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BITO Price Prediction 2024-2032: Is BITO a Good Buy?

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BITO ETF Price Predictions 2023-2032

The end of August 2023 marked a critical juncture for Bitcoin, with its value increasing by nearly 8% following a decisive legal victory by Grayscale Investments over the U.S. Securities and Exchange Commission (SEC). Originating in June 2022, Grayscale’s lawsuit contested the SEC’s decision not to permit the transformation of its Bitcoin Trust (GBTC) into an Exchange-Traded Fund (ETF). 

The recent verdict ruled in Grayscale’s favor and mandated the SEC to revisit its earlier refusal. This momentous legal resolution has had a ripple effect on market sentiment towards Bitcoin and associated ETFs, pushing up share prices for leading entities in the cryptocurrency arena. As for the future trajectory of BITO ETF, the current events could indeed serve as a catalyst for sustained growth and momentum.

How much is the BITO ETF worth?

Today’s Proshares Bitcoin Strategy ETF price is $13.45 with a 24-hour trading volume of $6,848,277. The stock is up 5.46% in the last 24 hours. BITO ETF has a market cap of $968.57 million

Proshares Bitcoin Strategy ETF price analysis: Bearish Long-Term, Bullish Short-Term: BITO ETF’s Mixed Signals 

TL;DR

  • 1-day chart: bearish, support at $12.24.
  • 4-hour chart: bullish, target $14.36.
  • MACD confirms short-term bullish signal

BITO ETF/USD price action on a 1-day chart: Is the $12.24 Support Level Next?

The 1-day BITO ETF price chart exhibits a discernible bearish sentiment, characterized by a sustained decline in asset value. Since late August, the trading range has consistently remained below the $14.34 threshold, signaling a strong bear market. Attempts by bullish traders to penetrate this resistance level have thus far been unsuccessful, pulling the asset’s price further down to $12.80. 

The Relative Strength Index (RSI) reinforces the observed bearish climate. Currently situated at 35.53, the RSI lies within a territory that typically indicates an oversold condition or increasing bearish momentum. If the existing bearish forces continue to dictate market activity, there is a probable risk that the BITO ETF/USD price may further plummet, potentially breaking the $12.24 support level.

BITO ETF price action on a 4-hour price chart: Bullish Turn for BITO ETF, Targets $14.36 level

Both the Supertrend and MACD indicators on the 4-hour chart for BITO ETF are displaying bullish signals. The Supertrend’s recent shift from a ‘sell’ to a ‘buy’ status signifies a potential end to downward pressure and the start of a bullish phase. The MACD, by crossing above the signal line, corroborates this buy signal, providing an added layer of validation for market entry. Based on these technical indicators, the immediate price target is set at $14.36. 

BITO ETF price analysis conclusion

Short-term traders might find the bullish signals on the 4-hour chart compelling enough for a quick entry and exit strategy, targeting the $14.36 price point. However, those looking at a more extended timeframe may heed the bearish warning given by the 1-day chart, either staying clear of long positions or waiting for more robust bullish signals on longer timeframes before entering.

Recent News/Opinions on Proshares Bitcoin Strategy ETF

SEC Unlikely to Approve Spot Bitcoin ETFs in 2023, Says VettaFi’s Todd Rosenbluth Amid Grayscale Petition

In a recent dialogue led by Geraci, Todd Rosenbluth of VettaFi weighed in on Grayscale’s much-debated push to transform its GBTC into a Bitcoin ETF. The petition has kept the market on edge, despite Grayscale Investment receiving a positive ruling at the end of August 2023, that mandated the Securities and Exchange Commission’s (SEC) to reevaluate the company’s previously denied GBTC to ETF conversion.

Rosenbluth was unequivocal in his skepticism concerning the SEC’s stance on approving spot Bitcoin ETFs in the near term. “The SEC’s green light for a spot Bitcoin ETF in 2023 seems unlikely,” Rosenbluth stated categorically. This sentiment comes despite the considerable fluctuations and advancements observed within the broader cryptocurrency sector.

Shifting the conversation toward Ethereum-based offerings, Rosenbluth brought attention to the swelling number of futures-based Ethereum ETF applications, which now total over 18. He stressed that while the uptick in filings denotes industry momentum, it doesn’t presage rapid authorizations from regulatory bodies.

Highlighting an exception in the ETF landscape, Rosenbluth underscored the notable accomplishments of the ProShares Bitcoin Strategy ETF (BITO). This futures-based Bitcoin ETF has effectively amassed assets just shy of $1 billion, setting it apart from other comparable offerings. “BITO’s success doesn’t simplify the path for approval of spot Bitcoin ETFs, which continue to encounter regulatory roadblocks,” he noted.

Rosenbluth concluded by emphasizing that regardless of the SEC’s decision on Grayscale’s petition, he does not foresee immediate approvals for spot Bitcoin or Ethereum ETFs. The regulatory body’s cautious stance appears to persist, making any prompt change in policy unlikely. 

