Bitcoin ETF Race Changing Course in 2024, Analyst James Seyffart Bold Forecast

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As the debate surrounding the approval of a spot Bitcoin ETF intensifies, Bloomberg Analyst James Seyffart has offered a bold prediction: the destiny of the Bitcoin ETF race may see a transformative turn in early 2024, potentially triggering a substantial surge in Bitcoin’s value.

Seyffart’s Odds on 2023 Bitcoin ETF Approval, 75% and Climbing

Seyffart’s prediction comes after a noteworthy event – the U.S. Securities and Exchange Commission’s (SEC) recent setback against Grayscale. While, the D.C. Circuit Court of Appeal rejected the SEC’s stance on Grayscale Bitcoin Trust (GBTC) becoming a spot Bitcoin ETF, which sends a clear signal that the SEC’s position is losing ground.

Future,  Seyffart highlights the puzzling aspect of the SEC’s differentiation between spot and futures ETF applications, which has raised eyebrows in the crypto community. Moreover, Bloomberg analyst Eric Balchunas stated that the possibility of a spot Bitcoin ETF acceptance in 2023 is around 75%. 

Seyffart’s confidence in this prospect is further fueled by the unanimous support for Grayscale’s filing and the assertive language used by the judge against the SEC.

 Bitcoin ETF Approval Inevitable, Just A Matter Of Time

Seyffart firmly believes that change is imminent and that a Bitcoin ETF approval is a question of “when,” not “if.” The SEC, known for its deliberate decision-making process, typically takes its time, often opting for delays. 

The crypto community is e­agerly anticipating the upcoming decision on Ark 21Share­s Bitcoin ETF, scheduled before January 10, 2024. This anticipation leads industry experts like Seyffart to believe that 2024 holds great promise for Bitcoin.

If the ETF is approved, it could potentially lead to a significant increase­ in Bitcoin’s price, surpassing the following re­sistance levels. Adding to the excitement, the upcoming Bitcoin Halving event expected around April or May 2024 holds even greater importance for the cryptocurre­ncy ecosystem.