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News Analysis Spot Bitcoin ETF Approval Might Be Near, but Analysts Differ on Possible BTC Price Reaction One line of thought envisions a major rally, while another suggests approval has been fully baked into prices. By Krisztian Sandor AccessTimeIconOct 18, 2023 at 7:41 p.m. UTC Updated Oct 18, 2023 at 10:27 p.m. UTC Analysts differ on bitcoin's ultimate reaction to a spot ETF (Unsplash, modified by CoinDesk) Bitcoin briefly rallied 7% to $30,000 before retracing on an erroneous news headline of the SEC approving BlackRock's spot BTC ETF application. Price gains could be even larger when a real approval arrives, said one team of analysts, while another outfit suggested approval has been priced in. If prices do jump on a spot ETF green light, it could be a "sell the news" event, suggested Enigma Securities.
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#BTC $BTC $BTC BTC Projected to Spike by 400% in Two Years Bitcoin bulls are currently awaiting several advancements that could potentially trigger a price surge for the primary cryptocurrency. Such factors might be regulatory developments, the upcoming halving, positive market sentiment, increasing interest from institutional investors, and others. Some prominent names, including MicroStrategy’s Michael Saylor, have laid out extremely bullish forecasts, envisioning BTC to reach the $1 million mark in the future. Others, like the technical analyst using the X handle CryptoCon, have been more modest. In a recent post on the social media, they predicted that BTC seems poised for a spike to approximately $138,000 by the end of 2025. The chart depicting the possible trajectory outlines some vital support levels the asset needs to overcome and the halving, scheduled for the spring of 2024. The latter is an event that occurs every four years and reduces the rewards for BTC miners in half. It is worth mentioning that the valuation of the leading cryptocurrency hit an ATH of almost $70K a year and a half after the latest halving. CryptoCon has previously suggested that Bitcoin’s new peak by Christmas 2025 could be in the range of $145,000, claiming that numerous other expert predictions point out to a price of approximately $130,000 in the next bull run.
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