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- As positive voices rise regarding the chances of spot Bitcoin ETF approval in January 2024, Bitcoin (BTC) price entered the new year with renewed bullish momentum.
- COINOTAG reported that a decision regarding the Ark 21Shares application was previously postponed to August 11, 2023.
- In an environment considering the bullish market sentiment, Matrixport predicted that BTC price would reach around $63,140 by April 2024.
As expectations for spot Bitcoin ETFs continue, BTC price has experienced a rapid rise: What happens next?
Bitcoin Rises Before Spot Bitcoin ETF Decision
As positive voices rise regarding the chances of spot Bitcoin ETF approval in January 2024, Bitcoin (BTC) price entered the new year with renewed bullish momentum. This happened alongside reports suggesting that approval could come in the week of January 8, 2024.
There might be a situation caused by the fear of missing out (FOMO) among traders and investors, as the BTC price surpassed $45,000 on Monday, January 1, 2023. The crypto market was largely optimistic about a potential approval before January 10, 2024, the date by which the U.S. Securities and Exchange Commission (SEC) needs to make a decision under the Ark 21Shares spot Bitcoin ETF application.
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COINOTAG reported that a decision regarding the Ark 21Shares application was previously postponed to August 11, 2023. In this context, Reuters reported that the SEC is on its way to approve the first spot Bitcoin ETF in the U.S. According to the news, SEC officials have already approved the approval for next week and could inform the applicants on January 9 or 10, 2024.
In an environment considering the bullish market sentiment, Matrixport predicted that BTC price would reach around $63,140 by April 2024. Incidentally, this timeframe precedes the Bitcoin Halving event.
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Bitcoin investors should pay attention
Previously, COINOTAG reported analyst comments that the BTC price could experience some pullback after the approval of the Bitcoin ETF in January 2024. Despite months of excitement around the approval of a Bitcoin ETF for institutional players like Blackrock and Fidelity, some analysts warned of a downside risk for BTC that could go as low as $37,000.
In the past, market corrections have been observed around significant macroeconomic events. Therefore, taking into account the possibility of a gap between the date of spot ETF approval and launch, especially waiting to see if all applications will be announced by the SEC at the same time, remains to be seen.
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