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In the midst of high expectations for the approval of the first spot Bitcoin ETF in the USA, 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 the year 2024. Here is the famous figure’s 2024 commentary for the crypto king.
All-Time High Levels and 2024
In line with the views of banking giant Standard Chartered, Carter mentioned that BTC‘s price could touch the $80,000 level 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 tied to whether the US Securities and Exchange Commission (SEC) will approve 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 made headlines with their latest amendments to the S-1 form of their ETF applications, announcing Jane Street and JP Morgan as their respective “Affiliated Partners.” This came after JP Morgan’s CEO Jamie Dimon called for a ban on the use of Bitcoin in the USA.
Bitcoin May Not “Shine” Directly Due to ETF
Despite his prediction that the largest cryptocurrency will reach $80,000 in 2024, Carter 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 ETF approval week but will touch $80,000 afterward.”
He also added that he expects spot Bitcoin ETFs to attract $20 billion to the cryptocurrency market within just one year. Previously, Carter had expressed confidence in the chances of spot Bitcoin ETFs being approved among traders and investors.
