Bitcoin (BTC) Could Reach $56,000 with BlackRock ETF Catalyst

A recent report from Matrixport suggests that Bitcoin could potentially reach a price of $56,000 in the long term, largely contingent on the possible approval of a Bitcoin spot ETF by investment banking giant BlackRock Inc. The report establishes a conservative price estimate at $42,000 but argues that with an influx of approximately $50 billion from Registered Investment Advisors (RIAs) likely to invest in the BlackRock iShares ETF offering, Bitcoin could soar to as high as $56,000.

BlackRock’s role in the Bitcoin ETF landscape is viewed as a transformative factor, potentially accelerating the United States Securities and Exchange Commission’s (SEC) approval process for the ETF product. The recent decision by the SEC to not appeal a court ruling regarding the Grayscale Bitcoin Trust (GBTC) conversion to an active ETF has shifted the narrative surrounding the regulatory body, indicating a possible change in its stance.

Many market analysts believe this ruling signals a growing likelihood of the SEC approving a Bitcoin spot ETF this year.

### Bitcoin Price Forecast

In addition to Matrixport’s insights, several other market analysts have shared their forecasts for Bitcoin’s future. Notably, Cathie Wood, the founder and CEO of Ark Invest, predicts a best-case scenario where Bitcoin could rise to $625,000 in the near term, with an optimistic target set at $1.5 million. Comparatively, Matrixport’s $56,000 target appears conservative when juxtaposed with top investor Max Keiser’s forecast of $220,000.

As anticipation for the Bitcoin spot ETF mounts, Mike Novogratz has suggested that approval could come by the end of the year.