Spot Bitcoin ETF Approval Expected in Q1 2024
According to former FTX US President Brett Harrison, there is a high probability that the Securities and Exchange Commission (SEC) will approve a Spot Bitcoin ETF in the first quarter of 2024. This prediction aligns with the upcoming decision on ARK 21Shares Spot Bitcoin ETF, which the SEC must make by January 10, 2024.
Bloomberg analysts James Seyffart and Eric Balchunas also believe that there is a 90% chance of approval by the January deadline. Furthermore, there is speculation that multiple Spot Bitcoin ETF applications could be approved by then, as the SEC may be preparing for a wave of approvals.
Predicted BTC Price Levels
Matrixport, a crypto financial services firm, predicts that BTC will reach $125,000 by the end of 2024. Harrison’s forecast of a potential $55,000 price increase following ETF approval seems reasonable considering Matrixport’s projection of BTC reaching $63,140 by April 2024.
Optimism for Spot Bitcoin ETF
Harrison is optimistic about the success of a Spot Bitcoin ETF. He referenced the ProShares Bitcoin Strategy (BITO) ETF, the first Bitcoin futures ETF, which saw over $1 billion in assets within its first two days. However, Harrison believes that a Spot Bitcoin ETF has the potential to break even more records.
Hot Take: The Future of Spot Bitcoin ETFs
The potential approval of a Spot Bitcoin ETF in Q1 2024 could have significant implications for the crypto market. With growing optimism and predictions of increased BTC prices, investors are eagerly awaiting this milestone. If multiple applications are approved, it could spark a wave of institutional investment and further mainstream adoption of cryptocurrencies.
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