According to Galaxy Digital, experts predict that Bitcoin will reach new highs once spot crypto ETFs are introduced in the American market.
Charles Yu, from the Galaxy research division, expects BTC to increase by 74% due to the influx of institutional capital.
If his prediction is accurate, Bitcoin will rise to $59,200, which was the price of the cryptocurrency on September 30 when the Charles Yu report was released.
Another company, Matrixport, is also confident in BTC’s growth, but this is contingent on the SEC approving BlackRock’s application.
Moreover, Galaxy Digital highlights the potential impact of the 2024 Bitcoin halving, which could further drive the cryptocurrency’s rally.
