- Matrixport experts made a new forecast for spot Bitcoin ETFs.
- They expect the SEC to approve the new class of exchange-traded funds on or before January 3rd.
- Their report also indicated that Bitcoin is likely to reach $125,000 in 2024.
The US Securities and Exchange Commission (SEC) may approve spot Bitcoin ETFs as early as January 2-3, 2024. This follows from the forecast of Matrixport experts.
“If this happens, we expect a significant increase in the Bitcoin price. It is unlikely that this event will be a “sell on the news” event.. SEC approval would effectively legitimize Bitcoin as an asset class for institutional portfolios that could be used as collateral for other positions,” the report said.
At the same time, experts repeated their forecast from October 2023 regarding the capitalization of this segment. If approved, analysts estimate that spot Bitcoin ETFs would raise between $24 billion and $50 billion.
However, Matrixport experts also predicted the emergence of a number of risk factors. Among them is a supply shortage dictated by the outflow of bitcoins from centralized exchanges.
Halving will only complicate the situation, analysts say. Let us remind you that this event will probably take place in mid-April 2024.
Bitcoin is likely to reach $125,000, experts predict.. As an example, the report provides statistics on previous bull cycles. During these periods, the average growth rate of the asset price was 192%.
Recall that Ark Invest CEO Cathie Wood said that spot Bitcoin ETFs will likely receive SEC approval before January 10, 2024. This is the next interim deadline for the joint Ark Invest/21Shares application.