Bitcoin Price Poised to Surpass $50K with Expected ETF Approval

Matrixport Research forecasts a potential Bitcoin price breakthrough beyond $50,000 in January 2024, citing a 95% likelihood of Bitcoin ETF approval.

Bitcoin Price Poised To Surpass $50k With Expected Etf Approval_65d5cf24cf5cc.webp

As January 2024 approaches, Matrixport Research is optimistic about Bitcoin’s trajectory, forecasting a potential surge beyond the $50,000 threshold. The firm assigns a 95% probability to the approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) as a key catalyst for this bullish outlook.

While confidence in the approval of spot Bitcoin ETFs before the January 10, 2024, deadline is on the rise, the current market reflects this optimism with Bitcoin’s price reaching as high as $44,000. Behind the scenes, various ETF applicants are engaged in ongoing discussions with the SEC, navigating the regulatory landscape.

Matrixport’s prediction hinges on the SEC’s green light for ETFs, with BlackRock notably engaging in multiple meetings with the regulatory body, potentially paving the way for spot ETF approval. Additionally, Grayscale has recently held discussions with SEC officials regarding the potential transformation of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The dialogue focused on the proposed rule change for listing and trading shares of the Grayscale Bitcoin Trust (BTC).

These developments indicate a dynamic landscape as industry players actively collaborate with regulatory bodies, hinting at a transformative shift in the cryptocurrency market if Bitcoin ETFs secure regulatory approval in the coming months.

ETF Approval With a Twist?

Charles Gasparino, a journalist at Fox Business, has indicated a growing confidence among prospective firms that the Commission will favor Bitcoin ETF approval post-January 8, 2024. However, this potential approval may come with conditions aimed at preventing money laundering violations. Gasparino explained the unique aspect, stating, “Unlike normal ETFs, you can only purchase shares with cash; SEC is concerned about ETFs being used as a vehicle for money laundering.”

Analysts suggest that the regulatory agency faces a tight decision-making window between January 8 and 10 regarding the approval of ETF proposals, as reported by CoinGape. The outcome remains uncertain, raising questions about whether the agency will initially approve filings from a select few companies and subsequently extend approvals to others.

Related: Bitcoin Miners Reap Substantial Profits, Celebrating an Early Christmas Joy

Another possibility is that all ETF filers might receive approval simultaneously, with a uniform launch date for their respective ETFs. The coming days will reveal the regulatory approach and its implications for the cryptocurrency market.

5.0/5

(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Bitcoin Dip 64500

News | Bitcoin | Editor Choice

Bitcoin Dips to $64,500, Yet Scarcity Remains High

Despite Bitcoin dipping slightly to $64,500 currently, most experts believe that prices will soon enter a bullish cycle.

Bitcoin Ath 2 Weeks

News | Bitcoin | Editor Choice

Bitcoin Nearing $70,000, Potential ATH in Coming Weeks

Bitcoin has been trading within a narrow range post-Halving, with many analysts suggesting the price could reach ATH in the next 1-2 weeks.

Azcnews Blackrock Etf

News | Bitcoin | Editor Choice

Bitcoin Hits $67,000 as BlackRock Grows for 70 Consecutive Days

BlackRock's Bitcoin spot ETF has registered 70 consecutive days of net inflows, propelling this instrument into the top 10 exchange-traded funds with the longest daily inflow streaks.

Bitcoin Is Profitable

News | Bitcoin | Editor Choice

A Great Buying Opportunity as 88% of Bitcoin Is Profitable

With Bitcoin surpassing the $65,000 mark, investors predict that the market bottom might have formed. The MVRV ratio is signaling a buying opportunity with a potential profit increase of 67%.

Successful Bitcoin Halving

Altcoin | Bitcoin | Editor Choice

Crypto Weekly (15/04 – 21/04): Successful Bitcoin Halving with Minimal Price Fluctuations

The crypto market last week saw particular attention due to the once-every-four-years event, Bitcoin Halving, along with the approval of Bitcoin and Ethereum ETFs in Hong Kong.