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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/galaxy-digital-predicts-74-1-surge-in-bitcoin-price-following-etf-launch/">Galaxy Digital Predicts 74.1% Surge in Bitcoin Price Following ETF Launch</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>Galaxy Digital, a renowned crypto investment firm, is making waves with its optimistic Bitcoin price prediction. They’re forecasting a significant 74.1% surge, which could potentially push Bitcoin’s value to a remarkable $59,200. This surge is expected to follow the launch of exchange-traded Funds (ETFs) and substantial investments from big financial institutions.</p>
<h2 class="wp-block-heading" id="strong-74-bitcoin-price-increase-first-year-after-the-etf-launch-strong"><strong>74% Bitcoin Price Increase First Year after the ETF Launch</strong></h2>
<p>Galaxy Digital’s research associate, Charles Yu, has made an intriguing prediction regarding the future of Bitcoin’s price.&nbsp;</p>
<p>As per the recent blog posted on October 24, Charles Yu shared his insights about the impact of Bitcoin ETFs in the United States. Yu’s analysis projects that the total addressable market for Bitcoin ETFs would reach a staggering $14.4 trillion within the first year of their launch.</p>
<p>Meanwhile, to prove his forecast of a 74.1% price increase, Yu used a unique approach. He estimated the potential effect of fund inflows into Bitcoin ETF products, drawing a parallel with gold ETFs as a reference point.&nbsp;</p>
<p>According to his calculations, Bitcoin’s price would experience a 6.2% boost in the first month post-ETF launch. However, this initial surge is expected to gradually decline to a 3.7% monthly increase within the first year.&nbsp; Although, based on Yu’s projection, a 74.1% increase in Bitcoin’s current price would push it beyond the $59,200 mark.</p>
<h2 class="wp-block-heading" id="strong-markus-thielen-research-estimate-similar-number-strong"><strong>Markus Thielen Research Estimate Similar Number&nbsp;</strong></h2>
<p>Markus Thielen, who leads the research team at Matrixport, shared similar thoughts in a post from October 19. He thinks that if BlackRock’s request to have a Bitcoin ETF is approved, the price of Bitcoin might go up to somewhere between $42,000 and $56,000.&nbsp;</p>
<p>That’s in line with the positive expectations many have about Bitcoin ETFs becoming available in the United States. If these approvals happen, Bitcoin’s price could go up a lot, making it a more common investment choice for everyday people.</p>
<h2 class="wp-block-heading" id="h-delay-or-denial-is-expected"><strong>Delay or Denial is Expected?</strong></h2>
<p>However, Yu acknowledges that any delay or denial of spot Bitcoin ETFs could impact the projected price increase. However, he stressed that these predictions are on the cautious side, and they don’t consider the potential “second-order effects” that might happen if these new investment options are approved.</p>
<p>In the near term, Charles Yu thinks that in the near future, other countries might also offer similar investment opportunities for Bitcoin, following the lead of the United States.&nbsp;</p>
<p>He also suggests that “2024 could be a big year for Bitcoin” due to various factors like these new investments, the Bitcoin halving set for April 2024, and the possibility of interest rates reaching their peak soon.</p>

Galaxy Digital Predicts 74.1% Surge in Bitcoin Price Following ETF Launch

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