Bitcoin‘s (CRYPTO: BTC) price could potentially skyrocket to $180,000 before the scheduled halving in April 2024, according to investment research firm Fundstrat.

Bitcoin ETF Could Drive Demand

This surge is expected to be driven by the potential launch of a Bitcoin ETF from BlackRock (NYSE:BLK), which could significantly boost daily demand for the cryptocurrency, Business Insider reports.

“This [bitcoin ETF launch] would bring daily demand to $125 million, while daily supply is only $25 million. The implied equilibrium price would need to rise so daily supply matches daily demand. Equilibrium analysis suggests that a clearing price is $140,000 to $180,000, before the April 2024 halvening,” Fundstrat explained.

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ETF Approval Likely

Sean Farrell, Fundstrat’s head of digital asset strategy, sees a 75% probability that a spot bitcoin ETF is approved in the near term.

“We anticipate [a bitcoin ETF] would attract new investors and generate increased demand for bitcoin,” Farrell said.

If approved, a bitcoin ETF from BlackRock could lead to one of the biggest ETF launches on record.

Bitcoin ETF Market Potential

Fundstrat believes that Bitcoin ETFs could eventually surpass the precious metals ETF market, which currently holds nearly $230 billion in assets.

“Bitcoin ETF eventually could become >$300 billion category,” Fundstrat noted.

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Bitcoin Photo by kitti Suwanekkasit on Shutterstock