The head of the Galaxy Digital investment company, Michael Novogratz, expressed the opinion that the price of bitcoin (BTC) could reach its historical maximum of $69,000 within a year, as reported by RBC Crypto with reference to Bloomberg.
According to the entrepreneur, one of the factors contributing to such growth may be the potential approval of the bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
Michael Novogratz also stressed that within a year after the launch of the bitcoin ETF, one can expect to attract significant investments worth several billion dollars. He noted that the uncertainty associated with the upcoming US presidential elections in 2024 may stimulate the growth of digital assets.
Earlier, Michael Novogratz has already expressed the opinion that institutional investors can enter the cryptocurrency market more actively after the approval of the bitcoin ETF. His own company Galaxy Digital plans to launch such a fund together with Invesco.
Bloomberg analysts predict that the bitcoin spot ETF market could attract up to $100 billion dollars from large investment funds such as BlackRock, Fidelity and Invesco. According to their estimates, the SEC's approval of the bitcoin ETF will allow investment giants to place some of their assets on the cryptocurrency market.
At the moment, several large institutional players have already submitted applications for the creation of bitcoin ETFs, and the launch of such investment products is considered in the crypto community as a factor contributing to a new bullish cycle in the market. Bloomberg Intelligence analysts expressed the opinion that the probability of approval of the SEC ETF in early January 2024 is 90%.
In early November, Bernstein analysts also predicted the approval of the bitcoin ETF in the first quarter of 2024 and predicted an increase in the value of the first cryptocurrency to $150,000 by 2025.
