Bitcoin Price Prediction: Crypto Trader Sees $1 Million Potential After Bitcoin Spot ETF Approval

Bitcoin Price Prediction: Crypto Trader Sees $1 Million Potential After Bitcoin Spot ETF Approval

According to a report by CryptoPR, Bitcoin is the most valuable cryptocurrency in the world and has produced impressive price predictions since its inception. Many of these predictions have proven to be accurate. Although the current price is around $35,000, there is still immense potential for future growth. Bitcoin's fundamental drivers, such as limited supply, growing acceptance and role as a store of value in a digitalized world, continue to make the outlook favorable. One crypto trader even believes that Bitcoin price could reach as high as $1 million after the Bitcoin spot ETF approval. The so-called “multiplier effect” could lead to parabolic price increases. This effect occurs when an increase in invested capital leads to a disproportionate increase in market capitalization. The low tradable supply of Bitcoin and the possible approval of the Bitcoin spot ETF could further accelerate the uptrend. The total number of Bitcoins is capped at 21 million, and the issuance of new Bitcoins will be further reduced by the halving event. Additionally, data shows that 88.5% of all Bitcoins have not moved in the past three months, indicating a strong stance among long-term investors. A Bitcoin spot ETF could ignite huge demand in the market and further drive the Bitcoin price. The probability of approval by the US Securities and Exchange Commission (SEC) is currently estimated at 90%. The combination of tight tradable supply, the expected Bitcoin spot ETF approval, and the multiplier effect could act as a bullish catalyst for parabolic price increases. Bitcoin prices above $100,000 are expected to be possible. Source: https://www.finanzen.net/nachrichten/devisen/moeglichkeiten-bei-bitcoin-kurs-eine-million-dollar-halten-wir-es-fuer-moeglich-entdeckerin-analysiert-aktuelle-daten-10987185.