Analysts predict bitcoin will fall to $ 23,000

According to analysts, if the Grayscale sale continues, bitcoin’s value could fall by another 40%. The cost of BTC $98,502.52 Bitcoin 0.91% Market capitalization $1.95 trillion VOL. 24 hours $5.35 billion has dropped significantly, but this is not the limit, according to experts at the Webull trading platform.

Since the approval of spot bitcoin ETFs in the United States, investors have continued to withdraw funds from the largest Grayscale Bitcoin Trust (GBTC). According to the report, about 70% of GBTC shareholders are still in the black. The average purchase price was $ 27.82, which is almost 20% lower than the current value. They are currently trading at $ 35.

The second largest group of owners bought shares from $ 18 to $ 21. They can also remain in the black even if the GBTC price falls by another 39%. However, in the event of such a drop, investors will sell another 230,000 BTC ($ 8.9 billion) on OTC platforms.

As a result, Grayscale will have about 350,000 BTC left. If the price of bitcoin does not fall below $ 39,000, the issuer of a spot ETF on BTC will be able to expect a revenue of $ 200 million with a commission of 1.5%. According to analysts, this suggests that the asset manager’s fund is quite a serious competitor to other companies, despite their low fees.

Webull experts emphasized that if the Grayscale sale continues, the price of BTC could fall by 40% at once, to $ 23,000. This is the lowest level since May last year.

It is worth noting that according to CoinShares, the potential inflow of capital to the bitcoin market in the amount of about $ 3 billion will help the market flagship to grow significantly. «While it is difficult to predict the exact scale of investment inflows after the ETF launch, a conservative estimate suggests that 10% of the current AUM, which is about $ 3 billion, could push the price of BTC to around $ 60,000.»