After the approval of the Bitcoin spot ETF,

Iti9

The U.S. Securities and Exchange Commission (SEC) finally approved Bitcoin spot ETFs as expected by the market, and these ETFs officially began trading last Thursday in the Eastern United States. This approval could stimulate further surges in the price of Bitcoin, impacting the asset allocation of numerous global asset management companies. It may also boost the stock value of cryptocurrency exchanges like Coinbase (COIN.US) and similar companies such as MicroStrategy (MSTR.US). Simultaneously, it creates significant potential value for some smaller-scale startups in the cryptocurrency industry.

In 2024, the all-time high Bitcoin price record of $69,000 is likely to be surpassed. Some industry executives insist that a new Bitcoin bull market has already begun, primarily based on two significant events: the Bitcoin "halving" event and the approval of Bitcoin Exchange-Traded Funds (Bitcoin spot ETFs) in the United States.

James Butterfill, Research Director at CoinShares, stated that the approval of Bitcoin ETFs by U.S. regulators will bring "significant changes" to the outlook for cryptocurrency assets in 2024. "This long-awaited development will expand the investor base for cryptocurrency assets and integrate them more closely with traditional financial markets," Butterfill said in a media interview.

"There are forecast data showing that adding 20% investment (about $30 billion) from the assets managed by asset management institutions may push the price of Bitcoin to $80,000." At the same time, Butterfill added that global expectations of central bank interest rate cuts might also play a "decisive role" in driving up Bitcoin prices.

In November 2023, Standard Chartered Bank released a report stating that the $100,000 mark would be significantly pushed by the approval of numerous ETFs. The bank also mentioned that the Bitcoin halving event would support the trend in Bitcoin prices. Back in April, Standard Chartered Bank released a report predicting that Bitcoin could hit $100,000 by the end of 2024.

Crypto financial services company Matrixport released a heavyweight report in November, forecasting that Bitcoin would reach $63,140 by April 2024 and $125,000 by the end of 2024.

"According to our inflation model, the expected relaxation of the macro environment will continue to be a strong driving force for cryptocurrency. The expected decline in inflation rates may prompt the Federal Reserve to start an interest rate cut cycle." "Combined with geopolitical 'countercurrents,' this healthy monetary policy support should propel Bitcoin to new highs in 2024," Matrixport stated in the report.

Indra55

The expected interest rate cut in the United States will likely lead to a surge.

Jiten171

It's better not to be too wishful; things might not turn out as expected.

Kahn332

The price has experienced significant fluctuations along the way.