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Lark Davis wows community with U.Today’s big Bitcoin rally prediction
U.Today – Renowned entrepreneur and investor Lark Davies has provided an exciting prediction regarding an impending bull run for the leading cryptocurrency. The prediction comes amid a broader cryptocurrency market rally, which has seen Bitcoin (BTC) rise to above $71,000.
This is why the running of the bulls is possible
Davies highlighted several factors that could push the cryptocurrency market into a bull run soon. Chief among these is the increase in inflows accrued by the adoption of Bitcoin Exchange-Traded Funds (ETFs) in the United States
Over the past 18 days, Davies revealed that ETFs have purchased 56,150 BTC. This translates to over four months’ supply of BTC. Furthermore, the well-known investor believes that the potential spot launch of the Ethereum ETF will have a substantial influence on the market.
“ETFs will start trading soon,” Davies said.
Furthermore, Davies added that the continued accumulation of Bitcoin by institutions such as MicroStrategy, Block and Semler Scientific (NASDAQ:) could also influence the future movement of Bitcoin.
“Institutions, asset managers and pension funds around the world are lining up to own a slice of the Bitcoin pie. This bull run is going to be a lot crazier than you think,” concluded Davies.
As of this writing, BTC is trading at $71,456, up 0.27% over the past 24 hours. Trading volume increased by 14.5% to more than $30 billion.
Mixed sentiment on ETH spot ETF approval
There seems to be mixed sentiment regarding the approval of Ethereum spot ETFs. Jan van Eck, CEO of VanEck, says the approval of the Ethereum spot ETF marked a historic shift. As previously reported by U.Today, the company is among other applicants that have received approval from the US Securities and Exchange Commission (SEC).
Taking a contrary view, renowned banking giant JPMorgan argues that Ethereum ETFs could attract a much lower share of inflows than expected when trading finally begins. The banking institution expects inflows of $3 billion for ETH products this year. However, the bank says this amount could double if staking was allowed.