BTC price forecast if SEC does indeed approve a Bitcoin ETF
The potential approval of a Bitcoin ETF by the Securities & Exchange Commission (SEC) could have a significant impact on the price of BTC. According to Geoffrey Kendrick, a Standard Chartered analyst, if a Spot Bitcoin ETF is approved on January 10th, BTC could reach a price of $200,000 by the end of 2025. Kendrick draws parallels to the launch of the SPDR Gold Shares ETF in 2004, which led to a more than quadrupling in the price of gold within seven to eight years.
Kendrick believes that once a Bitcoin ETF is approved, the gains in the cryptocurrency market will occur at an accelerated pace compared to gold. He expects the “Bitcoin ETF market to develop more quickly,” which could attract institutional money and drive significant flows and price upside for Bitcoin.
In addition to the potential approval of a Bitcoin ETF, another catalyst for the price of BTC is the scheduled halving of the total supply in April 2024. This event is also projected to have a positive impact on the value of Bitcoin.
However, it’s important to note that the SEC has recently clarified that its “X” account was compromised and that the premature announcement regarding the approval of Bitcoin exchange-traded products was unauthorized. This update from the SEC has caused some negative reaction in the cryptocurrency market.
In conclusion, while the potential approval of a Bitcoin ETF by the SEC could lead to significant price upside for BTC, it is essential to stay informed about the latest developments and announcements from regulatory bodies.