(CTN News) – Market analysts have recently provided their perspectives on the potential impact of a Spot Bitcoin ETF approval on the price of Bitcoin (BTC).
Mister Crypto, a well-known crypto analyst on social media, expressed his anticipation for a significant surge in BTC price, estimating a potential increase of up to 10% following the approval of the Spot Bitcoin ETF.
Analyst predicts Bitcoin to reach $48,000.
Mister Crypto predicts that if the Spot Bitcoin ETF is approved, Bitcoin’s value could surge by 5% to 10%, potentially pushing the price beyond $48,000.
This increase would result in nearly 100% returns compared to the crypto’s value before the ETF speculations. However, the short-term outlook depends on factors like the speed of the ETF going live and potential selloffs of GBTC. Mister Crypto warns of a possible sell-off in the days following the approval.
Currently, BTC is valued at $43,892.31, with a 1.87% increase in price and a market capitalization of $857 billion. The 24-hour trade volume has declined by 15.77% to $34.83 billion.
When can we expect the approval of the Bitcoin ETF for Spot trading?
Recent reports indicate that the U.S. Securities and Exchange Commission (SEC) may make an announcement regarding Spot Bitcoin ETF applications as early as January 5, 2024.
Although the exact timeline for approval and the launch of ETF trading remains uncertain, market sentiment suggests that approval is more likely to occur before the January 20, 2024 deadline.
In addition, prominent players like Blackrock and Grayscale have been involved in several meetings with SEC officials, generating significant interest and optimism within the crypto industry.
Conversely, Cathie Wood, the CEO of Ark Invest, has expressed confidence in the approval process, highlighting positive discussions with the SEC. Meanwhile, Ark 21Shares anticipates receiving the green light from the SEC for its Bitcoin ETF proposal by January 0, 2024.