In an unprecedented development, investment advisor Crossbridge MD recently predicted that the price of Bitcoin will soar to $250,000 in the next few years. As noted in a post shared by Bitcoin Magazine on X, within the next 3-5 years, the price of BTC may continue to reach the above levels.
The statement came amid the upcoming launch of Bitcoin and Ethereum ETP trading in the UK, garnering attention among crypto market participants. Let’s dig deeper into why Bitcoin could hit $250,000 in the next few years.
Bitcoin expected to reach $250,000 following launch of BTC and ETH ETP in UK
The analyst's comments are not surprising after the Financial Conduct Authority (FCA) recently gave the nod to the launch of Bitcoin and Ethereum ETP trading in the UK starting May 28th.
Interestingly, as previously seen with the launch of a Bitcoin ETF in the US, the price of BTC has soared to unprecedented levels and reached a new ATH. This upward momentum was greatly enhanced by halving-induced optimism, while the huge inflows into BTC via ETF trading fueled immense optimism globally.
Similarly, the cryptocurrency market is full of anticipation as BTC and ETH ETPs prepare to list on the London Stock Exchange. The first WisdomTree Bitcoin ETP and WisdomTree Ethereum ETP will be listed in the UK on May 28 and are expected to trigger major market movements. This development, coupled with the recent surge in Bitcoin's value, presents an interesting scenario for cryptocurrency enthusiasts and investors.
However, it is worth noting that retail clients trading cryptocurrency derivatives in the UK face a ban in 2021, so trading on these ETPs will only be facilitated to professional and institutional investors.
Also read: Hong Kong allows spot Ethereum ETF staking, will there be more inflows?
Bitcoin price trends today
Meanwhile, Bitcoin's price trend took a notable turn today, with the token trading in both red and green territory. While writing this article, the price of Bitcoin has plummeted, dropping to the $68,000 level.
BTC is currently at $68,053, down 2.02% over the past day. The 24-hour low and high prices are $67,728.92 and $70,623.69, respectively.
Data from CoinGlass showed a massive $37.95 million worth of BTC liquidation in the past 24 hours, potentially sending Bitcoin plummeting to as low as $68,000, highlighting the volatility in the crypto space. Nonetheless, the long-term outlook remains optimistic, thanks in large part to the halving frenzy.
Related article: Grayscale launches new investment trust aimed at investing in Bitcoin Layer 2 projects
