BTC Could Surge 300% When a Spot ETF Is Approved
Analysts predict that Bitcoin’s price could experience a massive 300% surge if the United States Securities and Exchange Commission (SEC) approves a Spot Bitcoin ETF. This forecast is based on the growth of Gold after the approval of a Spot Gold ETF in 2004.
The Success of Gold
Following the approval and listing of the SPDR Gold Shares on the New York Stock Exchange (NYSE) in November 2004, Gold experienced an eight-year bull run. Within three years, the price of Gold had doubled from around $430/oz to $900/oz. By the end of 2011, it was trading at $1,800/oz, representing a 300% surge. Currently, Gold is approaching its all-time high of $1,977/oz.
Bitcoin’s Potential
Although Bitcoin is more volatile than Gold, analysts believe it has the potential to follow a similar trajectory. They anticipate that if Bitcoin mimics Gold’s movement after its spot gold ETF approval, it could reach $120,000 in the next few years. Following this pattern, Bitcoin may hit $100,000.
Recent Developments
Bitcoin recently reached its highest price since May 2022, fueled by speculation surrounding a potential spot Bitcoin ETF approval. However, it is still 50% below its all-time high in 2021. The price experienced a temporary surge when a false report about a spot Bitcoin ETF approval was released but later debunked by Blackrock’s CEO.
Price Predictions and Breakout
Analysts are now making price predictions for Bitcoin. They expect a breakout towards the end of the year, with a potential decline below $30,000 in the coming months. This period is seen as the last area of accumulation before a significant breakout that could push the price to $50,000 before the halving.
Potential Approval of a Spot Bitcoin ETF
There is a 90% chance of a spot Bitcoin ETF being approved by January 10, 2024. The recent update to the ARK 21Shares Bitcoin ETF filing, which included five new pages, indicates a constructive conversation with the SEC and suggests that an investment fund approval is imminent.
Hot Take: Bitcoin’s Bright Future
If the SEC approves a Spot Bitcoin ETF, Bitcoin’s price could surge by 300%, similar to Gold’s performance after its spot gold ETF approval. Analysts predict that Bitcoin has the potential to reach $120,000 in the next few years and may hit $100,000 if it follows Gold’s movement. Despite recent volatility, there is optimism for Bitcoin’s future, with expectations of a breakout and a potential rise to $50,000 before the halving. The approval of a spot Bitcoin ETF seems likely, with indications of a constructive conversation between regulators and investment funds.
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