A well-known cryptocurrency analyst anticipates that the approval of the Spot Bitcoin ETF could push the price of BTC above $48,000.
As experts look forward to the potential approval of a Spot Bitcoin ETF, market analysts are sharing their thoughts on how it might impact the price of Bitcoin (BTC). Mister Crypto, a well-known crypto analyst on social media, predicts a possible 10% surge in BTC price following the approval of the Spot Bitcoin ETF.
BTC Price Analysis and Speculations Post Bitcoin ETF Approval Anticipation
Mister Crypto, a notable crypto analyst, suggests that if the Spot Bitcoin ETF gets approval, Bitcoin could experience a substantial surge ranging from 5% to 10%. This optimistic forecast implies the potential for BTC to surpass the $48,000 threshold, marking a new peak.
The analyst highlights that the recent climb in BTC price, soaring from $25,000 to $44,000, is attributed to speculative capital inflow driven by Bitcoin ETF speculations. Consequently, the anticipated price pump could yield nearly 100% returns compared to the crypto’s value before the emergence of Bitcoin ETF speculations.
However, Mister Crypto emphasizes that the short-term outlook is contingent on several factors, including the speed of the ETF going live. Real demand for the ETF and the possibility of GBTC (Grayscale Bitcoin Trust) selloffs are also factors that could influence the expected BTC price rally. He suggests that while an initial surge is expected, the days following the approval might witness a sell-off.
As of the latest data, BTC has experienced a 1.87% gain, reaching a trading value of $43,892.31 on Friday, January 5, 2023. This uptick in price is likely linked to the anticipation of an early Bitcoin ETF approval. Additionally, the market cap has risen by 1.44% to $857 billion. However, the 24-hour trade volume has declined by 15.77% to $34.83 billion.
Spot Bitcoin ETF Decision Anticipation and Industry Optimism
The U.S. Securities and Exchange Commission (SEC) is anticipated to unveil its verdict on Spot Bitcoin ETF applications possibly on January 5, 2024, according to recent reports. Although the specific approval timeline and the commencement of ETF trading remain uncertain, the prevailing market sentiment aligns with the likelihood of approval before the January 20, 2024, deadline.
Major industry players such as Blackrock and Grayscale have been actively involved in multiple meetings with SEC officials, sparking significant interest and optimism within the crypto sphere. Notably, Cathie Wood, CEO of Ark Invest, has expressed confidence in the approval process, citing positive discussions with the SEC. Meanwhile, Ark 21Shares is poised for a potential SEC approval of its Bitcoin ETF proposal by January 10, 2024, adding to the positive momentum in the industry.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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