Crypto analysts have predicted that Bitcoin will soon surge following the anticipated approval of spot Bitcoin ETFs in the United States on January 10th.
An analyst from the popular CryptosRUs channel predicted in his YouTube video on December 22 that Bitcoin (BTC) and the overall cryptocurrency market could soon be poised for a big rally. He set January 10th as a target date based on widespread expectations that the SEC would finally approve a Bitcoin spot exchange-traded fund (ETF) in the United States.
Analysts cited closed-door meetings between the SEC and all major ETF issuers as evidence that approval is imminent. He believes that once these ETFs are traded on major U.S. exchanges, there will be a flood of new institutional investments in Bitcoin and cryptocurrencies, sending prices soaring.
“This is a done deal. The spot ETF is expected to be launched on January 10,” the analyst said. While he acknowledged that it was unlikely that would happen, he estimated the odds of approval at more than 90 percent based on growing evidence.
In addition to the assumed impact of US ETFs, the analyst pointed to other positive adoption trends that lead to his bullish stance. This includes other major financial hubs such as Hong Kong, which is preparing to allow spot cryptocurrency ETFs. He also cited data showing that the number of cryptocurrency users globally will nearly double to 1 billion by 2024.
Get ready. Bitcoin and the entire cryptocurrency market will soon skyrocket.
– CryptosRU
The analyst is optimistic that Bitcoin will eventually reach $250,000, but cautions that intermittent declines and sideways movements are still possible. But he’s considering these potential buying opportunities before his next big investment.