According to analysts, there is a possibility that US regulators will announce the approval of a Bitcoin ETF today or tomorrow, ahead of the anticipated approval on January 8, 9, or 10. If this happens, it is expected that Bitcoin prices will experience significant growth.
The approval from the US Securities and Exchange Commission (SEC) to launch spot Bitcoin exchange-traded funds (ETFs) will bring legitimacy to BTC as an asset class. Experts believe that in January, Bitcoin could easily trade above $50,000. The main drivers for this growth, in addition to SEC approval, will be the shortage of BTC supply in the market and the upcoming halving.
Matrixport analysts also highlighted the average return on investment in BTC during previous halving years (2020, 2016, and 2012), which was a whopping 192%. As a result, experts are reiterating their bold forecast from the beginning of December, stating that the price of Bitcoin could reach $125,000 as early as July.
In December, financial giants such as Invesco, Fidelity, BlackRock, Valkyrie, and Bitwise finalized their Bitcoin ETF offerings and are ready to commence trading immediately upon SEC approval in early 2024. Bitwise and BlackRock have even announced the formation of seed capital amounting to $200 million and $10 million respectively, for their trading operations.