Bitcoin’s value expected to skyrocket if ETF gets approved, says analyst.
According to a well-known crypto analyst, Bitcoin is expected to experience a significant surge in the near future, driven by the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. The analyst, who runs the popular CryptosRUs channel on YouTube, made this prediction in a video released on December 22. He stated that the Securities and Exchange Commission (SEC) is likely to approve these ETFs, with January 10 as the targeted date.
The analyst supported his prediction by referring to a supposed closed-door meeting between the SEC and major ETF issuers, which he believes indicates that approval is imminent. He emphasized that the trading of these ETFs on major U.S. exchanges will attract a substantial amount of institutional investment in Bitcoin and crypto, leading to a surge in prices.
The analyst confidently stated, “Spot ETFs are coming, and when—well, the date is January 10th.” Although he acknowledged a small possibility of the approval not happening, he estimated the odds of approval to be over 90% based on the growing evidence.
In addition to the potential impact of U.S. ETFs, the analyst highlighted other positive adoption trends that support his bullish outlook. He mentioned that Hong Kong and other major financial hubs are also preparing to allow spot crypto ETFs. Furthermore, he pointed to data indicating that the number of crypto users worldwide is expected to nearly double to 1 billion by 2024.
While the analyst is optimistic about Bitcoin reaching up to $250,000 eventually, he cautioned that there may be intermittent pullbacks and sideways movements. However, he sees these as potential buying opportunities before the next significant upward movement.
In conclusion, the analyst’s prediction of a Bitcoin surge is based on the expected approval of spot Bitcoin ETFs in the U.S. on January 10. He believes that this approval, along with other positive adoption trends, will attract institutional investment and drive up prices. While intermittent pullbacks are possible, the analyst sees them as opportunities for investors.
