Bitcoin ETF Approval Set to Drive BTC Price Above $50K: Matrixport
A study by Matrixport estimates that the price of Bitcoin will surpass the $50,000 threshold by January 2024 if the US SEC's approval of spot Bitcoin ETFs comes true.
The company predicts 95% spot Bitcoin ETF approval by January 2024.
Matrixport sees Bitcoin at $50k.
A Matrixport study highlights the growing excitement surrounding the SEC's ruling on Bitcoin ETFs, suggesting that the asset could rise above $50,000 if approved.
The report highlights historical parallels such as the launch of Bitcoin Futures by CME Group in 2017, which saw significant price increases prior to the event. In the six-to-seven weeks between the confirmation of Bitcoin futures and the start of trading, the price spike increased by nearly 200%.
While Matrixport originally projected a period of consolidation from December 8th until the end of the year, the study suggests that Bitcoin may now be poised for a breakout.
Historical data suggests that Bitcoin will experience a gradual price increase of +3% from Christmas to New Year. However, 2011, 2013 and 2020 saw the youth Bitcoin price increase by up to +22%.
Looking at the SEC's review of Bitcoin ETF applications, Matrixport notes that TV ads are being released from many ETF applicants, which is expected to further support BTC. The intensity of these announcements is expected to increase during the Christmas season, when bidders are vying to become a major player in the ETF market.
Matrixport strongly believes that if Spot Bitcoin ETFs are adopted then, there is a high chance that BTC will rally higher by Christmas and reach the $50,000 level.
Are Money Laundering Concerns Haunting Bitcoin ETFs?
Fox Business Network Senior Correspondent Charles Gasparino provided an interesting update on Bitcoin Exchange Traded Funds (ETFs) on the spot.
BREAKING UPDATE on BTC Spot ETF: Firms believe @SECGov will buy after Jan 8 They feel confident that the SEC will approve, but with a twist; Unlike regular ETFs, you can only buy stocks with cash. The SEC is concerned about the use of ETFs as a financial vehicle
— Charles Gasparino (@CGasparino) December 20, 2023
In a recent tweet, companies express their confidence in the US Securities and Exchange Commission (SEC) by approving the first position in a Bitcoin ETF on January 8, 2024.
However, there is an expected twist: stocks can only be acquired with cash, unlike traditional ETFs. This precautionary move reflects the SEC's concerns regarding the flow of funds through ETFs, indicating a cautious approach to this emerging asset class.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off your first month of Binance Futures (terms).