U.Today – Renowned entrepreneur and investor Lark Davies has made an thrilling prediction for the leading cryptocurrency’s inevitable upward momentum. The forecast comes amid a broader rally in the cryptocurrency market that has seen Bitcoin (BTC) surge to over $71,000.
This is why the running of the bulls is possible
Davies highlighted several factors that could cause the cryptocurrency market to hit a bull market soon. The most critical of them is the increased inflow of funds accumulated as a result of the adoption of Bitcoin Exchange-Traded Funds (ETFs) in the USA
Over the last 18 days, Davies revealed that ETFs have purchased 56,150 BTC. This translates into over four months of BTC supply. Moreover, the well-known investor believes that the potential launch of a spot ETF will have a significant impact on the market.
“ETFs will start trading soon,” Davies said.
Furthermore, Davies added that the continued accumulation of Bitcoin from institutions such as MicroStrategy, Block, and Semler Scientific (NASDAQ:) could also influence Bitcoin’s future movement.
“Institutions, wealth managers and pension funds around the world are lining up to get a piece of the Bitcoin pie. This bull run is going to be a lot crazier than you think,” concluded Davies.
At press time, BTC is trading at $71,456, up 0.27% over the past 24 hours. Trading volume increased by 14.5% to over $30 billion.
Mixed sentiments regarding ETH approval in place
There appears to be mixed sentiment regarding the approval of Ethereum cash ETFs. Jan van Eck, CEO of VanEck, says the approval of the Ethereum spot ETF marked a historic change. As previously reported by U.Today, the company is among other applicants that have received approval from the US Securities and Exchange Commission (SEC).
Otherwise, renowned banking giant JPMorgan says Ethereum ETFs could attract a much smaller share of inflows than expected when they finally begin trading. The banking institution forecasts an inflow of $3 billion for ETH products this year. Nevertheless, the bank says this amount could double if betting is allowed.
