Anticipation surrounding a possible approval of a bitcoin Spot ETF remains high among cryptocurrency investors. This anticipation has been one of the main drivers of the price rally that has been witnessed over the past two months.
In spite of the bitcoin-spot-etf-sec-new-look/” rel=”nofollow”>United States Securities and Exchange Commission (SEC) postpone your decision on bitcoin-etf-outlook-brightens-regulatory-updates/” rel=”nofollow”>multiple spot ETF filingsIndustry experts remain very positive that the regulator is on the verge of approving the first bitcoin Spot ETF.
bitcoin Spot ETF Coming in January 2024
Many experts have revised their expectations on if and when the SEC would approve a bitcoin Spot ETF. At first, expectations were low. But as time passed, expectations rose rapidly and analysts at homeport are part of the camp that believes a Spot bitcoin ETF is on the way.
In a report published on Monday, December 18, Matrixport head of research Markus Thielen reveals a 95% chance that a btc Spot ETF will be approved in January 2024. January brings the deadline for most of the 13 filings so far, and Thielen expects the SEC will approve a spot ETF on January 10.
The report points out the fact that bitcoin-spot-etf-sec-blackrock/” rel=”nofollow”>BlackRock, the world's largest asset manager, revised its S-1 filing with the SEC. Here, the regulator had given instructions to the asset manager that included monitoring unusual price movements, storing all private keys in cold storage, and having procedures in case there are bitcoin forks.
Additionally, the SEC also responded to Franklin-Templeton's filing in November despite having until January to do so. This move, the analyst says, “gave the impression that the SEC is lining up all issuers to obtain approval by January 10, 2024.”
Thielen explains the importance of bitcoin-spot-etf-blackrock-sec/” rel=”nofollow”>meeting that the regulator had with BlackRocksaying, “The SEC has never been actively involved in potential ETF issues and appears to have given the same instructions to all ETF issuers with whom it had conversations.”
<img decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2023/12/Matrixport-Says-95-Chance-of-Bitcoin-Spot-ETF-in-January" alt="Tradingview.com bitcoin Price Chart (btc Spot ETF)” width=”3266″ height=”1530″ loading=”lazy”/>
btc price shows high level of volatility | Source: BTCUSD on Tradingview.com
btc price expectations after approvals
Since Matrixport expects approvals to come in January, the analyst also gave his expectations on the price when this happens. Thielen expects bitcoin to experience another rally once this happens and as a result, the price could rise as high as $50,000 in the first quarter of the year 2024.
“We expect this correction to turn into another bullish leg in bitcoin prices after Christmas, as investors take advantage of the recent correction and position themselves for the likely bitcoin-etf-denial-could-cause-major-crypto-rugpull/” rel=”nofollow”>bitcoin Spot ETF Approval period: from January 8 to January 10, 2024,” said the analyst, alluding to the price drop that bitcoin has registered during the last week.
As for Grayscale, the analyst does not believe the SEC will allow a conversion of the bitcoin trust into a spot ETF on January 10. However, they do expect 20% of precious metals demand to shift to bitcoin spot ETFs following the approvals. .
Featured image from Atlantic Council, chart from Tradingview.com
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