Analysts are not sure about the price of Bitcoin post-ETF approval
Leading crypto analysts stress the importance of not being fixated on Bitcoin price fluctuations given the popularity of Bitcoin exchange-traded funds (ETF).
Both analysts acknowledged uncertainty about the effect on Bitcoin's price if the US SEC approves Bitcoin ETFs on January 10.
Analysts point out the difficulty in predicting the price of Bitcoin
Meltem Demirors posted a reddit link saying “everything is priced”.
In a post to her 257,900 followers on X (formerly Twitter), she reinforced the argument that neither she nor other analysts can accurately predict the price or growth of the Bitcoin ETF after it is approved next week.
“I don't know what's going to happen and I'm happy if I don't have a short-term view because the only trend is higher lowers,” she commented in a Reddit post:
“Don't even ask the question. The answer is yes, it is covered by the price. Do you think Amazon will win the next revenue? That's already priced in.
Meanwhile, popular Bitcoin ETF analyst Eric Balchunas praised Reddit's statement. To his 173,000 followers, he expressed uncertainty about the potential value of Bitcoin if the spot Bitcoin ETF is approved.
“My gut feeling is, I'm being asked a lot and I have no idea. As an aside, I think this Reddit post should be nominated for a Nobel Prize in Economics.”
At the time of going to press, the price of Bitcoin reached $42,324.
Read more: How to prepare for a Bitcoin ETF: A step-by-step approach
Bitcoin ETF analyst latest developments
Meanwhile, BeenCrypto recently reported that analysts have dismissed speculation that spot bitcoin funds will rely on ‘paper bitcoin' or fractional reserves.
However, instead, these funds are fully backed by real assets. This requires issuers to purchase and hold Bitcoin equivalent to demand.
Rumors have been swirling about support for Bitcoin exchange-traded funds, which have been threatened before its January launch.
Dizzy founder Danny Kroger said:
“If Bitcoin ETFs are just ‘cash in, cash out,' doesn't it look like paper Bitcoin? The worst that can happen is that it could lead to an endless price drop.”
Read More: Top 7 Platforms to Earn Bitcoin Signup Bonuses in 2024
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