The Potential Bull Market in Cryptocurrency
The cryptocurrency market is bracing itself for a potential bull market in the near future. Two key events that are expected to trigger this market surge are the Bitcoin halving and the approval of a spot Bitcoin ETF next year. According to Eric Balchunas, senior ETF analyst for Bloomberg, the company has maintained its stance on the 90% probability of approval by January 10. This prediction has been consistent for months, even before it gained popularity.
“People asking me if we changed odds. No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds weβve had for months (before it was cool/safe). What we watching for now: more amended/final filings to roll in and clarity on in-kind vs cash creates.”
– posted Balchunas
This implies that approval of the Bitcoin ETF appears inevitable and the focus now shifts to when it will happen rather than if it will happen. Balchunas also mentioned that behind the scenes, both the SEC and issuers are working hard to prepare these ETFs for launch in this cycle.
Doubts and Concerns
Fifty Pawlow, a markets and crypto analyst, expressed concerns about Bloomberg sticking to their 90% prediction despite being wrong about their assumptions earlier this year. However, as of now, there has been no response from Bloomberg regarding Pawlow’s comment.
Hot Take: The Bullish Future of Cryptocurrency
The anticipation of a potential bull market in cryptocurrency is growing as events like Bitcoin halving and the possible approval of a spot Bitcoin ETF approach. Bloomberg, with its consistent 90% probability prediction for ETF approval by January 10, adds to the optimism. The focus now shifts from whether it will happen to when it will happen. Both the SEC and issuers are working diligently behind the scenes to prepare for this market surge. However, doubts have been raised about Bloomberg’s track record of predictions. Despite this, the cryptocurrency market remains hopeful and eagerly awaits the upcoming developments.
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