Former FTX USA President Brett Harrison bitcoin-etf-brett-harrison-ex-ftx-us-x-hall-of-flame/” rel=”nofollow”>I recently had an interview with Cointelegraph magazine. As part of the discussion, Harrison gave his opinion on when a bitcoin-etf-the-excitement-and-regulatory-hurdles/” rel=”nofollow”>bitcoin Spot ETF will be approved and the possible price level the top crypto token could reach when this happens.
bitcoin Spot ETF Could Be Approved in Q1 2024
Harrison is said to have mentioned that there is a “high probability” that the Securities and Exchange Commission (SEC) will approve a btc Spot ETF in the first quarter of 2024. His prediction coincides with the fact that the SEC has to make a decision about ARK 21Shares Spot bitcoin ETF on or before January 10, 2024.
As such, there is a high probability that a bitcoin Spot ETF will be approved in the first quarter of 2024 (and as early as January). Bloomberg analysts James Seyffart and Eric Balchunas had also mentioned above that there is a 90% chance that approval will come before the January 10 deadline.
Meanwhile, there is a growing belief that we could have more than one Spot bitcoin ETF application approved before January 10. Seyyfart, after the Templeton and Hashdex Delayreasoned that the SEC could be preparing all ETFs for a “full wave of approvals.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Former-FTX-US-Chairman-Says-Bitcoin-Spot-ETF-Coming-in" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1530″ loading=”lazy”/>
The potential price of bitcoin when this happens
Harrison also expressed his opinion on the price level that bitcoin could reach when a bitcoin Spot ETF is approved. The former FTX US president appeared to have been conservative with his price prediction as he placed the potential price of btc between $50,000 and $55,000. He doesn't foresee the top crypto token reaching six figures by late 2024 or early 2025.
His prediction for when bitcoin could reach six figures coincides with Matrixport's prediction of $125,000. He crypto-subsidiary-matrixport-seeking-to-raise-40m/” rel=”nofollow”>crypto financial services company predicts that btc will reach this price level by the end of 2024. Harrison's prediction that the btc price will rise to $55,000 upon approval seems plausible when looking at Matrixport's projection that btc will reach $63,140 by April 2024.
Harrison is certainly optimistic about a Spot bitcoin ETF and the success that such an investment vehicle can enjoy. He alluded to the first day of the launch of a bitcoin futures ETF to support his optimism. The ProShares bitcoin Strategy ETF (BITO) (the first bitcoin futures ETF) is bitcoin-proshares-etf-launched/” rel=”nofollow”>reported having seen over a billion dollars in its first two days after launch.
BITO became the fastest ETF to ever reach that figure. However, Harrison believes that a Spot bitcoin ETF could break more records.
Featured image from The Motley Fool, chart from Tradingview.com
