Experts Predict U.S. SEC Approval of Bitcoin ETF in 2024
In early January 2024, many in the crypto community believe that the U.S. SEC will approve one or more spot Bitcoin ETFs. The impact on Bitcoin’s price remains uncertain.
Bitcoin ETF Hasn’t Been Priced In
According to Samson Mow and other influencers, the current valuation of Bitcoin doesn’t account for factors like the potential ETF approvals, the upcoming Bitcoin halving, increased nation-state adoption, renewed quantitative easing, and the Veblen effect.
ETF Approval Signifies Massive Supply Shock
Kyle Chassé thinks that excitement in Bitcoin’s price doesn’t reflect the full impact of a potential ETF approval. If approved, he predicts a significant supply shock, with trillions of dollars potentially moving to purchase Bitcoin.
Bitcoin ETF Not Priced In
Austin Barack compared the anticipated Bitcoin ETF to the halving events of Bitcoin, explaining that people often mistakenly assume these events have already been factored into Bitcoin’s price.
Short-Term Price Limit After ETF Approval
Michaël van de Poppe anticipates that the approval of a spot ETF might limit Bitcoin’s price growth in the short term, potentially reaching a peak between $48,000 and $52,000.
Long-Term Impact of a Spot ETF
Gabor Gurbacs believes that spot Bitcoin ETFs could have long-term influence, shaping its capital markets, analogous to gold investment. The focus should not only be on financial entities adopting Bitcoin but on which Bitcoin company could emerge as a major player.
Key Factors Not Priced in Current Bitcoin Market
Alistair Milne expressed his view that several key factors influencing Bitcoin’s value have not yet been incorporated into its current market price, including the potential approval of ETFs, the upcoming Bitcoin halving, changes in interest rates and quantitative easing, record levels of conviction and holding among investors, increasing adoption of Bitcoin by nations and multinational corporations, and a surge in global mainstream interest in Bitcoin.
Hot Take
Given the potential futurity of Bitcoin, the market will remain volatile in 2024 and does not fully reflect the anticipated financial products and possible changes in the crypto landscape.
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