As the Bitcoin price has regained previously lost territory, following reports suggesting that the US Securities and Exchange Commission (SEC) would reject the long-awaited Bitcoin spot exchange-traded funds (ETFs), new developments have reignited hopes among investors.
Although the approval of these index funds is not expected to occur on Friday, sources indicate that the upcoming week may bring positive news.
ETF Approval To Drive Gradual Bitcoin Price Surge To $500,000
FOX journalist Eleanor Terret reports that amended 19b-4 filings and last-minute phone calls regarding comments on S-1s and possible launch dates are expected in the coming days.
While approvals seem likely in the next week, according to Terret, the timeline ultimately depends on the SEC’s ability to review the comments and amendments submitted efficiently.
Terret describes the current situation as a meticulous process of “dotting the i’s and crossing the t’s,” emphasizing the attention to detail required for regulatory clearance.
On the other hand, crypto analyst Adam Cochran offers valuable insights into the potential impact of Bitcoin ETFs, as all signs point to the imminent approval of these investment products.
Cochran suggests that many may “overestimate” the short-term effects of ETF approval while underestimating its long-term implications. In the immediate aftermath, market flows may not witness a significant surge. However, Cochran believes that investment advisors will review their clients’ portfolios over the next year and recommend diversifying even a small percentage, such as 1%, into the ETF.
Cochran emphasizes that the Bitcoin price performance, with a remarkable 157% return in the latter half of 2023, will be a key factor driving investor interest.
Cochran envisions a gradual upward trajectory for the Bitcoin price, characterized by persistent growth and occasional market volatility.
Ultimately, Cochran’s long-term forecast indicates a potential Bitcoin price surge to $500,000 per coin, leaving sidelined investors regretfully waiting for a substantial market correction. Cochran further noted:
Also, ETFs result in spot buys, not leverage, which improves system health. And are long-term holders, less likely to sell volatility. So it creates a slow grind up of underlying market health. Like the best DCA you could ask for.
Bitcoin ETF Pricing Potential Not Fully Realized
Crypto analyst Ali Martinez suggests…
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