Bitcoin Price to Surge 74% to $59K in First Year After Timely Bitcoin ETF Approvals, Says Galaxy Digital

bitcoin price may rise 74.1% to over $59,000 in first year after spot bitcoin ETFs (exchange-traded funds) are approved in the US, investment firm says Galaxy Digital cryptocurrencies.

The first year is likely to see inflows of $14 billion, rising to $27 billion in the second year and $39 billion the following year. bitcoin-etf/” target=”_blank” rel=”noopener”>saying Research Associate Charles Yu.

Consider that the price of bitcoin will increase by 6% in the first month before the monthly gains slow to approximately 3.7% in the last month of the first year.

Approval of a regulated venue in the US bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin The ETF will be one of the most impactful catalysts for bitcoin adoption.

In our latest report, we estimate potential new incremental inflows into bitcoin investment products ranging between ~$125 billion and ~$450 billion: https://t.co/1FCl7rpv1E

— Galaxy (@galaxyhq) October 24, 2023

Yu further predicts that the size of the US bitcoin ETF market will grow to $26.5 trillion during the second year after an ETF is launched, and will increase to $39.6 trillion after the third year.

In addition to ETF approvals, btc‘s rally in 2024 could also be fueled by the halving event and the likelihood that interest rates have peaked.

bitcoin is up 21% in the past week, driven by optimism over the approval of around a dozen bitcoin spot ETF applications. While the Securities and Exchange Commission has yet to approve such a product, investors are increasingly optimistic that it is only a matter of time before it gives the green light.

bitcoin to see more gains with adoption

Yu said his estimates for the price of bitcoin are conservative and do not take into account the “second-order effects” of the approval of a spot bitcoin ETF. If the approvals cause domino effects, like ETF approvals in other global markets, the price will likely surpass its 74% estimate.

“In the near term, we expect other global/international markets to follow the US in approving and offering similar bitcoin ETF offerings to a broader population of investors,” Yu said.

The American wealth management industry is valued at approximately $48 trillion. Yu estimates that an ETF will help alleviate some of these institutional inflows into the market as fund managers increase their exposure to bitcoin.

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