Bitcoin and Ethereum have attracted large crowds with their astounding rises this year, and with the approval of their respective spot ETFs, the world's largest cryptocurrencies are expected to rake in billions of dollars.
So popular analyst Lark Davis is making some bold predictions about top assets.
Bold Predictions for Bitcoin and Ethereum
In a recent tweet, Davis predicted that market movements will see Bitcoin surge to $150,000, while Ethereum will hit $15,000. Davis pointed to the inflows already being seen into the Spot Bitcoin ETF, which is attracting hundreds of millions of dollars daily.
The Ethereum ETF is due to begin trading soon and is expected to further fuel market enthusiasm. Davis said he sees a bullish scenario in which the peak of the bull market coincides with huge investments from countries, asset managers, pension funds and retail investors, with billions of dollars flowing into the ETF every day.
This confluence of factors means current bullish sentiment likely underestimates potential growth, according to Davis.
“Imagine what it'll be like when retail gets here and the bull market reaches its peak, when countries, asset managers, pension funds and retail buy billions of dollars worth of ETFs every day. You're not really bullish.”
BTC ETF Stocks 1 Million BTC, ETH Prepares for Rise
As of May 24, the total amount of Bitcoin held by all spot ETFs is approximately 1,002,343 BTC, with a significant percentage allocated to US-based products out of the 32 ETFs currently available. This indicates growing mainstream acceptance and institutional interest in cryptocurrencies, especially in the US.
Additionally, the fact that spot Bitcoin ETFs collectively hold over 1 million BTC suggests an increasing demand for the asset. As these ETFs acquire and hold Bitcoin, the available supply in circulation decreases.
Because the supply of cryptocurrencies is fixed and is decreasing due to factors such as halving events, increased institutional interest and investment through ETFs can create greater scarcity, further increasing demand and prices.
Meanwhile, Ethereum price has failed to challenge the $4,000 resistance but the latest price analysis shows promising signs that could spark a much-awaited surge.
