Bitcoin Price to Hit New Heights with Potential Bitcoin ETF Approval in January

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Since ETF approval is approaching, experts have created a hypnotic obsession, and the latest is from the horse’s mouth. James Seyffart, Bloomberg analyst estimated the clearance date as January 5–10, 2024. His prediction followed a sequence of purposefully delayed days, indicating a concerted SEC operation to approve numerous ETF applications simultaneously. If true BTC is moving towards the new ATH soon, Matrixport decodes that spot Bitcoin ETF and Fed rate cuts may push bitcoin price to $63,140 by April 2024. 

ETF Approval Dates Revealed? 

Seyffart’s analysis revolves around the deadlines for Hashdex and Franklin Templeton, with the conclusion that the window for approving all twelve spot Bitcoin ETF filings could align between January 5 and 10. His forecast aligns with a prediction he and colleague Eric Balchunas have supported for months, targeting January 10 as a potential approval date. This also means there will not be any possibility of ETF approval in December, potentially extending the wait to 2024. 

Finance lawyer Scott Johnsson also expressed agreement that the SEC filings indicate a likelihood of the regulator approving the funds by around January 10. In a tweet, he stated, “Really the only way it makes sense. Pretty sure we can lock this one up.”

Financial Advisors Await Bitcoin ETF

However, Edelman Financial Services founder Ric Edelman highlighted financial advisors’ Bitcoin holdings and client recommendations. He noted that advisors own Bitcoin but are hesitant to offer it to clients due to the absence of an ETF. Edelman claimed that advisers’ Bitcoin ownership might increase their credibility and client connection, emphasizing the necessity to balance personal asset ownership and professional recommendations.

Edelman noted that 47% of advisors own Bitcoin, although many are waiting for spot Bitcoin ETF clearance before recommending it to clients. Recommendations are delayed because advisors expect compliance departments to approve the ETF, making it a more appealing alternative for customers.

Market Response: Bitcoin Hits 2023 High

Bitcoin surged to a new 2023 high of $37,980 in response to news confirming a 2.4% increase in the last 24 hours. The recent bullish trend in the market was triggered by expectations of potential approval for a spot Bitcoin ETF by the SEC. This type of ETF directly invests in Bitcoin, influencing its limited supply, which differs from current ETFs that deal with derivative contracts.

Recently, the SEC requested public opinions on Bitcoin’s market manipulation risk, the proposed funds, and expected ETF exchanges. It also requested opinions on the exchanges’ trading demand management and ETF pricing methods, as well as other issues.