🎥 The latest episode of The Market Report with Cointelegraph is out! Tune in to watch Cointelegraph’s resident expert, Marcel Pechman, discuss why Bitcoin’s pre-halving rally may start soon.
Regarding the $50,000 Bitcoin year-end price prediction, Pechman believes the number is too optimistic, given the low odds of a spot Bitcoin exchange-traded fund approval by then. However, if the ETF is approved within the next six months, an estimated $5 billion potential inflow could catapult Bitcoin’s price above $70,000.
For 2024, Pechman increases his odds of a spot Bitcoin ETF approval to 30%, while Bloomberg analysts expect even higher chances at 50%. Given the sheer size of BlackRock and Fidelity, Pechman believes a $10 billion inflow in the first couple of months following the ETF launch is feasible, suggesting Standard Chartered’s $120,000 expectation could be on the conservative side., according to Pechman, who also explains why investors may be anticipating the movement.
. According to Pechman, “return to mean” is also widespread in traditional markets. When investors are lost without the necessary conviction to move the price, they will refer to the previous two-year or three-year average levels. To hear more about Pechman’s strategy for the Bitcoin halving and the impact of a spot Bitcoin ETF approval, listen to
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