Bitcoin (BTC), the leading cryptocurrency, has entered a different trend and started to rise with the news of BTC ETF. Despite the expected drop to $25,000, the leading cryptocurrency made a jump to $28,000. Now, the focus is on the real news. If the spot BTC ETF is approved, what kind of price scenario awaits the leading cryptocurrency?
Continued BTC ETF Movement
As of now, the leading cryptocurrency is trading at $27,243 and has experienced an incredible surge in the past 3 days, despite a slight decline in the last 24 hours. This rise came with the court decision rejecting Grayscale’s application to convert its BTC Trust product into an ETF. The arguments used by the SEC in rejecting the application were criticized by the court and deemed unjustified. The SEC can no longer use similar arguments in similar cases.
While such a move already brought a significant increase in BTC price, everyone wonders how much higher the price will go if a real spot ETF is approved. BI ETF analyst James Seyffart and BI legal expert Ellio Z. Stein made positive comments evaluating Grayscale’s victory. The duo sees a 75% chance of approval for the spot BTC ETF this year and a 95% chance of approval by the end of 2024. It is noted that Grayscale’s victory has influenced previous predictions, but it is actually due to the very limited room for maneuver left for the SEC at the moment. What does this mean?
How Does the Approval of a Real BTC ETF Affect the Market?
The SEC has previously either delayed or rejected every ETF for similar reasons. Now, the court has officially banned the arguments most commonly used by the SEC, and they can no longer use them. As a result, the SEC experienced a sharp decline in the likelihood of rejection and now needs new arguments.
According to experts’ statements, the approval of a real spot ETF could open the doors to a rise in BTC price reaching $150,000. This represents an increase of approximately 5.5 times the current level, and undoubtedly, a new bull market will begin.
