Bitcoin may hit $100K by capturing ‘even 2%–5% of gold’s market cap’

The next Bitcoin halving event is less than 9 months away and the consensus opinion among analysts and investors is that the halving will send

Higher prices are programmed thanks to the halving and eventual BTC ETF

Crypto investors have waited years for the launch of a spot Bitcoin ETF and even with the recent influx of applications, an approval by the U.S. Securities and Exchange Commission remains elusive.

Despite the history of delays and denials, Ennis said that a “spot ETF coming to market, that’s incredibly bullish for the asset class,” but she also cautioned that an approval could create sell pressure on miner equities given that mining stocks have often been used as a proxy investment to Bitcoin.

Regarding the percentage chance of a spot Bitcoin ETF approval by the end of 2023, Ennis said:

“Definitely better than 50. The real reason for my opinion on that is because BlackRock threw its hat in the ring. BlackRock being powerful and the largest asset manager in the world. For them to throw their hat in the ring and say this is what we want and the amount of clout they’ve had in markets in past initiatives is tremendous. So I think for them to make this call, it is a real bullish signal.”

Regarding a potential target for Bitcoin price, Ennis said:

“I definitely do think we could see in this next cycle $100,000 cost per Bitcoin and that’s based on if BTC were to capture even 2% to 5% of gold’s $13 trillion place in institutional portfolios. If BTC were able to capture even 2 to 3% of gold’s market cap that would be incredibly accretive to the price and push it north of $100,000.”