While bitcoin (BTC) is on the rise, speculation is not slowing down. Some analysts believe that with the potential approval of the first Bitcoin Spot ETF, the price of the flagship crypto will explode. Michael van de Poppe is very optimistic about a new surge in the price of BTC to $50,000, before the approval of a Bitcoin Spot ETF. The latter was announced by some experts for January 2024.
Bitcoin (BTC) soars to $50,000 before ETF approval
The price of bitcoin (BTC) is currently around $43,600. Over the past week, the valuation of the flagship crypto has increased by 3.28%. The asset thus shows remarkable dynamism.
Many experts and analysts agree that the price of the queen of cryptos should continue to grow. At the very least, an explosion of the latter is anticipated as the approval of a Bitcoin Spot ETF looms on the horizon.
Famous crypto analyst Michael van de Poppe agrees on the BTC price explosion. Only, it seems to go against the grain of the projections since he anticipates a rise of the flagship crypto to $50,000.
Michael van de Poppe, who highlights BTC’s current struggle to rise, predicts a rise from $48,000 to $51,000. This, before the approval of the long-awaited ETF. The analyst also foresees a peak in the price of BTC in January, followed by a transfer of capital towards altcoins.
Why so much optimism?
According to Michael van de Poppe, the importance of timely approval of a Bitcoin ETF cannot be overemphasized. He argues that such approval would initiate a substantial influx of institutional investment into the BTC market and crypto markets in general.
Michael Sonnenshein, CEO of Grayscale, aligns with this view. According to his estimates, $30 trillion could potentially flow into the crypto market if a Bitcoin Spot ETF is approved.
In the meantime, speculation is rife as to the SEC’s position on this question, the response to which is planned for January 10, 2024. A pivotal date for BlackRock, Grayscale Invesco, Fidelity Investments, ARK Invest and even VanEck.
Each of these leading asset managers has made a bet on bitcoin (BTC) whose adoption is expected to agree if a Bitcoin Spot ETF is approved. This prospect would be one of the signs of the crypto bull run envisaged in 2024, by several experts.
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