Bitcoin Spot ETF Approval: Why Price Could Be Set For 300% Surge
October 24 2023 - 8:00PM
NEWSBTC
Bitcoin’s (BTC) price could be set to experience a 300% surge if a
Spot Bitcoin ETF is finally approved by the United States
Securities and Exchange Commission (SEC). BTC Could Surge 300% When
A Spot ETF Is Approved The predictions of Bitcoin experiencing a
300% surge in its price from analysts can be traced back to the
growth of Gold over the years after a Spot Gold ETF (SPDR Gold
Shares) was approved back in November 2004, and listed on the New
York Stock Exchange (NYSE). Related Reading: This Shibarium
Milestone Could Rocket Shiba Inu To August Highs The price of Gold
had experienced an eight-year consecutive bull run following its
first spot gold ETF. Before the listing, the price of Gold as of
November 2004, was around $430/oz, and 3 years later, the numbers
had doubled. Fast-forward to the end of 2011, the price of gold was
already trading at $1,800/oz indicating a 300% surge in price.
Currently, the price of gold is closely gaining on its highest peak
price of $1,977/oz, bolstered by geopolitical tensions in the
Middle East. Gold moves slowly and steadily, and it is
significantly less volatile than Bitcoin, but analysts anticipate
the price of Bitcoin is likely to reach $120,000 in the next couple
of years if the digital asset manages to reiterate the movement of
Gold since its spot gold ETF approval. If the Bitcoin price were to
follow this same pattern, then it could hit $100,000. Recently,
Bitcoin has achieved its highest price peak of $35,000 since May
2022. The recent increase in price can be traced back to the
propaganda and excitement encompassing a spot Bitcoin ETF approval.
However, the digital asset is still 50% down from its all-time high
in 2021. Last week, Bitcoin experienced a whirlwind rise of over
10% within minutes after a false report was released by
Cointelegraph that a spot Bitcoin ETF had been approved by the SEC.
However, the digital asset’s price later fell almost immediately
after the report was proven to be false by Blackrock’s Chief
Executive Officer Larry Fink. Its significant market movement this
week has prompted analysts to enter “price prediction mode.” The
breakout was anticipated by cryptocurrency expert Mags for the end
of the year. In addition, a decline below $30,000 is anticipated
within the following few months. Analysts believe that this will be
the last area of accumulation before a significant breakout that
would see the asset rise up to $50,000 prior to the halving.
BTC price corrects downward | Source: BTCUSD on Tradingview.com
Bitcoin Spot ETF Boasts Higher Chance Of Approval Recently,
analysts have predicted a spot Bitcoin ETF to be approved by
January 2024, due to the recent developments following the approval
of a Spot Bitcoin ETF by the SEC. Related Reading: Crypto Analyst
Lists Reasons Why Cardano (ADA) Will Not Do Well In The Bull Market
Bloomberg crypto analyst James Seyffart shared his team’s
prediction of a spot Bitcoin ETF approval on his official X (former
Twitter) handle. The team believes that there is a 90% chance of
approval of a spot Bitcoin ETF by January 10, 2024. The team’s
prediction came amidst ARK 21Shares Bitcoin ETF filling that had
been updated with 5 new pages. The move suggested a “constructive
conversation” with the SEC, an indication that an investment fund
is likely to be approved soon. Featured image from Leadership
News, chart from Tradingview.com
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