Investment Advisor: Bitcoin is expected to have a dangerous new high

 

Investment Advisor:

Bitcoin is :

expected to have a dangerous new high

The Chief Investment Officer at Bitway expects Bitcoin to

surpass $80,000 with the thriving of Exchange-Traded Funds (ETFs).

According to Matt Hogan :

Bitway's Chief Investment Officer, it's expected that

the price of Bitcoin (BTC) will rise to over $80,000

this year thanks to the recent success of Exchange-Traded Funds (ETFs).

The approval of Bitcoin ETFs has broken records and triggered a flow of

money into the cryptocurrency world since mid-January.

In a recent interview :

Hogan highlighted the ongoing demand for ETFs

which has exceeded his expectations.

He said that this wave of interest from the traditional financial system

akin to Bitcoin's listing on the U.S. market

will lead to further institutional investments and price increases.

Think about launching an ETF as Bitcoin's listing on the U.S. market.

It has sparked a massive wave of interest from the traditional

financial system exceeding my expectations."

Bitway's ETF has witnessed larger inflows.

Bitway

in particular, has seen significant success in the ETF market.

In just one day :

the company received nearly $126.5 million in inflows

marking its second-largest reception since its launch.

Additionally :

the company has surpassed $1 billion in assets under management, placing it

alongside industry giants like BlackRock, Fidelity, and 21Shares for Ark Invest.

However

despite the availability of ETFs

not all financial institutions have gained access to them.

Retail investors have been the primary participants in trading so far

while banks and major financial service companies conduct thorough

checks before offering ETFs to clients.

Nevertheless, analysts believe that increasing

institutional demand will contribute to growing demand and price hikes.

Direct flows and the expected halving to push Bitcoin towards $80,000.

Bitway's research expects Bitcoin to trade above $80,000

driven by flows into digital currency ETFs and the expected halving of Bitcoin.

The halving :

• which occurs approximately every four years

• reduces Bitcoin mining rewards, decreasing the supply of

• new Bitcoin entering the market.

Despite the positive outlook for Bitcoin prices relying on continuous

institutional demand, there are potential obstacles to consider.

Regulatory uncertainty surrounding cryptocurrencies

especially in the context of the upcoming U.S. presidential elections

creates an atmosphere of unpredictability.

Additionally :

the existence of dormant Bitcoin pools, owned by governments or tied to legal

issues, may exert temporary pressure on supplies

potentially hindering price growth.

Hogan acknowledged these risks but remains optimistic about

Bitcoin adoption due to the availability of ETFs.

The increasing interest from Wall Street represents an irreversible transformation

indicating a promising future for Bitcoin within the traditional financial realm.

As mentioned :

major gold ETFs experienced significant inflows this year

while ETFs tracking Bitcoin's price directly witnessed strong inflows.

The top 14 gold ETFs saw net inflows of $2.4 billion in 2024 until February 14.

Among gold ETFs :

only three experienced slight outflows this year: VanEck Merk Gold Shares

FT Vest Gold Strategy Target Income ETF, and Proshares UltraShort Gold.

In contrast :

preliminary data from Farside indicates that the top ten approved

Bitcoin ETFs attracted inflows of

approximately $4 billion this yearreaching record levels.

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