The crypto analyst predicts Bitcoin will rise soon due to the expected approval of spot Bitcoin ETFs in the US on January 10th.
In his YouTube video on December 22, the analyst of the popular channel CryptosRUs predicted that Bitcoin (BTC) and the entire crypto market will soon face a significant increase. He based this on widespread expectations that the SEC will finally approve spot Bitcoin exchange-traded funds (ETFs) in the US, with January 10 being the target date.
The analyst cited a purported closed-door meeting between the SEC and all major ETF issuers as evidence that approval was imminent. He believes that trading these ETFs on major U.S. exchanges will trigger a flood of new institutional investment in Bitcoin and cryptocurrencies, sending prices skyrocketing.
“This is a done deal. Spot ETFs are coming, and when – well, the date is January 10,” the analyst explained. While he acknowledged a small chance that this would not be the case, he put the likelihood of approval at over 90% based on mounting evidence.
Beyond the assumed impact of US ETFs, the analyst pointed to other positive adoption trends that led to his bullish stance. This includes other major financial centers such as Hong Kong that are preparing to allow spot crypto ETFs. Additionally, he cited data showing that the number of crypto users worldwide will nearly double to 1 billion by 2024.
Get ready, Bitcoin and the entire crypto market are about to skyrocket.
– CryptosRUs
While the analyst is optimistic that Bitcoin will eventually reach $250,000, he warned that temporary pullbacks and sideways movements are still likely. However, he is considering these potential buying opportunities ahead of the next big rally.
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