The Actual Demand for Spot Bitcoin ETF May Not Meet Expectations
The Singapore-based crypto trading firm QCP Capital believes that the actual demand for the spot Bitcoin (BTC) ETF at launch will not meet market expectations. According to QCP Capital analysts, the market may not receive the expected demand in the first weeks after the spot Bitcoin ETF launch. This creates a classic “sell the news” scenario in the 2nd week of January — analysts expect approval of the ETF during this period.
Possible Fall in BTC Price Before Uptrend Resumes
For this reason, QCP Capital expects upper resistance in BTC to be in the $45,000-$48,500 area and possible fall to the $36,000 levels before the uptrend resumes. The analysts are confident that the trend higher will eventually continue, perhaps after a few weeks, as the market positions for a strong rally into the BTC halving.
Ethereum (ETH) Spot ETF Could Be an Exciting Prospect
Experts also point out that Ethereum (ETH) could be another exciting prospect as market expectations could quickly switch to the ETH spot ETF.
An Optimistic Scenario for BTC Price After Spot Bitcoin ETFs Approval
At the same time, Matrixport analysts expect a more optimistic scenario after the spot Bitcoin ETFs approval. Experts believe the rate could rise above $50,000 by the end of January 2024. They also note that historically, Bitcoin has gradually increased by +3% from Christmas to New Year’s (Dec. 24 to 31). However, in some significant cases, BTC prices have increased thrice (2011, 2013, and 2020) – sometimes even by +22%. Matrixport experts strongly expect Bitcoin to reach $50,000 if Bitcoin Spot ETFs are approved by then.
Bitcoin Continues to Rise Amid Expectations of Spot Bitcoin ETF Approval
On Dec. 20, Bitcoin surpassed the $44,000 mark for the second time in the last month. Since the beginning of the year, the price of the asset has risen by 160%, updating multi-month highs. The hype around BTC is associated with the expectation of the imminent approval of spot Bitcoin ETFs, as well as the halving, which is scheduled to take place in the spring of 2024.
Hot Take: Further Growth and Bold Predictions for BTC Price
Against the background of a green market, many experts expect further growth of BTC. In particular, analysts are making bold predictions regarding the price of BTC, for example, a surge to $100,000.
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