Bitcoin price is now preparing for a sudden $6.9 trillion earthquake

Bitcoin BTC has shocked its critics and surged to highs not seen since late 2021 in recent weeks amid the hype of Bitcoin exchange-traded funds (ETFs) (something a billionaire is secretly betting will happen).

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Bitcoin's price has soared to more than $50,000 per bitcoin, making Bitcoin a trillion-dollar asset once again and pushing the broader cryptocurrency market past $2 trillion, according to CoinGecko data, forcing the Biden administration to declare a “state of emergency” for cryptocurrencies.

Now, after a leak revealed that a Federal Reserve Bank Digital Currency (CBDC) may be closer than thought, a widely respected banking analyst has predicted that a $6.9 trillion Wall Street earthquake could be headed toward Bitcoin's price.

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More from Forbes Biden 'Kills' US Dollar Putin Issues Dire $34 Trillion Warning as Bitcoin Price Surges By Billy Bambrough

The boom in Bitcoin ETFs on Wall Street has sent Bitcoin prices soaring over the past few months.

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“What we are seeing now in the United States is the 401(K) market, like pensions, entering into bitcoin,” Jeff Kendrick, head of cryptocurrency research at Standard Chartered, told Yahoo Finance, adding that “other assets in this space “It could see increases mirroring the price of Bitcoin if a list of closely watched applications for the Ethereum spot ETF is approved in May.

U.S. 401(k) plans have $6.9 trillion in assets, according to data from The Investment Companies Inc. (ICI).

Overall, Kendrick said he expects “net inflows of $50 billion to $100 billion into spot bitcoin ETFs in 2024.”

Last week, Kendrick said he was sticking to his $100,000 Bitcoin price forecast for 2024, rising to $200,000 per Bitcoin in 2025.

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More from Forbes: Bitcoin Prices Suddenly Surge to 2024 Highs After Revealing Billionaire PayPal's Huge Secret Bet on Bitcoin and EthereumBy Billy Bambrough

The price of Bitcoin has almost completely erased the price collapse of 2022.

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Three of the newly created spot bitcoin ETFs — BlackRock's BLK IBIT, Fidelity's FBTC, and ARKB 21's ARKB — have already amassed $1 billion in assets under management, and BlackRock's bitcoin fund holds about $5 billion in bitcoin.

Bitcoin and other cryptocurrency market watchers have predicted that the rise in Bitcoin spot hype, which began last year with expectations soaring as the US Securities and Exchange Commission (SEC) was on the verge of greenlighting dozens of Bitcoin ETFs, could take a breather before… Resume it.

“Bitcoin is approaching its peak and will likely reach $55,000 in the coming weeks,” Ed Hendy, chief investment officer at Tyr Capital, said in email comments. “In 2024, we expect Bitcoin to rise to all-time highs reaching $70,000 early this year.”

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