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Unfortunately, none of the surprise dates given have held true, and as of the time this article was prepared, spot Bitcoin ETF approval had not yet been received. For weeks, Bloomberg experts pointing to January 8-10 have come to believe that investors were excited in vain this week. So, what do analysts believe will be the consequences of this development on the price front?
Will Cryptocurrencies Increase?
The weekly chart shows that the BTC price has been on an upward trend since the beginning of 2023, accelerating as the RSI crosses into the overbought zone. The rallies in the first and last quarters were exciting. If we look at today, we know that the price is trading above the critical resistance area.
Speculations about the potential BTC Exchange Traded Fund (ETF) approval kept investors lively this week. Following the expected approval between January 8-10, the Coinbase exchange will act as a bridge between crypto markets and ETFs. Here, the size of the assets that the issuing companies will hold in exchange for the ETFs will be of significant importance.
Bloomberg’s senior ETF analyst Eric Balchunas believes that the BTC ETF will be approved, but he predicts a lot of noise before the decision. This is exactly what we have experienced in the last few days, and news based on “inside sources” has led to disappointments. Eric said;
“However, we will see leaks/discussions that the SEC has verbally approved in the next 72 hours, which is true. And we will see the 19b-4s being refiled, which you could claim means we are free. But it’s not 100% official until the SEC says so.”
In conclusion, this official approval will most likely come next week, and that is when we should see the anticipated rise in cryptocurrencies.
Analysts’ Comments
Cryptocurrency analyst Scott Melker says that issuers already know that ETFs are approved and are prepared for it. Their suggestive posts and advertising efforts seem to confirm this.
Caitlin Cook points out a very interesting issue and believes that people are not good at analyzing long-term outcomes. The Registered Investment Advisory industry manages $114 trillion in assets. Globally, many individuals are seeking a modest crypto allocation in anticipation of potential gains, seeing it as a volatile yet attractive segment of their portfolios. If this is indeed the case, billions of dollars will need to flow into this area very quickly.
