While anticipating the potential approval of a Spot Bitcoin ETF, market analysts have shared their insights on its implications for Bitcoin (BTC) price. In a post on X, Mister Crypto, a popular crypto analyst on social media, stated that he expects a BTC price pump of up to 10% after the Spot Bitcoin ETF is approved.
Analyst Expects Bitcoin Price To Hit The $48,000 Mark
According to Mister Crypto’s analysis, Bitcoin would witness a surge of 5% to 10% after the Spot Bitcoin ETF receives the green light. This implies that the BTC price could rally beyond the $48,000 mark, attaining a new high.
Furthermore, he noted that the speculative capital influx propelled the BTC price up from $25,000 to $44,000 in the last few months. Hence, the impending price pump could lock in nearly 100% returns compared to the crypto’s value before the Bitcoin ETF speculations surfaced.
Also Read: Crypto Lawyer Names Legal Implication of Spot Bitcoin ETF Denial
However, he noted that the short-term outlook depends on various factors, including the speed of the ETF going live. In addition, he stated that the real demand for the ETF and potential GBTC selloffs could impact the expected BTC price rally. Mister Crypto added that though an initial surge is expected, the days following the approval could witness a sell-off.
As of writing, the BTC price gained 1.87% in value as the crypto traded at $43,892.31 on Friday, January 5, 2023. The price hike could be attributed to the possibility of an early Bitcoin ETF approval. In addition, the market cap rose by 1.44% to $857 billion. However, the 24-hour trade volume plunged by 15.77% to $34.83 billion.
When Will Spot Bitcoin ETF Be Approved?
Recent reports suggest the U.S. Securities and Exchange Commission (SEC) might announce its decision on Spot Bitcoin ETF applications as early as January 5, 2024. While the exact timeline for approval and the ETF trading launch remains uncertain, market sentiment leans toward approval before the January 20, 2024 deadline.
Moreover, key players such as Blackrock and Grayscale have engaged in multiple meetings with SEC officials. It has spurred a high level of interest and optimism in the crypto domain. On the other hand, Cathie Wood, the CEO of Ark Invest, has expressed confidence in the approval process, citing encouraging discussions with the SEC. Whilst, Ark 21Shares is expecting a go-ahead from the SEC for its Bitcoin ETF proposal by January 0, 2024.
Also Read: Bitcoin ETF Approval in Final Stage Before SEC’s 19b-4 Submissions: Report
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.