The crypto services provider based the estimate around a potential SEC approval for BlackRock’s spot bitcoin ETF.

The price of bitcoin (BTC) could rise as high as $56,000 if the U.S. Securities and Exchange Commission (SEC) approves the spot bitcoin exchange traded fund (ETF) application of BlackRock, according to a new report from crypto services provider Matrixport on Wednesday. BTC currently stands at $28,686.60.

Matrixport also set a low-end price of $42,000 based on the estimate that 10-20% of investors in gold ETFs will want to buy into a spot bitcoin ETF.

“Our earlier reports analysed the 15,000-strong US registered investor advisor (RIA) community overseeing around $15 trillion. This group holds immense potential, and even a modest 1% allocation recommendation for Bitcoin would usher in around $50 billion in inflows,” Matrixport wrote.

“Drawing a parallel with precious metals ETFs, estimated at approximately $120 billion in market cap, and assuming that between 10-20% of precious metal ETF investors look at a Bitcoin ETF to diversify their monetary debasement and inflation hedges, we could witness a sizeable $12-24 billion worth of inflows into the Bitcoin ETF,” the firm continued.

In the week that followed BlackRock’s ETF filing on June 15, BTC rose from $24,800 to $30,000. Earlier this week, BTC  spiked from $27,900 to about $30,000 after a false rumor that the SEC had approved BlackRock’s ETF filing.

Upon a BlackRock ETF approval, Matrixport said that if the market cap of USDT stablecoin issuer Tether increased by $24 billion, and it was used as a proxy for potential ETF inflows, then the price of BTC would hit $42,000. With the larger $50 billion inflows from the RIAs, Bitcoin could rally to $56,000.