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Amid high expectations for the approval of the first spot Bitcoin ETF in the US, Bitcoin advocate Nic Carter expects the largest cryptocurrency’s price to make a jump of about 100% from the current levels of $40,000 by 2024. Here’s the famous figure’s commentary for the crypto king for 2024.
All-Time High Levels and 2024
In line with the views of banking giant Standard Chartered, Carter stated that the price of BTC could touch the $80,000 mark in 2024. The Bitcoin advocate did not comment on whether the all-time high level of $80,000 would be seen momentarily or if the price would sustain above that level.
However, this prediction is directly dependent on whether the US Securities and Exchange Commission (SEC) approves spot Bitcoin ETF applications from Blackrock, Valkyrie, Invesco, WisdomTree, Fidelity, and Bitwise. Indeed, it is now almost certain that the SEC will approve at least one spot ETF between January 8-10, 2024.
On the other hand, BlackRock and Valkyrie’s recent amendments to their S-1 forms, announcing Jane Street and JP Morgan as their respective “Affiliated Partners,” have made significant noise. This comes after JP Morgan’s CEO Jamie Dimon called for a ban on the use of Bitcoin in the US.
Bitcoin May Not “Shine” Directly Due to ETF
Carter, despite his prediction that the largest cryptocurrency will reach $80,000 in 2024, warned against the broader market sentiment that a potential Bitcoin ETF approval could lead to a significant price rally. The Bitcoin advocate said, contrary to the general market expectation for 2024, “the price will move sideways during the Bitcoin ETF approval week but will touch $80,000 afterwards.”
He also added that he expects spot Bitcoin ETFs to attract $20 billion into the cryptocurrency market within a year. Previously, Carter had expressed confidence among traders and investors regarding the chances of approval for spot Bitcoin ETFs.
