Hong Kong Bitcoin ETF Approval Expected Next Week: Prominent Chinese Firm with $230B Market Cap and Additional $300B Fund Predicted to Boost BTC Price to $90,000

Hong Kong is set to approve a Bitcoin ETF next week, which could attract Chinese investors seeking alternative investment options. The recent launch of a US Bitcoin ETF pushed BTC to an all-time high, and the involvement of the Asian market has the potential to drive prices even higher, possibly reaching $90,000. According to Reuters, Hong Kong regulators are preparing to approve the country’s first Bitcoin ETF on April 15th, a move that experts believe will bring in a wave of Chinese investors. These ETFs provide a widely accepted investment vehicle for easy and secure entry into Bitcoin. The popularity of Bitcoin ETFs has already attracted billions of dollars, with BlackRock’s Bitcoin ETF alone accumulating $20 billion in assets. This surge in popularity has contributed to BTC reaching a new all-time high of $75,000. Market commentator Collin Brown predicts that Chinese giants Harvest Fund and China Southern Fund will participate in the Bitcoin ETF, with their substantial investments likely to boost market prices. Markus Thielen, founder of Singapore-based analytics firm 10x Research, believes that the ETF will provide Chinese investors with an alternative to real estate and stocks, as the market for these assets has recently seen a decline. Chinese interest in Bitcoin has been evident since the 2013 bull market, when BTC experienced a significant rally before being banned by the Chinese government. These developments coincide with the upcoming Bitcoin halving on April 20th, a highly anticipated event that has attracted significant investment interest, particularly from institutional investors. BTC is currently trading at $70,750, showing a bullish bounce with a 2.6% surge in the last 24 hours. Experts predict that this year could be one of the most bullish cycles in Bitcoin’s history, driven by the halving and institutional interest. They forecast a price target of $90,000 to $150,000 by the end of the cycle, with Bitcoin leading the way and propelling the rest of the crypto market.