- Bitcoin continues to trade within a very narrow range and shows the possibility of accumulating strength to trigger a major bull wave.
- BlackRock, the world’s largest asset management company, recently created shockwaves in the crypto markets by applying for a Bitcoin Spot ETF.
- Bitcoin will undergo a major network update called ‘halving’ in 2024. After halving, rewards will decrease, reducing the issuance of new tokens and preserving network scarcity.
On September 1st, Friday, a decision is expected from the SEC regarding BlackRock’s spot Bitcoin ETF application. What are the factors that could influence the approval of this ETF?
6 Important Factors for BlackRock to Get Approval
Bitcoin continues to trade within a very narrow range and shows the possibility of accumulating strength to trigger a major bull wave. The price has experienced a significant drop in the past few months after a bull attempt. Despite traders becoming somewhat pessimistic about the BTC price, upcoming events can greatly change their perspective.
BlackRock, the world’s largest asset management company, recently created shockwaves in the crypto markets by applying for a Bitcoin Spot ETF. The market temporarily escaped the bear trap, but hopes for approval sustained the bull momentum. While speculation about whether the ETF will be approved or not circulates in the markets, here are the top 6 reasons why BlackRock’s spot ETF could be approved:
- BlackRock’s approval rate is almost 99.8%, with only one ETF being rejected.
- The government trusts the company because it asked the asset manager to come up with a plan to deal with the crisis during the 2008 crisis.
- BlackRock’s CEO abandoned calling Bitcoin digital gold and saw it as a good alternative to diversify investments.
- BlackRock has already launched a special Bitcoin ETF for institutional investors. Bitcoin spot ETFs are already available in Europe and Canada.
- In addition to BlackRock, many other asset management companies such as Vanguard and Fidelity have also applied for a Spot ETF in this cycle.
Bitcoin Price Prediction: What Can We Expect in 2024?
Bitcoin will undergo a major network update called ‘halving’ in 2024. After halving, rewards will decrease, reducing the issuance of new tokens and preserving network scarcity.
It is believed that this will have a positive impact on the BTC price, as it has always been during previous halvings. Therefore, according to a popular analyst, the price could continue to fluctuate between $24,000 and $50,000 until the halving.
Here, the analyst compares Bitcoin’s current price movement to previous halvings. The price has exhibited a similar movement so far, and if it continues, it could trigger a significant rise after the halving. It may be possible to set the upper target for the Bitcoin price prediction in 2024 between $58,000 and $62,000.
6 Reasons for SEC to Approve BlackRock’s Spot Bitcoin ETF Application! This news was first published on CoinOtag.
