Bitcoin To $200,000? Crypto Trader Lists 6 Reasons Tied to BlackRock's Potential ETF Approval

An analyst and YouTuber suggested that if the highly anticipated Blackrock ETF receives the green light, Bitcoin’s BTC/USD value could soar to over $200,000, which represents a 663.873% increase.

Let’s explore the six compelling reasons that Crypto Rover presents to support this claim:

Reason 1: BlackRock’s strong ETF approval track record is one of the major arguments put forth by Crypto Rover in the history of BlackRock’s ETF approval rate. 

Reason 2: BlackRock’s Role during the 2008 financial crisis. During the 2008 financial crisis, the U.S. government and Federal Reserve sought guidance from BlackRock to navigate the turbulent times. "This demonstrates a high level of trust in Blackrock, the world’s largest asset manager," the analyst said.

Reason 3: According to Crypto Rover, the CEO of BlackRock has expressed a favorable view of Bitcoin. 

Reason 4: In the past, BlackRock has already ventured into the world of cryptocurrencies by introducing a private Bitcoin ETF aimed at institutional investors. 

Reason 5: Rover highlights the existence and active trading of Spot Bitcoin ETFs in both Europe and Canada.

Reason 6: Finally, Crypto Rover draws attention to the fact that major asset management firms, including Vanguard and Fidelity, have also submitted applications for their own Bitcoin spot ETFs during this cycle.

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Why It Matters: The eagerly anticipated decision on spot bitcoin exchange-traded fund (ETF) applications has been met with a delay. 

The Securities and Exchange Commission (SEC) has postponed its decision until October, as revealed in filings by the agency on Thursday. This decision affects a range of applicants, including industry giants such as BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise, and Valkyrie Digital Assets.

Price Action: At the time of writing, BTC was trading at $26,182.36, down 0.80% in the last 24 hours, according to Benzinga Pro.

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