Bitwise, one of the spot Bitcoin ETF applicants, has predicted that the underlying cryptocurrency will rise above $80,000 once it receives approval from the US Securities and Exchange Commission (SEC).
Bitcoin begins its price recovery journey
The asset management company presented ten crypto predictions for the new year and one of them was related to the future prospects of the Bitcoin price after the approval of the Bitcoin ETF by the SEC. It is important to note that a Bitcoin price of $80,000 will mark a new all-time high.
Prediction 2: Spot Bitcoin ETFs will be approved and will overall be the most successful ETF launch ever.
– Bitwise (@BitwiseInvest) January 3, 2024
The coin has been on an uptrend for some time, especially since the spot Bitcoin ETF talks.
As of January 1st, BTC jumped over $45,000, with a view to a more positive mood. However, a few hours ago the price of the coin fell collapsed significantly due to the unconfirmed news of the likely rejection of a Bitcoin ETF application. Bitcoin is currently trading at $43,315.33, down 4.02% in the last 24 hours.
The price drop due to the rumor highlights that the crypto market is particularly sensitive to regulatory uncertainties and developments. Strictly speaking, the market reacts to such events with increased volatility.
Is the approval of the Bitcoin ETF still imminent?
What is noteworthy is that the discussion about the rejection of Bitcoin ETFs has unsettled the broader crypto industry and created new uncertainties. As per community expectations, the Bitcoin ETF product has been approved expected on January 10, a week after that date. However, there was also an expectation that approval could come before January 6th and this does not appear likely based on current indications.
Bitwise also spoke about the approval of the spot Bitcoin ETF applications, noting that it would be the most successful Bitcoin ETF launch ever. The ETF filers have complied with their obligations by filing final amendments to their S-1 filings commissioned by the SEC. Therefore, the decision to approve or reject is left to the agency “court”.
Additionally, Bitwise predicted that Ethereum (ETH) revenue would increase up to $5 billion due to the significant influx of users to crypto applications. Other predictions from the asset manager included AI, stablecoins and other innovative technologies.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and innovations to drive mainstream adoption and global integration of the new technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and websites. Benjamin Godfrey is a lover of sports and farming. Follow him on Twitter, Linkedin
The content presented may contain the personal opinions of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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