Proshares Bitcoin Strategy ETF Price Predictions 2023-2032

Price Predictions by Cryptopolitan

The ProShares Bitcoin Strategy ETF (BITO) offers a simpler way to invest in Bitcoin, but it’s not without risks. While somewhat insulated from crypto volatility, it’s still vulnerable to broader market downturns. Despite its near $1 billion in assets, its performance can be influenced by various factors, including market trends and regulatory changes. Will Proshares Bitcoin Strategy ETF be profitable for the future? Here’s what we think about the asset:

YearMinimum Price ($)Average Price ($)Maximum Price ($)
202311.2513.8615.60
202412.1214.6516.82
202513.8215.2117.13
202615.0116.2317.95
202715.9816.9218.31
202816.5417.3418.98
202917.6818.5819.43
203018.9619.8120.17
203120.0421.0522.54
203221.1222.2824.05

Proshares Bitcoin Strategy ETF Price Prediction 2023

Our Proshares Bitcoin Strategy ETF Price Prediction for 2023 indicates that the BITO ETF will continue rising, reaching a maximum price of $15.60, an average value of $13.86, and a minimum price of $11.25.

Proshares Bitcoin Strategy ETF Price Prediction 2024

Our BITO ETF price prediction for 2024 suggests a maximum price of $16.82, a minimum price of $12.12, and an average value of $14.65.

Proshares Bitcoin Strategy ETF Price Prediction 2025

According to our Proshares Bitcoin Strategy ETF price prediction for 2025, we anticipate a maximum price of $17.13, a minimum price of $13.82, and an average trading price of $15.21.

Proshares Bitcoin Strategy ETF Price Prediction 2026

Our Proshares Bitcoin Strategy ETF Price Prediction for 2026 indicates that BITO ETF will trade at an average price of $16.23, with a maximum price of $17.95, and a minimum market price of $15.01.

Proshares Bitcoin Strategy ETF Price Prediction 2027

Per our Proshares Bitcoin Strategy ETF price predictions for 2027, BITO ETF will reach a maximum price of $18.31, a minimum price of $15.98, and a projected average price of $16.92.

Proshares Bitcoin Strategy ETF Price Prediction 2028

Based on our Proshares Bitcoin Strategy ETF price predictions for 2028, investors can expect the BITO ETF to attain a maximum price of $18.98, an average forecast price of $17.34, and a minimum price of $16.54.

Proshares Bitcoin Strategy ETF Price Prediction 2029

Our Proshares Bitcoin Strategy ETF Price Prediction for 2029 indicates that BITO ETF will trade at an average price of $18.58, with a maximum price of $19.43, and a minimum price of $17.68.

Proshares Bitcoin Strategy ETF Price Prediction 2030

According to our BITO ETF price prediction for 2030, the stock could reach a maximum price of $20.17, a predicted average trading price of $19.81, and a minimum price of $18.96.

Proshares Bitcoin Strategy ETF Price Prediction 2031

We estimate a maximum market price of $22.54 for the Proshares Bitcoin Strategy ETF in 2031, along with a minimum price of $20.04 and an average market value of $21.05.

Proshares Bitcoin Strategy ETF Price Prediction 2032

Our Proshares Bitcoin Strategy ETF Price Prediction for 2032 indicates that the BITO ETF will continue rising, reaching a maximum price of $24.05, an average value of $22.28, and a minimum price of $21.12.

Wallet Investor BITO Price Prediction

According to Wallet Investor’s projections, the BITO ETF is expected to experience significant growth over both one-year and five-year periods. Within one year, the asset is forecasted to reach $18.015, representing a 33.94% increase from its current price. Looking further ahead, the five-year forecast anticipates a substantial price increase to $37.855, marking an impressive 181.37% growth from today’s price.

Coindataflow BITO Price Prediction

Based on Coinflowdata’s projections, the BITO ETF, which is currently valued at $13.45, is anticipated to experience a range of price changes across multiple time frames. In the short term of 3 months, the price is projected to rise to $15.34, marking an approximate increase of 14.05%. On the other hand, the 6-month forecast predicts a decline to $12.01, amounting to a decrease of around 10.71% from the current price.

In the long term, specifically one year from now, the price is expected to increase to $16.53, constituting a rise of 22.9%. Further into the future, the 3-year prediction estimates that the ETF will soar to $34.07, an impressive increase of approximately 153.3% from today’s price. However, over a 5-year span, the price is expected to moderate to $30.64, a 10.08% drop from the 3-year estimate but still a significant 127.9% increase from the current value of $13.45.

These diverse forecasts suggest a complex and volatile trajectory for BITO ETF, influenced by a range of factors such as market conditions, regulatory landscape, and long-term market corrections.

Coinarbitragebot BITO ETF Price Prediction

According to Coinarbitragebot’s evaluation, BITO ETF is anticipated to see considerable growth over the coming years. For the near term, the firm predicts that the stock will close the year at $20.64, a surge that equates to a 52.11% increase in both the stock price and market capitalization. Looking further ahead, the price is expected to more than double, reaching $43.02 by the end of 2024.

