Bitcoin has been a major topic of discussion among cryptocurrency investors and news outlets lately, especially with the consideration of launching Spot Bitcoin ETFs by prominent financial firms like BlackRock. Consequently, the value of the world largest digital currency has been steadily rising, reaching levels above $30,000 and sustaining it for about a month.

Adding to the optimism, Fundstrat, a New York-based equities analysis company, has now issued a bold prediction regarding Bitcoin's price. According to their financial analysis group, the cryptocurrency value might even reach $180,000 before the upcoming halving event in April 2024.
In a recent message to their customers, Fundstrat expressed their bullish outlook on Bitcoin price, particularly emphasizing the potential impact of financial companies trading Spot Bitcoin ETFs, led by BlackRock, which holds an astounding $9 trillion in assets. The introduction of Spot Bitcoin ETFs could attract significant investment from mainstream investors and institutions, potentially injecting billions of dollars into Bitcoin.
Fundstrat financial research organization suggests that the current daily demand for BTC, standing at $25 million, could skyrocket to $100 million if Spot Bitcoin ETFs are allowed. This would put Bitcoin ETFs on par with the market for precious metals ETFs, which currently boasts a market capitalization of over $230 billion.
With the introduction of a Bitcoin ETF, the daily demand for Bitcoin is estimated to reach $125 million, while the daily supply remains at $25 million. This disparity would likely drive the equilibrium price higher, according to Fundstrat research report.
Sean Farrell, Fundstrat director of digital asset strategy, believes that a Bitcoin ETF will attract more investors and create increased demand for Bitcoin.
The study note also mentions the imminent Bitcoin halving, which typically occurs every four years and reduces the reward given to miners for each block mined on the network by half. Previous halvings have historically eased inflationary pressure on BTC, leading to a gradual increase in its price.
Fundstrat predicts that the upcoming reduction of the daily mining incentive from $12 million to $6 million would significantly boost the price of Bitcoin to maintain a buyer-seller equilibrium. The combined effects of the halving event and the introduction of Spot Bitcoin ETFs are expected to result in substantial price gains.
Interestingly, Fundstrat is not the only company anticipating a bright future for Bitcoin. Standard Chartered made a similar forecast in April, predicting that a Bitcoin unit could be worth more than $100,000 by the end of 2024.
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