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Bitcoin Price To Hit $250K Ahead, Says London’s CrossBridge Capital MD – Crypto News

Published

1 year ago

May 23, 2024

Dripp

In an unprecedented development, investment advisor CrossBridge MD has recently predicted that Bitcoin’s price will skyrocket to $250,000 in the coming years. As spotlighted in a post shared by the Bitcoin Magazine on X, in the next 3-5 years, BTC’s price remains poised to hit the abovementioned level.

This statement, coming in the midst of the upcoming inception of Bitcoin and Ethereum ETP trading in the UK, has garnered noteworthy attention among crypto market participants. Let’s delve deeper into why Bitcoin could potentially hit $250,000 in the coming years.

Bitcoin To Hit $250K In Light Of BTC & ETH ETP Kickoff In UK

In the wake of the FCA’s (Financial Conduct Authority) recent siding with the commencement of Bitcoin and Ethereum ETP trading in the U.K., starting May 28, the analyst remarks do not come as a surprise.

Intriguingly, as seen previously with the commencement of Bitcoin ETFs in the U.S., BTC’s price skyrocketed to unprecedented levels, hitting new ATH. Although this upward momentum was substantially bolstered by the halving-induced optimism, the massive money inflow brought into BTC by ETF trading fueled immense optimism globally.

Similarly, as the BTC and ETH ETPs prepare to make their debut on the London Stock Exchange, the crypto market is brimming with anticipation. The launch of WisdomTree Bitcoin ETP and WisdomTree Ethereum ETP, the first of their kind in the UK, on May 28 is expected to trigger significant market movements. This development, coupled with the recent surge in Bitcoin’s value, presents an intriguing scenario for crypto enthusiasts and investors.

However, it’s worth noting that these ETPs’ trading is to be facilitated only to professional and institutional investors, as retail customers trading crypto derivatives in the U.K. faced a ban in 2021.

Also Read: Hong Kong To Allow Staking for Spot Ethereum ETFs, Will It See More Inflows?

Bitcoin’s Price Action Today

Meanwhile, Bitcoin’s price action illustrated riveting turns today, with the token trading in both red and green territories. While writing, Bitcoin’s price took a steep plunge, dipping down to the $68K mark.

BTC currently stands at $68,053, down 2.02% over the past day. Its 24-hour lows and highs are $67,728.92 and $70,623.69, respectively.

Coinglass data illustrated massive BTC liquidations in the past 24 hours, worth $37.95 million. This could potentially be driving Bitcoin’s sudden crash to $68K, underscoring the crypto realm’s volatility. Nonetheless, long-run prospects continue to shine with optimism primarily attributable to the halving frenzy.

Also Read: Grayscale Launches New Investment Trusts With Exposure To Bitcoin Layer 2 Projects