New Wave of BTC Price Increase: Fueled by ETF Approval and Expert Predictions

Bittime - The price of BTC (Bitcoin) is showing its enthusiasm again after experiencing a decline some time ago. This increase was triggered by several main factors, namely the approval of the historic Bitcoin Exchange-Traded Fund (ETF) and optimistic predictions from well-known experts in the crypto world.

Impact of Bitcoin ETF Approval

The long-awaited approval of a Bitcoin ETF has finally become a reality, and its impact was immediately felt in the market. Liquidity is shifting from Bitcoin to altcoins with higher market caps, signaling that some investors may be taking advantage of Bitcoin's recent price rise.

However, substantial net inflows into Bitcoin ETFs indicate that institutional investors are starting to enter the market, signaling the potential for the creation of stable long-term demand.

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Expert Predictions Reinforce Optimism

Experts in the crypto field are showing cautious optimism about Bitcoin's future. Willy Woo, the renowned analyst, compared Bitcoin's growth to the internet in the early 21st century, predicting mass adoption and possible six-figure prices by 2025.

Adam Back, a renowned name in the crypto world, stated that the current $100,000 BTC price is a pending event and the real FOMO (Fear Of Missing Out) and excitement will begin once this threshold is crossed, pushing the price to its peak.

Ki Young Ju of CryptoQuant provides a more moderate view. He warned that while the approval of the ETF is a big step for Bitcoin's legitimacy, retail investors should remain wary of the potential for massive selling from institutional investors in the future.

BTC/USDT Price Today

Source: Bittime.com

On March 15, 2024, the price of Bitcoin BTC/USDT was at $67,968 per coin, down 7.28% in 24 hours.

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Supporting Factors: BTC Price Will Experience Correction

Despite the bright prospects, Bitcoin's journey forward will not be without obstacles. Some factors to consider include:

1. Regulations:

• Government regulations around the world can have a significant impact on the price and adoption of Bitcoin.
• Some countries may impose strict regulations that could hinder Bitcoin's growth, while others may take a more crypto-friendly approach.

2. Volatility:

• Bitcoin prices are known for their wild fluctuations.
• While this can result in huge profits for short-term investors, this volatility can also pose significant risks.
• Retail investors should be careful in allocating funds to Bitcoin and only invest with money they can afford to lose.

3. Scalability:

• The Bitcoin network currently faces scalability challenges.
• Slow transaction times and high transaction fees may hinder mass adoption of Bitcoin.
• Bitcoin developers are working to address this issue with various improvement solutions, but progress is slow.

4. Energy Consumption:

• Bitcoin mining requires a huge amount of energy.
• Critics argue that Bitcoin's energy consumption is unsustainable and has a negative impact on the environment.
• Bitcoin developers are looking for ways to make mining more efficient, but this is a complex problem that needs to be addressed.

5. Mass Adoption:

• For Bitcoin to truly become a global currency, it needs to achieve mass adoption.
• This requires better infrastructure, more user-friendly wallets, and broader acceptance from merchants.

Supporting Factors for BTC Price Increase

On the other hand, the opportunities for Bitcoin's future remain significant. Some promising factors include:

1. Institutional Investment:

• The entry of institutional investors into the Bitcoin market is a positive development.
• This can provide long-term stability and legitimacy to Bitcoin.

2. ETFs and Other Financial Instruments:

• The approval of a Bitcoin ETF paves the way for other financial instruments linked to Bitcoin.
• This could make Bitcoin more accessible to retail and institutional investors.

3. Blockchain Technology:

• The blockchain technology underlying Bitcoin has the potential to revolutionize various industries.
• Wider adoption of blockchain technology could increase awareness and use of Bitcoin.

4. Demand from Developing Countries:

• In developing countries with unstable currencies, Bitcoin can offer an attractive alternative.
• Greater Bitcoin adoption in developing countries could drive future price growth.

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Bitcoin (BTC) on Bittime. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.