- According to expert analysts from Bloomberg, there is a strong 90% probability of spot ETFs getting approval between January 5-10, 2024.
- In response to an analyst’s views on the potential for an upward movement in Bitcoin after BlackRock’s ETF approval, another analyst shares a different perspective.
- The easy access provided by spot ETFs can attract institutional and retail investors, potentially boosting the price of Bitcoin.
In a time of increased expectations for spot Bitcoin ETFs, a recent analysis reveals the potential effects of spot Bitcoin ETFs!
Potential Effects of Bitcoin ETFs
The latest analysis by a crypto analyst highlights a potential upward movement in Bitcoin. By comparing Bitcoin and Gold ETF trends, it suggests that the price of the first spot gold ETF listed on Wall Street in 2004 never returned to its initial level. It implies that the same could happen to Bitcoin prices after the approval of BlackRock ETF and others.
According to expert analysts from Bloomberg, there is a strong 90% probability of spot ETFs getting approval between January 5-10, 2024. The analyst emphasizes the uniqueness of Bitcoin’s supply dynamics. Pointing out supply-demand dynamics, the analyst mentions that Bitcoin’s algorithmically fixed supply eliminates the possibility of an increase in supply in response to rising demand, unlike traditional commodities like gold.
Additionally, the catalyst for the bullish scenario is the upcoming 50% supply reduction through the next Bitcoin block reward halving. The analyst underscores the significant potential for a substantial price increase if demand remains constant. Responding to the views of another analyst regarding the possibility of an upward movement in Bitcoin after BlackRock’s ETF approval, the analysis shares another perspective.
Another user notes that the approval of a spot Bitcoin ETF could lead to an increase in demand for cryptocurrency. The easy access provided by spot ETFs can attract institutional and retail investors, potentially boosting the price of Bitcoin. However, the user also emphasizes the importance of considering associated risks. The approval of a spot Bitcoin ETF could bring increased volatility to the Bitcoin market.
Spot Bitcoin ETF Approval is Imminent
Recently, BlackRock and Bitwise filed an updated version of their Spot Bitcoin ETF application as a document. The increasing updates in spot Bitcoin ETF applications signal a strong indication that Bitcoin ETFs are just a step away from approval.
Top analyst and entrepreneur Anthony Pompliano also made bold statements about the current scenario driving up Bitcoin prices. The rapidly changing prices indicate that everyone is preparing for this, and he predicts a significant price increase in the market after the launch of spot ETFs.
