Bitcoin Price Prediction: As Franklin Templeton Says Every Country's Treasury Will Hold BTC, Investors Rush To Buy This Bitcoin ETF Approvals Play As Sellout Nears

Bitcoin Price Prediction: As Franklin Templeton Says Every Country’s Treasury Will Hold BTC, Investors Rush To Buy This Bitcoin ETF Approvals Play As Sellout Nears

ByAli Raza

Updated: 18 December 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Bitcoin price dropped by nearly 2% in the last 24 hours to trade at $41,123 as of 4 a.m. EST as trading volume surged 30% to $19.05 billion.

Bitcoin is also trading in the red on a weekly chart, currently down by about 2.6% compared to last week. It’s up 13% over a month.

There will be better times ahead for BTC if Franklin Templeton strategist Sandy Kaul Kaul’s predictions turn out to be correct. She says that in future every nation’s national treasury will hold BTC and that the world’s largest cryptocurrency will eventually become the base unit of trade.

The prediction came from a recent interview conducted by a crypto influencer Natalie Brunell.

Kaul believes that Bitcoin will be more efficient than CBDCs for national treasuries.

As a result, she expects that,

BTC is going to become something that every treasury needs to hold because portions of their business will be facilitated more easily through Bitcoin payments than through foreign exchange conversions that need to happen to enable cross-border trades today.

Bitcoin Price Prognosis Amid Prediction That BTC Will Be A Base Unit For Trade

Bitcoin’s price is currently seeing a period of uncertainty. Its price, which has been sitting under the resistance at $43k for about a week now, has seen a 2% drop in the last 24 hours.

Moving forward, analysts expect it to see one more upper trend line test, or two, at the most, before the bearish market takes over.

If that happens, the price will likely correct to a mid $36k level.

Bollinger bands are pretty narrow as of the time of writing, which is a bearish signal. However, at the same time, the coin’s RSI score shows that it is in the oversold territory, which could be a positive signal for the near future, as traders may move in to buy the dip.

If so, this could be the last push toward the resistance at $43k before the bears take over the market.

Several analysts believe Bitcoin is expected to see a price drop and current market uncertainty supports that view.

Promising Alternative to Bitcoin

Bitcoin ETF (BTCETF) is currently one of the best alternatives to Bitcoin. The token, which is presently still in presale, is designed to capitalize on the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission.

With approvals yet to come, would-be investors can position now for potentially huge gains.

The token, as well as the project itself, were created by those who believe that BTC ETF approval is coming. It was also designed to reward its token holders for believing in the ETF approval.

The project has set up a series of ETF-related milestones, each of which will reward the holders once reached. The project’s presale is also one of the most successful this year.

@conio teams up with @coinbase to expand digital asset offerings for Italian banks, with plans to support up to 50 #Tokens by 2023.

Europe's embracing #Crypto with initiatives like Markets in crypto assets regulation. 🌍

What digital assets do you think will gain traction next… pic.twitter.com/DPg0m5yJQB

— BTCETF_Token (@BTCETF_Token) December 11, 2023