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Bitcoin to Hit $100,000 if These Two Events Occur
After enduring a harsh crypto winter in 2022, Bitcoin (BTC) has sprung back to life with an impressive resurgence in 2023. Now, the world’s leading cryptocurrency is gearing up for a significant breakthrough as it sets its sights on overcoming the formidable resistance level at $32,000.
Fueling this renewed momentum is the mounting excitement surrounding the possible launch of a spot Bitcoin exchange-traded fund (ETF) in the United States, which could finally make BTC a mainstream asset among institutional investors.
The Potential Impact of a Bitcoin ETF
Weighing on this matter, Florian Grummes, a financial analyst and managing director at Midas Touch Consulting, expressed his belief that a potential approval of a Bitcoin ETF would likely be one of two key factors that could serve as a powerful price catalyst and propel BTC to as high as $100,000 by the end of 2024.
The introduction of a Bitcoin ETF in the United States could have a significant impact on the cryptocurrency market. Currently, Bitcoin investments primarily occur through digital exchanges, which can be intimidating and cumbersome for many potential investors. A Bitcoin ETF would provide a more accessible and regulated investment vehicle, similar to traditional stocks and exchange-traded funds.
