Bitcoin’s price could be set to experience a 300% surge if a Spot Bitcoin ETF is finally approved by the United States Securities and Exchange Commission (SEC), according to analysts. The predictions of Bitcoin experiencing such a surge can be traced back to the growth of Gold after the approval of a Spot Gold ETF in 2004. The price of Gold had experienced eight years of consecutive growth following the approval, with its price doubling within three years. By the end of 2011, the price of gold had surged by 300%. Currently, the price of gold is nearing its highest peak price of $1,977/oz, driven by geopolitical tensions in the Middle East.
While Gold moves slowly and steadily, Bitcoin is much more volatile. However, analysts anticipate that if Bitcoin follows a similar pattern to Gold, it could reach $120,000 in the next couple of years. Recently, Bitcoin reached its highest price peak of $35,000 since May 2022, fueled by anticipation and excitement surrounding the potential approval of a spot Bitcoin ETF. However, it is still 50% down from its all-time high in 2021.
The significant market movement of Bitcoin this week has led analysts to make price predictions. They believe that a breakout is imminent and expect the asset to rise up to $50,000 before the halving. Analysts also predict a decline below $30,000 in the following months, which would be the last area of accumulation before the breakout.
Recently, analysts have predicted that a spot Bitcoin ETF will be approved by January 2024. Bloomberg crypto analyst James Seyffart and his team believe that there is a 90% chance of approval by that date. This prediction comes amidst the updates to the ARK 21Shares Bitcoin ETF filing, indicating a “constructive conversation” with the SEC and suggesting that an investment fund is likely to be approved soon.
It is important to note that these predictions are based on historical patterns and market analysis, and there are no guarantees of future performance. Investors should conduct their own research and exercise caution when making investment decisions.
– Bitcoin Price Rally to $35,000 Possible If Spot ETF Approved: Analysts
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