Bitcoin Bulls: Experts Forecast Soaring to $500K on ETF Approval

Crypto trader Ash Crypto is optimistic about Bitcoin’s future, projecting a surge to $500,000 with the recent approval of spot Bitcoin exchange-traded funds (ETFs). According to Ash Crypto, comparing BTC to gold, the precious metal’s market cap soared from $2 trillion to $16 trillion in just a few years after the approval of gold ETFs. Drawing parallels, he suggests that with its limited supply, Bitcoin could outperform gold. Currently, gold sits at an $840 billion market cap.

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 few years.
( Don’t forget gold supply is not fixed,
we… pic.twitter.com/uE6XKkHWtU

— Ash Crypto (@Ashcryptoreal) January 14, 2024

Furthermore, Ash Crypto underlines the potential for liquidity inflow into the Bitcoin market through the approved ETFs, envisioning a substantial rise in its market cap. He sets an ambitious target, suggesting that Bitcoin attains even half of gold’s market cap, reaching $8 trillion. Its price could skyrocket to $500,000. This projection reflects a staggering 10x increase from its current valuation.

Moreover, Ash Crypto contrasts Bitcoin’s market cap in the broader financial context. This is done by comparing it with the global stock market ($109 trillion) and the global bond market ($133 trillion). He believes that BTC will absorb the market cap from these traditional financial markets, justifying the $8 trillion target for its market cap as a realistic and achievable goal.

Bitcoin Thrives:$1.5M 2030 Target

On the other hand, Ash Crypto emphasizes the increasing institutional demand for Bitcoin. Bitcoin ads worth trillions of dollars have appeared on several companies, indicating that people are turning to cryptocurrency. This is a good sign for the trader, speaking of long-term requirements.

Furthermore, they reassure users, advising them not to be overly concerned about short-term price pullbacks. In a separate update, prominent BTC investor Lark Davis shares insights from Ark Invest CEO Cathie Wood. Wood, with a 25% Bitcoin share, forecasts a $600,000 base case for the cryptocurrency.

Additionally, Ark Invest sets an ambitious bull case target of $1.5 million for Bitcoin by 2030. These projections add further weight to the positive sentiment surrounding Bitcoin’s future potential.

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