The launch of the first U.S. Bitcoin futures exchange-traded funds (ETFs) boosts BTH to new all-time highs! Even better, a Bitcoin price prediction claims "trillions of dollars" will flow into the market soon.
In these last few weeks, Bitcoin hit two all-time highs. In October, it traded at $67,000. This Tuesday, it peaked at $68,530.34. Due to its explosive growth, several investors anticipate another bullish trade later this year.
Keep in mind that Bitcoin is still the most dominant digital currency. Its market price might directly affect other cryptocurrency markets.
Bitcoin Price Prediction: Trillions of Dollars More
According to Forbes, experts see the current Bitcoin market as an opportunity to start investments. Michael Saylor, the chief executive of business intelligence software company MicroStrategy, said: "Once these spot ETFs roll, I think you'll see billions, then tens of billions, then hundreds of billions, then trillions of dollars flow into them."
In the last few years, Saylor pivoted his MicroStrategy as a Bitcoin acquisition vehicle. It ended up holding more than 110,000 Bitcoins, which cost up to $7 billion. Saylor believes BTH has long-term potential.
Saylor predicted the big change would start after U.S. regulators approved the fully-fledged Bitcoin ETF. By then, the ETF would act as an institutional on-ramp for other interested Bitcoin investors. The ProShares Bitcoin Strategy ETF, for example, accumulated more than $1 billion assets in mere days. Other similar funds might soon follow suit.
Saylor also emphasized, "the right answer is: let investors buy a trillion dollars worth of bitcoin via an ETF because the ETFs plug into the existing security structure, the existing prime brokerages, the existing collateral packages," per Forbes.
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Bitcoin Price Prediction: BTH Value
At the time of writing, Bitcoin is trading at $66,484.73 with 2.26 percent downward growth. Notably, the ongoing drops and bearish trades are hardly dangerous because Bitcoin just established new highs.
Lukas Enzersdorfer-Konrad, chief product officer at Vienna-based bitcoin and crypto trading platform Bitpanda, told Forbes, "intraday volatility is completely normal after such a bullish month, but the higher time frame is looking solid for now." He also explained that the crypto market is heavily integrated into today's economy, so bigger institutions are also under pressure on these recent events.
It is also worth noting that other cryptocurrencies skyrocketed during this development. Popular coins like Ethereum, Binance's BNB, Cardano, Solana and XRP all made double-digit percent gains.
Other Cryptocurrency Updates
Investors for the popular Dogecoin cryptocurrency should also be informed about the new bullish market forecasts. Some fans, like the "Doge Millionaire" Glauber Contessoto, emphasized Doge as an asset primed for mainstream use.
The fans' confidence in the meme coin is linked up to the recent "Dogecoin Core 1.14.5" update, which added several enhancements and fixes to the system.
#Dogecoin Core 1.14.5 is out! Users are recommended to update immediately due to important security fixes. 1.14.5 reduces the recommended fees, following the reduction of the relay fees in 1.14.4. You also get bug fixes and performance improvements. https://t.co/39RN3V6eeN— Mishaboar (@mishaboar) November 8, 2021
Full details for the Dogecoin price prediction are available in this article.
Also keep in mind that cryptocurrency markets are highly volatile, so price predictions are subject to changes. With that said, it is always best to invest with caution.