The price of Bitcoin could go up by 300% if the SEC approves a Spot Bitcoin ETF.
BTC could go up three times as much if a Spot ETF is approved.
Analysts believe that Bitcoin’s price could go up by 300%. They think this because when a Gold ETF was approved in 2004, the price of Gold went up a lot.
The price of gold went up for eight years in a row after the first spot gold ETF. In November 2004, gold cost about $430 per ounce. Three years later, the price had doubled.
By the end of 2011, the price of gold had gone up to $1,800 per ounce, which was a huge increase of 300%. Right now, the price of gold is getting very close to its highest price of $1,977 per ounce. This is because of tensions in the Middle East.
Gold moves slowly and steadily, and it changes less than Bitcoin. But experts think the price of Bitcoin could reach $120,000 in the next few years if it follows the same pattern as Gold when it was approved for trading as an ETF. If the price of Bitcoin follows the same pattern, it could reach $100,000.
Bitcoin recently reached its highest price of $35,000 since May 2022. The price went up because people were excited and talking a lot about a Bitcoin ETF approval. Still, the digital asset is currently 50% lower than its highest value in 2021.
Last week, the price of Bitcoin went up really fast by more than 10% in just a few minutes because of a fake report from Cointelegraph saying that the SEC had approved a Bitcoin ETF. But then the price of the digital asset went down quickly after Blackrock’s CEO Larry Fink said the report was not true.
The big changes in the market this week have made analysts start guessing what prices will do next. Mags, who knows a lot about cryptocurrency, expected this change to happen by the end of the year. Also, the price might go down to less than $30,000 in the next few months.
Experts think that this will be the last time the asset’s price goes up before a big increase that could make it reach $50,000 before the halving.
A Bitcoin ETF that can be traded immediately has a better chance of being approved.
Analysts think that a Bitcoin ETF will be approved by January 2024 because of new developments after the SEC approved a Spot Bitcoin ETF.
Bloomberg’s crypto expert James Seyffart said his team thinks a Bitcoin exchange-traded fund could be approved soon. He shared this on his Twitter account. The team thinks there is a very good chance (90%) that a Bitcoin ETF will be approved by January 10, 2024.
The team made a guess while ARK 21Shares Bitcoin ETF’s application got updated with 5 new pages. The suggestion means that the investment fund will probably be approved by the SEC after a positive discussion.