Analysts and investors who remain bullish on cryptocurrencies are now calling for the price of Bitcoin (BTC) to reach $100,000 U.S. or more after spot Bitcoin exchange-traded funds (ETFs) were approved in America.
Crypto exchange CoinDCX and asset manager SkyBridge Capital are among those calling for Bitcoin’s price to more than double this year as trading in crypto ETFs gets underway.
Investment firm Draper Associates is now calling for the price of Bitcoin to skyrocket to $250,000 U.S. by July of this year.
The bullish calls come as Bitcoin ETFs from companies such as BlackRock (BLK), Invesco (IVZ), and Fidelity begin trading on U.S. exchanges.
More than $3.5 billion U.S. of shares in Bitcoin ETFs changed hands during their first day of trading on Jan. 11, a historic amount of money.
However, stocks that are tied to crypto fell sharply as the Bitcoin ETFs were launched.
Crypto exchange Coinbase (COIN) saw its share price fall 7%, while the stock of tech firm MicroStrategy, which has a sizable holding of Bitcoin, declined 5%.
Stocks of crypto mining firms were particularly hard hit as Marathon Digital’s (MARA) stock dropped 13% and shares of Riot Platforms (RIOT) decreased 16%.
The price of Bitcoin briefly rose to $49,000 U.S. before falling 6% to trade at $46,000 U.S. per digital token.
