As optimism and expectation about an approval from the SEC for spot Bitcoin ETFs by January 10, 2024 increased, the Bitcoin price rose above $ 44,000 again yesterday.
At this point, while investors were waiting for the BTC price to increase further as January 10 approached, a new report came from Singapore-based crypto company Matrixport.
Stating that the SEC will approve spot Bitcoin Spot ETFs in January and that the probability of this approval is 95%, Matrixport analysts said that they predict that if the SEC approves, the Bitcoin price will exceed $ 50,000 by the end of January.
Regarding the expected price increase following the approval of the Spot Bitcoin ETF, analysts citing CME Group's launch of Bitcoin Futures in 2017 as an example said:
“In the six to seven weeks from the time CME launched Bitcoin futures to the time investors were able to trade those futures, the price increased by 196%.
Although we predicted a period of consolidation after December 8, potentially until the end of 2023, we now think Bitcoin may break out.
Historically, Bitcoin gradually increased by +3% from Christmas to New Year (December 24 – December 31). In some years (2011, 2013 and 2020) this increase rate was up to 22%.
This year, the increasing expectation of the approval of spot Bitcoin ETFs and the increase in TV advertisements for ETFs raise the possibility that BTC may make a big increase by New Year's Eve.
“This also means Bitcoin has a good chance of rising around Christmas, and we certainly expect Bitcoin to reach $50,000 if spot Bitcoin ETFs are approved by then.”
Bitcoin continues to trade at $43,790 at the time of writing.
*This is not investment advice.
