Hong Kong's Bet: Top Analyst Forecasts Bitcoin (BTC) Reaching $650K

Quick Summary:

The approval of spot Bitcoin ETFs and spot Ethereum ETFs by the Hong Kong Securities and Futures Commission (SFC) has sparked discussions within the cryptocurrency community about potential price targets and their impact on market capitalization.

In bull market tops, the MVRV ratio is typically 5x, while in bear market bottoms, it is around 0.7x.

With the addition of ETF capital, the total investment in Bitcoin would reach $2.56 trillion.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Godfrey Benjamin

Category: Crypto

Markets: IndiaHong Kong

Topics: Bitcoin (BTC) Price Spot Bitcoin ETF 24/7 Cryptocurrency News Bitcoin News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-04-15 @ 23:23:25 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 430 words

Reading Time: 3 minutes read

Sentences: 28 lines

Sentence Length: 16 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 20692546

View Article Analysis

About CoinGape

Main Topics: Crypto

Official Website: coingape.com

Update Frequency: 69 posts per day

Year Established: 2017

Headquarters: India

News Last Updated: 29 minutes ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #59

Publisher Details

Frequently Asked Questions