Summary
Bitcoin market cap is predicted to reach $1.5 trillion with surges in ETFs and trade volume. Analysts believe Bitcoin will capture 25% of the non-industrial gold market. Elon Musk’s endorsement and recent surges in XRP, ETH, and BTC prices are contributing to the growth. BlackRock’s ETF has coaxed institutions into embracing Bitcoin, despite skeptics like Warren Buffett and the European Union. Buffett has called Bitcoin worthless, but analysts remain bullish on its potential growth.
Key Points
1. Analysts predict the Bitcoin (BTC) market cap will reach $1.5 trillion amid surges in spot exchange-traded funds (ETF) from BlackRock and others and the trade volume of the top 10 crypto assets. Jurrien Timmer from Fidelity predicts that Bitcoin will soon capture 25% of the non-industrial gold market.
2. Institutions and analysts have turned bullish that surges in XRP, ETH, and BTC, coupled with ETF-fueled interest from institutions, will see the crypto market increase its capitalization by at least $500 billion.
3. Renowned analyst Kevin Svenson said that Bitcoin could double based on how closely its price has tracked a recent trendline. Svenson noted via on-chain analysis that Bitcoin’s price will double a so-called ‘Base 3’ value according to parabolic crypto trading patterns seen in every cycle. Earlier this year, the asset’s price reached $45,000 at Base 3, which means a $90,000 price is possible.