Well-known crypto expert DonAlt has suggested an interesting theory. He predicts Bitcoin may skyrocket, pushing BTC/USD towards the powerful $60,000 mark. Always a strong Bitcoin advocate, DonAlt sees the currency making a “lightning” move.
This could happen if and when a spot-based Bitcoin exchange-traded fund (ETF) gets the go-ahead. This idea has emerged amid a bolstering wave of enthusiasm in the crypto circle.
DonAlt pins his persistent hopefulness on the likelihood of a Bitcoin ETF, based on locations, getting approved. According to data from the busy digital currency center, Binance, the expectation for this ETF authentication is presently guiding Bitcoin’s bulls securely.
DonAlt also warns: “If a Bitcoin ETF, based on spot, gains approval, it might create an opportunity to sell.” Crypto folks are waiting for the ETF verdict. Strange as it may seem, this pause may boost Bitcoin’s value.
Unsure of letting go of their Bitcoins, folks cause the price to rise while waiting for the decision. DonAlt brushes off any negative thoughts. He thinks Bitcoin is more likely to hit $100,000 than fall to $12,000.
Market Watch & BlackRock’s Outlook
The crypto landscape is abuzz with anticipation, with market participants anxiously monitoring critical developments, especially the impending ETF decision.
BlackRock, the world’s largest asset manager, anticipates that the U.S. Securities and Exchange Commission (SEC) will approve its spot Bitcoin ETF application by January 2024.
According to leading analysts, the SEC is slated to decide on a dozen ETFs by November 17, presenting an eight-day window for these consequential determinations.
Notable experts such as Bloomberg’s James Seyffart and Eric Balchunas assert a 90% probability of approval by January 10, 2024, heightening the suspense as the crypto community braces for potential market-altering outcomes.