Predicting a Nearly 100% Jump for Bitcoin Price in 2024
Bitcoin advocate Nic Carter has made a bold prediction, suggesting that the price of Bitcoin (BTC) could experience a nearly 100% increase from its current range of $40,000 by the year 2024. Carter believes that Bitcoin could reach the $80,000 mark during this time. However, this forecast is contingent upon the approval of spot Bitcoin ETF filings by the US Securities and Exchange Commission (SEC).
The Role of Associated Partners in ETF Filings
In recent S-1 amendment filings, BlackRock and Valkyrie revealed that they have enlisted Jane Street and JP Morgan as their associated partners respectively. Interestingly, JP Morgan CEO Jamie Dimon has previously called for a ban on Bitcoin usage in the United States.
A Word of Caution on ETF Approval
Carter cautions against the belief that the potential approval of Bitcoin ETFs will automatically lead to a significant rally in BTC price. Despite his prediction of Bitcoin reaching $80,000 in 2024, he suggests that the market sentiment may not align with this expectation. He also predicts that Bitcoin ETFs will attract around $20 billion in flows into the crypto ecosystem within one year.
High Correlation between Crypto Stocks and Bitcoin Price
Recent weeks have shown a high correlation between the upside movements of Bitcoin price and crypto stocks like Microstrategy (MSTR) Stock Price and Coinbase (COIN) Stock Price.
Hot Take: The Future of Bitcoin Price Hangs on ETF Approval
While Nic Carter’s prediction of Bitcoin reaching $80,000 in 2024 is optimistic, it ultimately depends on whether or not spot Bitcoin ETF filings are approved by the SEC. The involvement of associated partners like JP Morgan adds an interesting dynamic to the ETF approval process. It remains to be seen how the market sentiment will unfold and if Bitcoin ETFs will indeed attract substantial flows into the crypto ecosystem.
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