Spot ETF Approvals Will See BTC Value Rising to $50,000 in January🚀🚀🚀🚀🚀💵💵💵 The expected approval of spot bitcoin exchange-traded funds (ETFs) applications by the U.S. Securities and Exchange Commission will see the top crypto asset’s price jumping to $50,000 in January, the latest market preview by Matrixport has predicted. The crypto financial services platform said the approval of ETFs, combined with bitcoin halving, will likely see the price of BTC rising to $125,000. Despite the crypto asset’s 160% growth in 2023, many experts still expect BTC to surge when the SEC eventually approves spot bitcoin ETF applications by the likes of Blackrock and Fidelity. Initial reports suggesting that the SEC planned to approve the ETFs on Jan. 2 or 3 are believed to have fueled BTC’s mini rally which saw it breach the $45,000 mark for the first time in two years. Impact of Bitcoin Halving Although some experts have suggested that the current value of the top crypto asset already factors in the impact of SEC approvals, Matrixport’s market preview suggests that an expected $24-50 billion dollars of inflows will spark a new BTC rally. The crypto financial services platform said the approval of ETFs, combined with bitcoin halving, will likely see the price of BTC rising to $125,000.
🏦🏦🏦Bitwise’s $200 Million Plan to Seed Spot Bitcoin ETF💵💵💵💵💵
Bitwise has revealed in an amended filing with the U.S. Securities and Exchange Commission (SEC) a plan to seed its spot bitcoin exchange-traded fund (ETF) with $200 million. This significantly exceeds Blackrock’s $10 million seed commitment for its spot Bitcoin ETF that’s planned for Jan. 3
Bitwise is one of the spot bitcoin exchange-traded fund (ETF) applicants that submitted an amended filing (S-1) to the U.S. Securities and Exchange Commission (SEC) on Friday. Once launched, Bitwise’s spot bitcoin ETF will trade under the ticker symbol BITB.
According to the firm’s filing with the SEC, an unnamed entity “has indicated an interest in purchasing an aggregate of up to $200 million of shares in this offering from authorized participants or in the marketplace through broker-dealers.”
Last week, Blackrock revealed in an amended filing with the SEC a plan to seed its spot bitcoin ETF with $10 million on Jan. 3.
Earlier this month, Bitwise unveiled 10 crypto predictions for 2024, including its expectation for bitcoin to trade above $80,000. The asset manager also believes that “spot bitcoin ETFs will be approved, and collectively they will be the most successful ETF launch of all time.” Moreover, Bitwise expects spot bitcoin ETFs to “capture 1% of the $7.2 trillion U.S. ETF market, or $72 billion in AUM.”
🚀🚀🚀🚀Bitcoin Price Prediction as $40,000 Resistance Comes into Play – Can BTC Reach $50,000 This Week?
As Bitcoin soars to a striking $39,390, up by a significant 1.50% in the last day, the crypto community is abuzz with anticipation.
The spotlight is firmly on Bitcoin’s next potential feat: breaking the formidable $40,000 resistance. Speculations are rife, with some market enthusiasts, like Arthur Hayes, optimistically expecting December to bring further highs.
Simultaneously, financial experts like Jenny Johnson from Franklin Templeton are delving deep into cryptocurrency investing and exploring the integration of blockchain technology, keeping a close eye on the evolution of Bitcoin ETFs.
The question on everyone’s mind now is whether Bitcoin can sustain this momentum and catapult past $50,000 this week.
Arthur Hayes Forecasts a December Bull Run for Bitcoin Arthur Hayes, former CEO of BitMex, is expressing excitement over potentially market-moving developments, This is a reference to Federal Reserve Chairman Jerome Powell’s imminent address Hayes is expecting a significant move—a rate reduction that could send Bitcoin to all-time highs. Historically, December has been a strong month for Bitcoin, particularly following successful closures in October and November.
🚌Bitcoin Price Prediction🚌
In the current technical landscape for Bitcoin, as observed on December 3, the digital asset is trading near $39,564, showing marginal movement in the last 24 hours.
The daily chart unfolds within an ascending channel pattern, hinting at a bullish bias among market participants.
Key resistance and support levels are closely watched, with immediate resistance at $40,082, and further barriers at $41,941. Support levels lie at $38,033, followed by $35,200 and $34,971. The RSI hovers around 68, flirting with the overbought territory, yet not conclusively signaling a reversal.