Bitcoin's price surged to nearly $46,000 in the early days of 2024 amid growing speculation that a U.S.-based spot bitcoin ETF could receive regulatory approval this week. The 7% gain within 24 hours marked its highest level since April 2022. The anticipation of the U.S. Securities and Exchange Commission (SEC) approving multiple spot bitcoin ETFs has been driving this upward momentum. A recent Reuters report hinted at the SEC potentially notifying ETF sponsors about approvals as early as Tuesday. Notable players like BlackRock and VanEck are in the race, and their success could trigger increased buying activity for bitcoin. However, opinions on the immediate impact of ETF approval vary among market experts, with some suggesting a potential delay in a significant rally even if approved. Analysts like Ryan Lee and influential trader Scott Melker hold differing views on the short-term price movement, while Matrixport predicts a rise to $50,000 within a month post-ETF approval.
