Crypto Trader Predicts Spot Bitcoin ETFs as Catalyst for BTC Surge to $500,000

Noted cryptocurrency trader Ash Crypto foretold an upsurge in Bitcoin’s value to $500,000, correlating with potential U.S. approval for Bitcoin Spot ETFs.

Bitcoin’s Trajectory: Mirroring Gold’s ETF Success

Ash Crypto’s prediction is based on the precedent set by the gold market, which saw its capitalization soar from approximately $2 trillion pre-ETFs to an astounding $16 trillion thereafter. Bitcoin, with its finite supply and increasing demand, could potentially outperform gold’s market increase, projecting a future market cap that would position Bitcoin’s price at around “$500,000 in the subsequent years.”

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Bitcoin is going to $500k after the
Spot ETF is approval. Here is the
evidence –

When Gold ETF was approved, it’s
mcap was around $2 Trillion. After
ETF, gold saw huge inflows of liquidity
and reached $16 Trillion in a few years.
(Don’t forget gold supply is not fixed,
we… pic.twitter.com/uE6XKkHWtU

— Ash Crypto (@Ashcryptoreal) January 14, 2024

Further implications suggest Bitcoin’s market cap rise could impact traditional market economies. Ash Crypto highlights the enormous capitalizations of global stock and bond markets, valued at $109 trillion and $133 trillion, respectively.

As Bitcoin gains ground as a credible investment asset, it may capture substantial market cap from these conventional markets, catering to a new generation’s investment preferences with its unique appeal.

Moreover, Ash Crypto notes the trend of trillion-dollar entities promoting Bitcoin adoption, pointing to the involvement of institutional investors in the cryptocurrency marketplace.

These indicators suggest a mainstream acceptance of Bitcoin as a financial asset, which could substantially elevate its market capitalization. The crypto trader concluded:

Now we have trillion dollar companies promoting Bitcoin with ad campaigns. Institutions have arrived and trillions are poised to flow into crypto, boys!!

Ash Crypto cautions this path to an $8 trillion market cap is a “long-term” journey, not an “overnight” occurrence, advising stakeholders to keep their sights set beyond ephemeral market volatility.

Renowned Bank Targets $200,000 Bitcoin Value

Concurring with Ash Crypto’s bullish outlook, Geoff Kendrick of Standard Chartered, heading Digital Assets Research, and Precious Metal Analyst Suki Cooper, predicted a six-figure price for Bitcoin.

They estimate Bitcoin could hit $200,000, given a capital inflow of $50 to $100 billion into Bitcoin Spot ETFs. Such projections are drawn from Gold ETPs’ historical performance, positing an even more robust development for Bitcoin Spot ETFs.

In contrast, Bitcoin has recently demonstrated a decline with a 5% decrease over the last week, continuing to drop in the past 24 hours by 1.1%, as its current trading value stands at $42,419 at the time of writing.

Featured image from Unsplash, chart from TradingView