- VanEck’s data showed that the price of BTC could rise further in the future.
- Fidelity’s ETF moved one step closer to approval.
Bitcoin [BTC] has been creating optimism in the crypto sector for some time now. However, institutional research showed that BTC still has a long way to go.
More green for BTC?
According to VanEck’s research, the US economy is expected to enter a recession in the first half of the new year. Several indicators, including slowing economic momentum, declining employment and rising bankruptcy filings, point to late-cycle dynamics.
Bitcoin and gold have seen fluctuations during the last recession, but Bitcoin is expected to remain resilient.
VanEck also pointed to Bitcoin’s performance during the 2020 recession. Initially, interest rates fell but recovered sharply after liquidity injections from the Federal Reserve. Gold also faced a decline in the early stages of the recession.
Due to these factors, expected inflows into newly approved US spot Bitcoin ETFs in the first quarter of 2024 are estimated at more than $2.4 billion.
This projection is based on historical data related to the launch of the SPDR Gold Shares (GLD) ETF.
The analysis compares potential inflows into Bitcoin ETFs with historical inflows into the GLD ETF. It also takes into account changes in the money supply and interest rates.
Source: VanEck
The second half of 2024 is expected to bring significant volatility as a high percentage of the world’s population participates as interest in BTC increases.
The possibility of regulatory changes and a favorable outcome for Bitcoin are possible, potentially leading to an all-time high.
The ETF hype continued to grow
Additionally, Fidelity’s Bitcoin ETF is listed on the DTCC website as FBTC. When BlackRock listed their Bitcoin Trust on DTCC, a spokesperson clarified that this is not a signal of ongoing regulatory issues.
The recent listing of Fidelity’s Bitcoin ETF on the DTCC website, known as FBTC, could bode well for Bitcoin. When big companies like Fidelity show interest, Bitcoin becomes more popular and trusted.
The fact that it is on a well-known platform suggests that there may be clear rules and regulations, making Bitcoin seem more secure. This kind of confidence from major investors and companies could increase the confidence of ordinary people in Bitcoin.
Furthermore, if major players get involved, more people may start paying attention to Bitcoin.
Read Bitcoins [BTC] Price prediction 2023-24
This increased interest could cause the price to rise. It also helps Bitcoin become more accepted in everyday life when big companies show that they believe in it.
At the time of writing, BTC was trading at $43,367.5 and the price had fallen -1.3% in the last 24 hours.
Source: Santiment