- Bitcoin set a new annual record by surpassing the $44,000 level with the upcoming spot Bitcoin ETF approval date.
- XRP lawyer John Deaton once again defends Bitcoin and the entire crypto market. In response to Dr. Martin’s X post, Deaton shared an “eye” emoji.
- Deaton argues that if the spot BTC ETF is approved in January before the halving, institutional investors will enter the market.
Uphold’s Chief Research Officer Hiesboeck makes a significant prediction about the Bitcoin price and shares thoughts on the bull season.
Uphold Executive Expresses Bitcoin Prediction
Uphold’s Chief Research Officer Dr. Martin Hiesboeck predicts that the Bitcoin price will surpass $200,000 very soon. In an X post, Dr. Martin, claiming there is significant institutional demand, implies that the recent Bitcoin bull market has no connection to what is to come.
Bitcoin set a new annual record by surpassing the $44,000 level with the upcoming spot Bitcoin ETF approval date. The significant purchases of Bitcoin by major players like Microstrategy are directly related to Dr. Martin’s scope.
XRP lawyer John Deaton once again defends Bitcoin and the entire crypto market. In response to Dr. Martin’s X post, Deaton shared an “eye” emoji. This might suggest Deaton’s advice to investors to closely monitor Bitcoin price movements. Given that Bitcoin is a highly volatile asset, any move could break the $45,000 barrier and get closer to $50,000.
Deaton recently revealed that he allocated most of his crypto funds to Bitcoin. Adding to the same topic, Deaton mentioned advising his financial advisor, who once called him foolish for owning Bitcoin and crypto, to recommend his clients to have 1-5% in the spot Bitcoin ETF.
The comment came after Fidelity’s recent addition to DTCC. Also, Deaton argued that if the spot BTC ETF is approved in January before the halving, institutional investors will enter the market. Dr. Martin also shared a chart showing the Commitments of Traders (CoT), indicating the change in Bitcoin’s price and the net position of asset managers in BTC.
According to Bitcoin CoT data recorded until November, Bitcoin experienced an increasing interest in commercial investments. The significant fluctuations in November showed that institutional investors were mostly interested in price ranges between $36,000 and $38,000.
Waiting for Spot BTC ETF Approval
Discussions among asset managers wanting to list spot Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC) suggest, according to industry experts, that the agency may be progressing toward approving products soon. Thirteen companies, including Grayscale Investments, BlackRock, Invesco, and ARK Investments, have open applications with the SEC.
In light of recent developments, Fidelity Investments successfully listed its spot Bitcoin Exchange Traded Fund (ETF) under the symbol FBTC with Depository Trust and Clearing Corporation (DTCC). This is a significant step towards formal approval of the Bitcoin ETF and an optimistic announcement that could further embrace the Bitcoin market.
Currently, data shows that Bitcoin (BTC) is trading at the $43,208 level, with a 24-hour trading volume of $28 billion. This indicates a 1.56% decrease in the last 24 hours and a 13.16% increase in the last seven days.
