Chinese $230B Powerhouse and $300B Fund Set to Drive BTC Price to $90,000 as Hong Kong Bitcoin ETF Approval Nears

Hong Kong is preparing to approve a Bitcoin ETF next week, a move that could attract a new wave of Chinese investors seeking alternative investment options, according to Reuters. The launch of a US Bitcoin ETF recently pushed BTC to an all-time high, and the involvement of the Asian market could potentially drive prices even higher, possibly reaching $90,000. A Bitcoin ETF provides a widely accepted investment vehicle that offers a safe and simplified entry into BTC.
Since the launch of Bitcoin ETFs in the US, these products have attracted billions of dollars in investments. BlackRock’s Bitcoin ETF, for instance, has reached $20 billion in assets invested in the fund, as reported by CNF. The increasing popularity of these ETFs has helped fuel BTC prices to a new all-time high of $75,000.
Reports indicate that Hong Kong regulators are preparing to approve the country’s first Bitcoin ETF on April 15th. Market commentator Collin Brown anticipates the participation of Chinese investment giants Harvest Fund, with over $230 billion, and China Southern Fund, with a massive $284 billion. Their involvement is expected to significantly boost market prices.
Markus Thielen, founder of Singapore-based analytics firm 10x Research, has commented on how this development could impact investors and the market. Thielen believes that the ETF will provide Chinese investors with an alternative to real estate and stocks, as 70% of Chinese individuals own property, and the recent repricing in the real estate and stock markets has limited alternatives. Bitcoin, according to Thielen, could fill that void.
Chinese interest in BTC has been evident, especially during the buying frenzy of the 2013 bull market. BTC experienced a rally from $10 to about $1,000, which was halted by the Chinese government’s ban on BTC. These recent developments come just days before the Bitcoin halving, scheduled for April 20th. Historically, the halving has been one of the most bullish events, attracting significant investment interest from institutional investors.
At the time of writing, BTC has experienced a bullish bounce, surging 2.6% in the past 24 hours to trade at $70,750. This recent price increase demonstrates a healthy rebound after initially testing the $68,000 support earlier in the week. On the weekly chart, BTC has risen by nearly 7%, indicating the beginning of bullish momentum.
Experts believe that this year could witness one of the most bullish cycles in the history of digital assets. This is primarily driven by the reward halving and institutional interest. They forecast a price target of $90,000 to $150,000 by the end of the cycle, and expect that the world’s largest cryptocurrency will continue its upward trajectory, propelling the rest of the crypto market along with it.