Bitcoin Price Now Braced For A Surprise $6.9 Trillion Earthquake

Bitcoin
BTC
has shocked its critics and rocketed to highs not seen since late 2021 in recent weeks amid spot bitcoin exchange-traded fund (ETF) hype (something one billionaire secretly bet would happen).

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and “uncover blockchain blockbusters poised for 1,000% plus gains” ahead of next year’s historical bitcoin halving!

The bitcoin price has climbed to over $50,000 per bitcoin, making bitcoin a $1 trillion asset again and pushing the wider crypto market over $2 trillion, according to CoinGecko data—forcing the Biden administration to declare a crypto “emergency.”

Now, after a leak revealed a Federal Reserve central bank digital currency (CBDC) could be closer than thought, a widely-respected bank analyst has predicted a $6.9 trillion Wall Street earthquake could be headed for the bitcoin price.

Bitcoin’s historical halving that’s expected to cause crypto price chaos is just around the corner! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

MORE FROM FORBESBiden Is ‘Killing’ The U.S. Dollar-Putin Issues Serious $34 Trillion Warning As The Bitcoin Price SurgesBy Billy Bambrough

“What we now see in the U.S. is the 401(K) market, such as pensions, enter bitcoin,” Standard Chartered head of crypto research Geoff Kendrick told Yahoo Finance, adding “other assets in the space” could see surges that mirror the bitcoin price rally if a slate of closely-watched applications for a spot ethereum ETF are approved in May.

U.S. 401(k) plans hold $6.9 trillion worth of assets, according to data from the Investment Company Group (ICI).

Kendrick said that in total he expects “around $50 billion to $100 billion in net inflows into spot bitcoin ETFs in 2024.”

Last week, Kendrick said he’s sticking with his $100,000 bitcoin price prediction for 2024, rising to $200,000 per bitcoin in 2025.

Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious

MORE FROM FORBESBitcoin Price Suddenly Surges To Fresh 2024 High After PayPal Billionaire’s Huge Secret Bitcoin And Ethereum Bet RevealedBy Billy Bambrough

Three of the newly-created spot bitcoin ETFs—BlackRock’s
BLK
IBIT, Fidelity’s FBTC and Ark 21’s ARKB—have already amassed $1 billion in assets under management, with BlackRock’s bitcoin fund holding around $5 billion worth of bitcoin.

Other bitcoin and crypto market watchers have predicted the spot bitcoin hype rally, which began last year as expectations surged the U.S. Securities and Exchange Commission (SEC) was about to green light a dozen spot bitcoin ETFs, could be just taking a breather before resuming.

“Bitcoin is nearing its peak and will likely be pushing for $55,000 in the coming weeks,” Ed Hindi, chief investment officer at Tyr Capital, said in emailed comments. “In 2024, we expect bitcoin to rally to its all-time highs reaching the $70,000 mark early this year.”