The post What Price Could Bitcoin Hit This Year After ETF Approval? appeared first on Coinpedia Fintech News
The long-awaited moment has arrived – spot Bitcoin exchange-traded funds (ETFs) have finally been approved in the US, opening the doors to greater mainstream adoption.
With increased access and exposure to Bitcoin through these new investment vehicles, analysts predict the BTC price could surge to a new high across the course of 2024.
Bitcoin ETFs Officially Launch, Bringing Crypto Into the Mainstream
This week was monumental for Bitcoin and the broader crypto industry as the SEC approved the listing and trading of 11 spot Bitcoin ETFs.
This regulatory green light allows new investors to gain exposure to BTC’s price movements without directly owning the coin.
On the first day of trading alone, these newly approved ETFs saw over $2.6 billion in volume, led by heavy hitters like BlackRock, Grayscale, and Fidelity.
The Fidelity Bitcoin ETF crossed $1 billion in trade volume just 30 minutes after the opening bell.
Beyond impressive initial trading activity, the approval itself carries major significance – it signals that Bitcoin is continuing down the path of mainstream adoption as an institutional asset class.
While the SEC has historically taken a cautious stance towards crypto, they seem willing to allow access to Bitcoin through a regulated ETF.
Nonetheless, some commissioners have voiced concerns over investor protection issues, dampening the enthusiasm slightly.
Analysts Make Bold Bitcoin Price Predictions in Wake of ETF Approvals
This week’s events have prompted numerous analysts to give predictions on where Bitcoin’s price could go this year.
Blockstream CEO Adam Back confidently asserted via a Twitter bet that Bitcoin would pass the $100,000 level before the next halving in April 2024.
Back believes six-figure Bitcoin is firmly within reach after years of regulatory setbacks.
Similarly, CoinFund Managing Partner Seth Ginns sees substantial upside for Bitcoin, predicting a rally to $1 million per coin within the current market cycle.
While a seven-figure BTC price tag may seem overly optimistic to some, Ginns suggests even his more conservative estimate of between $25,000 and $75,000 in 2024 would represent respectable returns.
Well-regarded analyst Michael van de Poppe also joined the crew of upbeat Bitcoin forecasters, tweeting that BTC could reach $300,000 to $600,000 this market cycle.
With the crypto community energized by the launch of spot Bitcoin ETFs, anything seems possible, according to these prominent market commentators.
Which Altcoins Could Benefit from Spot BTC ETF Approval?
Since Bitcoin could be poised to see billions in new capital flows on the back of these SEC-approved ETFs, it’s worth examining whether this rising tide could spill into the altcoin market.
As we’ll explore below, one under-the-radar coin could stand to benefit from the validation and attention that Bitcoin is now receiving.
New Project Bitcoin Minetrix Poised to Benefit from ETF-Driven Hype & Adoption
Bitcoin Minetrix (BTCMTX) looks well-positioned to ride the momentum generated by the approval of 11 spot Bitcoin ETFs in the US.
The developers have created an innovative “Stake-to-Mine” model that allows users to earn BTC mining yields by staking the native BTCMTX token.
As outlined in Bitcoin Minetrix’s whitepaper, this approach aims to open up Bitcoin mining to a broader audience by eliminating the need for expensive hardware and complex setups.
Now, with the path cleared for fresh institutional capital to flow into Bitcoin, Bitcoin Minetrix stands to capture some of that investment in both BTC and crypto more broadly.
If spot BTC ETF approval accelerates mainstream Bitcoin adoption as expected, it would organically raise demand for related services like simplified mining.
Similarly, any boost in legitimacy from the ETF green light could improve confidence in up-and-coming crypto projects like Bitcoin Minetrix.
Analyst predictions of a BTC price surge fueled by these new on-ramps could also bode well for BTCMTX by making mining more profitable and attractive.
With mining yields tied to the performance of Bitcoin itself, Bitcoin Minetrix seems well-positioned to prosper in 2024 and beyond.
Interested investors can buy BTCMTX tokens for $0.0128 through the ongoing presale, which has raised more than $8.2 million in funding.
