Matrixport: BTC could rise to $56,000 after Bitcoin ETF approval

Article Reading Time:
1 min.

Analytics company Matrixport said in its report that if a spot Bitcoin exchange-traded fund (ETF) is approved, the rate of the first cryptocurrency could soar to $56,000.

Matrixport specialists reviewedthe potential impact of the approval of race favorite BlackRock's application on the launch of a Bitcoin ETF. The company believes that if Tether's market capitalization increases by $24 billion, this will serve as an indicator of potential ETF inflows. Then the price of Bitcoin will rise to $42,000, which is a conservative estimate. 

“With larger inflows of $50 billion, Bitcoin could potentially rise to $56,000,” the analysts wrote.

The day before, CryptoQuant released a bolderforecast. Analysts said that if a spot Bitcoin ETF is approved, the price of the first cryptocurrency could soar to $73,000, and its capitalization could grow by $155 billion. It recently became known that Grayscale and BlackRock have submitted updated applications to launch a Bitcoin ETF.

Earlier, information appeared in the media and social networks about the approval by the US Securities and Exchange Commission (SEC) of iShares’ application to launch a Bitcoin ETF, but the news turned out to be fake.