BTC could surge past $200,000 this year to trigger more large-scale Bitcoin ETF purchases by institutional investors, Bitwise said.

adminMarch 12, 2024

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Crypto asset manager Bitwise said institutions holding “trillions of dollars in assets” will trigger a wave of physical Bitcoin exchange-traded fund (ETF) purchases by the end of June.

Investors including large corporations, institutional consultants and large financial institutions are all looking to increase their exposure to Bitcoin (BTC) in the coming months, the asset manager’s chief investment officer, Matt Hougan, said on March 9. memo.

“We expect to see the first significant flows from these three groups in the second quarter of 2024,” he said, adding that “inflows will accelerate throughout the year.”

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Bitcoin ETF inflows could push BTC price past $200,000 in 2024.

Hougan said the institutional floodgates have opened for the Bitcoin market, sparking a new era of “price discovery” for the largest cryptocurrency by market capitalization.

As a result, he believes. BTC It could surpass Bitwise’s 2024 price target of $80,000 and reach $100,000 to $200,000 or even higher.

This prediction is based on his belief that BTC supply cannot keep up. rapidly growing demand, It’s a sentiment echoed by MicroStrategy’s Michael Saylor.

“with #Bitcoin Right now… there’s too much demand and not enough supply.” – Matt Hougan, CIO Bitwise pic.twitter.com/1B0joUQ1Pp
— Michael Saylor⚡️ (@saylor) February 29, 2024