Bitcoin ETF Approval Could Trigger “Panic-Level” Rally, Says MELD CEO
Ken Olling, Founder and CEO of MELD, is expecting a significant surge in Bitcoin prices, calling it a “panic-level” rally. In an interview with Kitco, Olling discussed the current speculation surrounding the approval of a spot Bitcoin ETF and provided his price forecasts for 2024 and 2025.
Anticipation for Spot Bitcoin ETF Decision
Olling highlighted the imminent decision by the SEC on January 24th regarding the spot Bitcoin ETF application. He emphasized the positive track record of BlackRock in ETFs and expressed confidence in their application’s approval, citing the potential boost it could bring to Bitcoin prices.
Contrarian View on Price Dip
Olling discussed the widespread anticipation within the crypto community for a price dip following the ETF approval news, followed by consolidation, marking the onset of the next bull market. However, he offered a contrarian view, suggesting that the expected downturn might not materialize as predicted due to increased market activity post-approval.
He said, “So people see this coming; they see that people are starting to accumulate Bitcoin because they know they will have places to sell it to, whether it’s BlackRock or Fidelity or the other dozen ETFs in the application. All of them will be, or most will be, approved. The SEC can’t simply approve BlackRock and then not approve these other ones; it would be a complete disaster from management from their side.”
High Confidence in Approval and Price Surge
Addressing the likelihood of approval, Olling stated a high confidence level, estimating it at “north of 97-98%.” He projected that the approval would trigger a surge in Bitcoin prices, potentially reaching 75,000 to 80,000 USD, setting a new all-time high.
Bold Forecast for Bitcoin Prices
Looking ahead, Olling presented a bold forecast of Bitcoin exceeding $300,000 by September 2025. He attributed this projection to the expected influx of institutional money through ETFs and macroeconomic factors such as inflation concerns and a weakening dollar.
Hot Take
The anticipation for a spot Bitcoin ETF decision has led to various predictions about its impact on prices. Ken Olling’s “panic-level” rally forecast and bold projections for Bitcoin prices indicate a high level of confidence in its potential growth. The upcoming decision by the SEC could mark a significant turning point for Bitcoin’s trajectory in the coming years.