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Home»TRADING NEWS»With BlackRock’s ETF approval getting closer, could BTC price reach 50K before 2024?
TRADING NEWS

With BlackRock’s ETF approval getting closer, could BTC price reach 50K before 2024?

By Crypto FlexsDecember 19, 20232 Mins Read
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With BlackRock’s ETF approval getting closer, could BTC price reach 50K before 2024?
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The price of Bitcoin recovered quickly, surging above $43,000 on December 19, thanks to recent developments in the approval process for the first spot-priced exchange-traded fund (ETF) in the United States. BlackRock, one of the first US Bitcoin spot ETF applicants, has updated its filing with the US Securities and Exchange Commission (SEC). Notably, BlackRock has revised its policy on ETF redemptions, now allowing BTC to be redeemed in-kind as an option, and introduced new rules for exchanging a basket of stocks for cash, pending regulatory approval.

BTCUSD Chart – Tradingview.com

Increasing expectations for Bitcoin ETF:

The Bitcoin community is abuzz with excitement as the SEC is expected to make a final decision on spot ETFs in early January. Analysts and traders are increasingly optimistic about approval, with one trader, Bob Loukas, saying the level of SEC involvement makes it “a 99.9% done deal.” This development comes after years of delays and rejections, and these expectations are reflected in BTC price predictions, with $50,000 seen as a potential target before the end of 2023.

Market Dynamics and Price Forecast:

Despite the positive sentiment, Bitcoin faces important factors affecting its price, including the closing price of its annual holiday candle and the release of macroeconomic data. Although the price has rebounded above $43,000, traders are remaining cautious with potential support around $40,000 in mind. Notably, analyst Crypto Ed predicts a temporary drop to $38,000 before potentially rising to $50,000.

Another analyst, Matthew Hyland, highlights the strength gap in Bitcoin’s Relative Strength Index (RSI), supporting the possibility of further upside.

SEC decision on Ethereum ETF:

While Bitcoin’s ETF approval dominates the discussion, the SEC recently postponed decisions on several Ethereum ETFs, with a final ruling expected in May 2024. Attention remains on Bitcoin’s potential milestone approval, which would provide greater access to the cryptocurrency for institutional investors.

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