Bitcoin Heads to $37,000 Amid ETF Speculation
Bitcoin has surged past $36,000 and is now eyeing a $37,000 price target. The optimism stems from Bloomberg analysts Eric Balchunas and James Seyffart, who are predicting the approval of a Spot Bitcoin ETF later this year. They estimate a 90% chance of approval for any of the 12 applications by January 2024.
A Potential November Approval
Seyffart shared a new research note on X (formerly Twitter), indicating that the SEC could greenlight all 12 Spot Bitcoin ETF applications simultaneously. This window for approval opens on November 9 and lasts for at least eight days, marking a significant opportunity before next year.
The SEC’s decision on Hashdex and Franklin’s applications on November 17 might prompt delays and public comments. Nonetheless, the analysts believe there’s still a high likelihood of approval by January 10 next year.
Challenges in Launching a Spot Bitcoin ETF
Balchunas predicts that after approval, it won’t be long before the launch of “19b-4s” applications. However, there’s still the hurdle of getting S-1s approved, which could take days or even weeks. Seyffart echoes similar sentiments, emphasizing that it could take time between approval and launch.
Despite these challenges, Bitcoin has seen an uptick in value amid the prospects of Spot Bitcoin ETF approval. It is currently trading above $36,700, marking a more than 4% increase in the last 24 hours.
Hot Take: Cryptocurrency Soars on ETF Approval Prospects
The anticipation surrounding Spot Bitcoin ETFs has driven Bitcoin’s value upwards. With speculation about potential approval this month, the cryptocurrency market continues to experience significant growth. If approved, the launch of Spot Bitcoin ETFs could further reshape the landscape of digital currency investments.
By
By
By