The cryptocurrency market is eagerly awaiting a spot Bitcoin ETF. Accordingly, expectations are high that the SEC will give the green light to ETFs in January. Moreover, the market is flooded with reports to this effect. Matrixport analysts also make some predictions based on future Bitcoin ETFs.
Matrixport prediction: Spot Bitcoin ETF is in January and the price is 50 thousand dollars!
cryptokoin.comAs you’ve been following from , the anticipated approval has already caused ripples in the industry. Matrixport analysts expect the SEC to approve spot Bitcoin ETFs in January 2024. Based on this, they predict that the BTC price will rise above $50,000 by the end of January. This optimism has led to a flurry of activity, including numerous ETF applicants running TV ads, further fueling the bullish sentiment surrounding Bitcoin.
Analysts draw parallels with historical milestones, most notably CME Group’s launch of Bitcoin Futures in 2017. They note a compelling pattern of price increases leading up to such milestones. At the launch of the CME, the approval of Bitcoin futures triggered a staggering 196% increase in prices over a period of six to seven weeks before actual trading began.
Previous forecasts point to a consolidation phase by December. However, the landscape has changed since then. Market watchers initially predicted a modest 3% increase in Bitcoin prices from Christmas to New Year based on historical trends. However, historical outliers, particularly in 2011, 2013, and 2020, deviated from the typical trajectory during this period, exhibiting significant increases, sometimes as high as 22%.
Investors are responding to these predictions
In the current environment, ETF applicants appear to be making a strategic move by utilizing TV ads to strengthen Bitcoin’s position. Contestants are vying for dominance in the ETF space. Therefore, this advertising blitz is expected to intensify during the festive season. Analysts are confident it will hit the $50,000 target, subject to the SEC approving Bitcoin Spot ETFs. Accordingly, they are doubling down on the possibility of a significant rise in Bitcoin’s value during Christmas.
Investors responded to these predictions by diversifying their portfolios. Many have bought into Bitcoin mining or related crypto stocks to benefit from the expected market surge. This strategic maneuver is an indication of the industry’s optimism. It’s also a sign that it stands to benefit from the upcoming Bitcoin ETF approval. The combination of historical precedent, market behavior, and organized promotional campaigns surrounding Bitcoin ETFs has created a compelling narrative for a potential surge in BTC prices. The industry is preparing for a regulatory turning point. All eyes now await the decision of the SEC, which is poised to catalyze a transformative wave in the crypto landscape.
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