Top market analyst and founder of Crypto Capital Venture, Dan Gambardello is optimistic about how high the price of Bitcoin (BTC) can go, projecting the coin may surpass $200,0000 in the coming bull run.
Bitcoin (BTC) Price and Macroeconomic Impact
According to Gambardello, Bitcoin’s (BTC) price could reach as high as $204,000, and in turn, trigger a market valuation of up to $4 trillion. Currently, BTC is trading at $34,463.72 after losing 1.21% of its price, forming a visible correction following a weeklong rally.
Though Gambardello is more interested in the impact of Bitcoin’s price surge on altcoins like Cardano (ADA), the macroeconomic events around the premier asset are interesting.
It is worth noting that BTC rose to $35,000 recently and made an attempt to form support at that price level, especially after the recently concluded FOMC meeting. In the said meeting, the Federal Reserve Chair Jerome Powell reiterated the central bank’s plan to reduce inflation. In effect, the Federal Reserve decided to leave interest rates unchanged between 5.25% and 5.5%.
The announcement triggered a surge in the price of the leading digital asset above but bearish action forced a selloff. Beyond the FOMC declaration, several other factors could have contributed to the price rally of Bitcoin and its potential to hit unprecedented levels.
Potential Bitcoin Growth Triggers
In the last few months, the crypto industry has been dealing with a rave about a spot Bitcoin ETF approval from the Securities and Exchange Commission (SEC). Several top industry players have demonstrated confidence in the fact the U.S. regulator will greenlight the spot BTC ETF applications made by investment giants including but not limited to BlackRock, Fidelity, WisdomTree, Invesco, and Bitwise.
While some experts have considered the recent sequence of events and come to the conclusion that the approval would not come until next year, others like Valkyrie CIO Steven McClurg, are maintaining a bullish projection, stating that the approval might come before the year runs to an end.
Crypto data analytics platform Kaiko noted that the conversation around Bitcoin spot ETF contributed to the current price rally. The product, if approved, is billed to usher in institutional investors, most of whom place a premium on injecting cash into regulated products. At the moment, some trading firms are already discussing taking a market-making role in BlackRock’s offering, a showcase of the brewing demand from mainstream investors.
There is also speculation about the upcoming Bitcoin halving event and its potential effect on the asset. The Halving will reduce the rate of BTC emissions, driving the deflationary feature of the coin which when matched with demand can stir additional price growth.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/bitcoin-btc-price-may-hit-200k-heres-why/
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