Bitcoin ETF excitement still brewing
Bitcoin (BTC) has surged above $43,000 on Dec. 19 with news about the potential launch of the first spot BTC exchange-traded fund (ETF) in the United States.
BlackRock changes redemption policy
Asset manager BlackRock, one of the applicants for a U.S. spot Bitcoin ETF, has made changes to its redemption policy to include BTC as an option. The latest filing with the U.S. Securities and Exchange Commission (SEC) states that redeeming shares for BTC will not be a taxable event for shareholders. However, regulatory approval is required for cash redemptions instead of BTC.
Make-or-break point for Bitcoin ETF
The SEC will make final decisions on spot ETFs in early January 2024, making next month a crucial period for Bitcoin enthusiasts. Trader Bob Loukas believes that the SEC’s engagement and changes regarding the bitcoin ETF indicate a high likelihood of approval.
Potential $50,000 target before 2024
Despite upcoming volatility due to the yearly candle close and macroeconomic data releases, traders remain optimistic about Bitcoin’s future. Crypto Ed predicts a potential drop below $40,000 before a final push towards $50,000 by the end of 2023.
Bullish divergence in Bitcoin’s RSI
Analyst Matthew Hyland points out a bullish divergence in Bitcoin’s relative strength index (RSI) versus price on daily timeframes. The RSI currently stands at 60.45, indicating potential further upside.
Hot Take: Bitcoin surges on ETF hopes
Bitcoin has rallied above $43,000 as excitement grows around the possibility of a U.S. spot Bitcoin ETF. BlackRock’s policy change and the SEC’s upcoming decisions have fueled optimism among traders, with some predicting a potential target of $50,000 before 2024. Despite potential volatility and a possible drop below $40,000, analysts remain positive about Bitcoin’s future, citing bullish indicators like the RSI. As the new year approaches, all eyes will be on the SEC’s final decisions regarding spot ETFs.
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