However, the truly noteworthy takeaway from Coinarbitragebot’s analysis is the expected performance in 2025. According to their model, BITO ETF will skyrocket to $75.46 per share, a price point five times its current value. This meteoric rise is not predicted to sustain indefinitely; a price correction is anticipated for 2026, bringing the stock down to $39.15. This downturn is viewed as temporary, with recovery expected to commence shortly thereafter. By 2027, the price is projected to rebound to $64.64 and ultimately leap beyond the $100 threshold in 2028.

BITO ETF Overview

Source: CNBC

BITO Price History

Source: Proshares.com

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Market price returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. ET (when NAV is normally determined for most funds) and do not represent the returns you would receive if you traded shares at other times. Your brokerage commissions will reduce returns. Current performance may be lower or higher than the performance quoted.

More on BITO ETF

ProShares Bitcoin-linked ETF

ProShares Fund will invest in Bitcoin while exposing the BTC futures trading on Chicago Mercantile Exchange or CME. The futures market is a volatile field in which investors can indirectly invest using the ProShares ETF, which provides exposure to Bitcoin.

After the approval of this ETF, Bitcoin soared to higher levels, and as a result, investors are bullish. ProShare celebrated this new development in the industry through a ceremony at a press conference wherein the prominent members rang their bell of success.

BITO vs. GBTC

Both BITO (ProShares Bitcoin Strategy ETF) and GBTC (Grayscale Bitcoin Trust) are investment vehicles that offer exposure to Bitcoin, but they function quite differently. Understanding these differences is crucial for investors, such as yourself, who are interested in incorporating cryptocurrency into their portfolios.

BITO is the first Bitcoin-linked Exchange-Traded Fund (ETF) in the United States. It aims to track the performance of Bitcoin futures contracts rather than holding the underlying asset directly. An ETF structure allows for greater liquidity and accessibility, as it can be bought and sold on traditional stock exchanges. However, the fund’s dependence on futures contracts exposes investors to contango risk, where future prices may be higher than the current spot price, potentially eroding gains.

GBTC, on the other hand, is a grantor trust that holds actual Bitcoin. It operates in the over-the-counter (OTC) markets and often trades at a premium or discount to the net asset value (NAV) of its holdings. GBTC provides a more direct exposure to Bitcoin price movements but comes with higher management fees and less trading flexibility due to its OTC nature.

In summary, BITO offers accessibility and liquidity advantages but carries derivative risks, while GBTC provides direct exposure to Bitcoin at the cost of higher fees and potentially less optimal trading conditions.

Conclusion

Investing in Bitcoin ETF relies on your investment plan, per our BITO ETF price projection. The ProShares ETF should be your first choice if you are new to cryptocurrency and want to start off with minimal risk. One of the most popular assets on the Fidelity platform that received more than 7,500 buy orders from users was the BITO ETF.

Among registered financial advisors, there are doubters about a Bitcoin ETF tied to futures (RIAs). Investors are also wary of the complexity of a futures-oriented product compared to spot cryptocurrency trading. Even while economic actors may have different opinions about the possibilities for the new ETF, most agree that it constitutes a big legislative triumph for the bitcoin community. It is anticipated that the exchange-traded fund would provide new opportunities in this sector. Whether it’s a good investment or not is entirely up to the investors.

As always, it is highly advised to do your own research and never invest more money than you can afford to lose, and seek investment advice.

If you are convinced that you can handle the volatility of BTC and have firm faith in blockchain-based projects, you can go ahead with direct investment in crypto. Although the BITO ETF sounds good, some crypto backers who want to trade bitcoin directly argue that this will create an extra cost for end-users. Something which you could avoid by using cash markets. Investors need to be particularly aware of what they’re buying and how it’s likely to perform.

Before you move on if you want to learn more about long-term cryptocurrency price predictions, visit here.

FAQs

Is BITO a good investment?

The predictions provide different outlooks for BITO ETF. However, we believe that if the asset gains a reasonable percentage of Bitcoin's previous yearly growth, its value will continue to surge and will be a good investment.

What's wrong with BITO?

A spot ETF is needed to avoid retail investor harm. Yes, cryptocurrency prices are illiquid and vary in pricing globally. But how Grayscale proposes using an index is no different from the reference rate used to determine CME futures' fair value and the value of BITO's NAV. Further, we've seen that variations in Bitcoin pricing do not last long due to arbitrage. It is time for a spot Bitcoin fund to not tax unaware retail investors

<em><strong>Disclaimer</strong>. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.</em>

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Alden Baldwin

Journalist, Writer, Editor, Researcher, and Strategic Media Manager:With over 10 years of experience in the digital, print and public relations industries, he has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a a self sustaining institute that provides free education. He is working towards funding his own startup.As a technical and language editor, he has worked with multiple top cryptocurrency publications such as DailyCoin, Inside Bitcoins, Urbanlink Magazine, Crypto Unit News and several others.He has edited over 50,000+ articles, journals, scripts, copies, sales campaign headlines, biographies, newsletters, cover letters, product descriptions, landing pages, business plans, SOPs, e-books, and several other kinds of content.

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