- Spot Bitcoin ETF approval speculations have driven upward surges in the crypto market since October.
- Analysts predict that the SEC could approve an ETF by January 2024 and catalyze a bull cycle.
- Bitcoin peaked at $44.4K yesterday but has since rebounded back to the $43K level.
Since October, speculations around a spot Bitcoin Exchange-Trusted Fund (ETF) approval have catalyzed a broader market recovery. In that timeframe, Bitcoin notched a new annual high.
Indeed, a noted change of attitude at the U.S. Securities and Exchange Commission (SEC) toward an ETF approval reportedly propelled the recent crypto market resurgence. While the earlier part of this year was marked with frustrating delays by the regulator towards the ETF filings, reports suggest the SEC may have softened its approach.
Experts predict an approval could come as early as January, with billions of dollars expected to flow into the space immediately. Furthermore, analysts forecast the approval would set the crypto ecosystem on course for another bull cycle, potentially stronger than previous cycles.
Notably, analysts expect Bitcoin to possibly peak at an all-time record high of around $100,000. They predict the digital asset will reach this height towards the end of 2024, buoyed by several catalysts during its ride to the top. At the same time, a broader market recovery is expected, especially in leading major altcoins such as Ethereum.
Away from upward price movements, there are also market expectations that the spot Bitcoin ETF would onboard more people from the traditional space. With reputed firms like BlackRock taking deep steps into the space, analysts predict more investors would feel more comfortable investing in crypto.
However, whether an ETF approval would come that early depends on the decision of the SEC. Meanwhile, the crypto market is in high excitement, and investors’ confidence is seemingly high, as evidenced by the increased capital inflow into the space. This is expected to continue into the next year.
Turning to cryptocurrency data tracker CoinMarketCap, data shows Bitcoin has added a 4.39% in the past 24 hours to sit at $43,612. The current price is a slight rebound from the $44.4K annual high the token peaked late yesterday.
Elsewhere, the broader crypto market increased by 2.56% in the past 24 hours. At the time of press, the entire crypto market capitalization sits at $1.59 trillion.
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