Bitcoin (BTC) price A 300% increase could occur if a Spot Bitcoin ETF is ultimately approved by the U.S. Securities and Exchange Commission (SEC).
BTC could rise 300% if a spot ETF is approved
Analysts’ predictions that Bitcoin will experience a 300% price increase can be traced back to gold’s growth over the years after a Spot Gold ETF (SPDR Gold Shares) was approved and listed on the New York Stock Exchange in November 2004 . Stock Exchange (NYSE).
The price of Gold had experienced an eight-year bull run after its first spot gold ETF. Before the listing, the price of gold was around $430/oz in November 2004, and three years later the figures had doubled.
Fast forward to the end of 2011, the gold price was already trading at $1,800/oz, indicating a 300% increase in price. Currently, the gold price is rising sharply from its highest peak price of $1,977/oz, boosted by geopolitical tensions in the Middle East.
Gold moves slowly and steadily and is significantly less volatile than Bitcoin, but analysts expect Bitcoin’s price to be likely to reach $120,000 in the next few years if the digital asset manages to repeat gold’s move since the adoption of the spot gold ETF. If the Bitcoin price were to follow the same pattern, it could reach $100,000.
Recently, Bitcoin reached its highest price peak of $35,000 since May 2022. The recent price increase can be traced back to the propaganda and excitement that includes a spot endorsement of Bitcoin ETF. However, the digital asset is still down 50% from its 2021 all-time high.
Last week, Bitcoin saw a whirlwind surge of more than 10% in minutes after a false report was released by Cointelegraph that a spot Bitcoin ETF had been approved by the SEC. However, the price of the digital asset later fell almost immediately afterwards The report was found to be false by Blackrock’s Chief Executive Officer Larry Fink.
The significant market movements this week have prompted analysts to go into ‘price prediction mode’. The outbreak was expected before the end of the year by cryptocurrency expert Mags. Furthermore, a decline below $30,000 is expected in the coming months.
Analysts believe this will be the last area of accumulation before a significant breakout, with assets rising to $50,000 prior to the crisis. halve.
BTC price corrects downward | Source: BTCUSD on Tradingview.com
Bitcoin Spot ETF offers a higher chance of approval
Recently, analysts have predicted that a spot Bitcoin ETF will be approved in January 2024, following the recent developments following the approval of a Spot Bitcoin ETF by the SEC.
Bloomberg crypto analyst James Seyffart shared his team’s prediction of a Bitcoin ETF endorsement on his official X (former Twitter) handle. The team believes that there is one 90% chance of approval of a spot Bitcoin ETF by January 10, 2024.
The team’s prediction came true ARK 21Shares Bitcoin ETF refill that has 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