While Bitcoin (BTC) is on the rise, speculation is not letting up. Some analysts believe that with the potential approval of the first Bitcoin Spot ETF, the price of the flagship cryptocurrency will explode. Michael van de Poppe is very bullish on the new BTC price rally to $50,000, ahead of the approval of the Bitcoin Spot ETF. This was announced by some experts for January 2024.
Bitcoin (BTC) soared to $50,000 ahead of ETF approval
The price of Bitcoin (BTC) is currently around $43,600. In the last week, the valuation of the flagship cryptocurrency increased by 3.28%. The asset thus shows remarkable dynamics.
Many experts and analysts agree that the price of the queen of cryptocurrencies should continue to rise. At the very least, the latter is expected to explode as the approval of the Bitcoin Spot ETF looms on the horizon.
Famous cryptoanalyst Michael van de Poppe agrees with BTC price explosion. However, he seems to be going against the trend of projections as he expects the flagship cryptocurrency to rise to $50,000.
Highlighting BTC’s current struggle to rise, Michael van de Poppe predicts a rise from $48,000 to $51,000. This is before the approval of the long-awaited ETF. The analyst also predicts a peak in the price of BTC in January, followed by a shift of capital to altcoins.
Why so much optimism?
According to Michael van de Poppe, the importance of timely approval of a Bitcoin ETF cannot be overemphasized. They argue that such an approval would usher in a substantial influx of institutional investment into the BTC market and crypto markets in general.
Michael Sonnenshein, CEO of Grayscale, agrees. According to his estimates, $30 trillion could potentially flow into the crypto market if the Bitcoin Spot ETF is approved.
In the meantime, there is speculation about the position of the SEC on this issue, the answer is planned for January 10, 2024. A key date for BlackRock, Grayscale Invesco, Fidelity Investments, ARK Invest and even VanEck.
Each of these leading asset managers has made a bet on Bitcoin (BTC), which is expected to receive approval if the Bitcoin Spot ETF is approved. This prospect would be one of the symptoms of a crypto bull run projected in 2024 by several experts.
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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. Every day I try to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations and put into perspective the economic and social problems of this ongoing revolution.
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The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.