A year ago there was a bearish trend in the cryptocurrency market, but now quotes are growing noticeably. Institutional investors therefore cannot afford to miss out on a potential rally and will therefore be snapping up assets as soon as markets open for trading in 2024, according to Matrixport analysts.
“Bitcoin ETF approval could be announced by US regulators today or tomorrow. This will be ahead of the expectations of most traders who are waiting for approval on January 8, 9 or 10. If this happens, we expect Bitcoin prices to rise significantly,” analysts say.
US Securities and Exchange Commission (SEC) approval to launch spot Bitcoin exchange-traded funds (ETFs) will legitimize BTC as an asset class, experts say. And they admit that in January Bitcoin is quite capable of trading above $50,000. And the main drivers of growth, in addition to SEC approval, will be the shortage of BTC supply in the market and the spring halving.
Matrixport analysts recalled: the average return on investment in BTC in the years of past halvings (2020, 2016 and 2012) was 192%. Therefore, the price could reach $125,000 as early as July, experts repeat their bold forecast from the beginning of December.
At the end of December, financial giants Invesco, Fidelity, BlackRock, Valkyrie and Bitwise finalized their Bitcoin ETF offerings and are ready to launch trading immediately upon SEC approval in early 2024. Bitwise and BlackRock announced the formation of seed capital to launch trading operations in the amount of $200 million and $10 million, respectively..