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With the U.S. Securities and Exchange Commission (SEC) placing a deadline of January 5, 2023 for rebuttal comments submission before the potential approval of spot Bitcoin ETF, the BTC price is centered around the probability of the approval before the said date. However, analysts believe that the ETF approval alone may not ascertain the next leg of Bitcoin price rally.
Also Read: Bitcoin Maxi Says Further BTC Price Uptrend “Will Shock The World”
All About ETF Approval
According to trading firm QCP Capital, the Bitcoin price movements would largely depend on whether or not the Bitcoin ETFs will attract enough investor funds to propel the spot BTC price further higher. The recent jump to around $44,000 is a result of expectations and optimism around the potential approval of ETFs, the firm added, stating that the SEC’s deadline for rebuttal comments on January 5 gave investors confidence about chances of approval. The analysts said,
“Whether we revisit the 69k all-time high or not depends on the genuine flows the actual ETF will bring in the first few weeks of trading. Otherwise, this sets things up for the classic “sell-the-news” moment next year.”
Earlier, CoinGape reported the SEC may likely approve the spot Bitcoin ETF filings in a small window between January 5-10, 2024. In a submission made as part of the the Franklin Templeton and Hashdex spot BTC ETF filings, the Commission said it would process and review public comments before the January 5, 2024 deadline.
BTC To New All Time High?
Compared to the Bitcoin price level from September 1, 2023, BTC took a jump of 90% as the market increasingly believed optimistic about the potential spot Bitcoin ETF, as well as the approaching date range for the Bitcoin Halving event in the second quarter of 2024. From the current level, Bitcoin would only need a push by around 35% to breach the all time high of $69,000. Going by the market sentiment and the range of spot ETF applicants from Blackrock to Fidelity, the top cryptocurrency should easily have a new all time high come the ETF approval in early 2024.
Also Read: Crypto Prices Today: Market Notes Strong Gains As BTC, Pepe Coin, HNT Rise
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.
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