It has been talked about for a long time what the impact of Spot Bitcoin ETF approval will be on the BTC price. While the majority expect an increase in this regard, there are differences in price levels.
At this point, Nigel Green, CEO of deVere Group, who evaluated the impact of Bitcoin ETF approval on the price, said that ETF approval could increase Bitcoin to $ 60,000 in the near term.
Speaking to StreetInsider, Green is among the leading Bitcoin and cryptocurrency supporters.
The famous CEO said that he thinks that the SEC's approval will increase Bitcoin to $ 60,000 by the end of March 2024 and said:
“This approval by the financial regulator of the world's largest economy is a turning point for Bitcoin and the broader crypto market, pushing prices higher in the long term even if there is a near-term sell-off.
At this point, I think Bitcoin will rise to $60,000 by the end of March 2024.
“One of the main catalysts for the expected rise in Bitcoin prices, and most importantly, is the large capital inflow expected to follow the approval of ETFs.”
Bitcoin is at $46,970 at the time of writing.
*This is not investment advice.