity advantages.
Crypto Rover, an influencer popular among the crypto community online, believes that Bitcoin has the potential to reach as high as $100,000 over time. The crypto influencer’s bullish sentiment was based on the potential impact of the ongoing spot Bitcoin exchange-traded fund (ETF) frenzy, which has caught the attention of major traditional finance players.
Crypto Rover took to X (formerly Twitter) earlier today to share his take on the potential price action of BTC in the near future. According to the crypto influencer, key benefits of spot Bitcoin ETFs including tax advantages and the ability to leverage against them, would make them an attractive investment vehicle for major institutional investors like pension funds and family offices.
The introduction of TradFi players into the crypto market via spot Bitcoin ETFs could unlock additional funds and boost market liquidity. Crypto Rover told his followers that such developments could propel the price of BTC to $40,000 in just weeks, and potentially over $100,000 over time. The influencer indicated that spot Bitcoin ETFs would play a role in the crypto market’s next bull run.
Crypto Rover cited a previous report by Bloomberg, which stated that the potential total market for spot Bitcoin ETFs could be in the vicinity of a whopping $150 billion. The report by Bloomberg Intelligence likened the Bitcoin ETF market to that of the Gold ETF market. Given that financial advisors in the United States oversee $30 trillion in assets, an allocation of just 0.5% would catapult the BTC ETF market to $150 billion.
Data from CoinMarketCap showed that Bitcoin was trading at $27,101 at the time of writing. BTC currently has a market capitalization of $528 billion and a daily trading volume of $13.2 billion. The flagship cryptocurrency has gained more than 63% since the beginning of the year.
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