Hello everyone, I am Eleven.The price of Bitcoin has gone through a turbulent period in the past month
Hello everyone, I am Eleven.
The price of Bitcoin has gone through a turbulent period in the past month. On October 16th, BTC prices suddenly soared to over $30000, and then fell back to around $27000. Eleven believes that the reason for this incident may be due to the United States Securities and Exchange Commission (SEC) mistakenly approving the first Bitcoin Exchange Traded Fund (ETF).
However, the Eleventh Congress summarized the optimistic views of some experts on the long-term prospects of cryptocurrencies:
AlessandroOttaviani, an analyst who claims to be proficient in Austrian economics, said that although the total market value of Bitcoin expanded by over $50 billion on October 16th, there is still significant room for growth in the cryptocurrency market in the long term. According to his estimation, the total market value of Bitcoin and cryptocurrencies may reach $15 trillion in the coming years. If this prediction is true, the price of Bitcoin may soar to $1 million.
Steven Schoenfield, former managing director of BlackRock, also sees the prospects of Bitcoin, predicting that BTC may receive revenue of $150 billion to $200 billion over the next three years. This will increase the total market value to over $15 trillion, thereby bringing the price of Bitcoin to over $1 million.
Eleven believes that although short-term fluctuations continue, some market analysts are optimistic that the approval of spot Bitcoin ETFs will trigger demand. If Bitcoin spot ETFs are approved, institutions will be able to obtain investments in Bitcoin in a regulated manner. This will double or triple the current assets under management of Bitcoin products, which XI believes may be a triggering factor driving the rise in Bitcoin prices.
Here, Eleven believes that despite the recent underperformance of Bitcoin prices, cryptocurrency experts continue to propose theories about how and why Bitcoin quickly entered another bullish trajectory. Cryptocurrency trader and analyst Mags recently stated on the latest Bitcoin price forecast that with the discussion of Bitcoin spot exchange traded funds, Bitcoin has regained some lost momentum.
With the continuous evolution and development of the cryptocurrency market, Eleven believes that the performance of Bitcoin prices in the coming months and years remains to be observed. However, some analysts and experts' optimistic predictions suggest that Bitcoin prices may soar to $1 million in the coming years. Finally, Eleven believes that only time can prove the accuracy of this prediction.
If you have any questions, you can ask me directly. As long as you know it on November 11th, you will definitely know everything!
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