The spot Bitcoin exchange-traded fund (ETF) hype continues to trigger bullish momentum in the crypto market since approval is being awaited with bated breath.
As a result, leading market analyst Michael van de Poppe believes that a surge to the psychological price of $50,000 might be imminent before the spot Bitcoin ETF sees the light of day.
The analyst highlighted, “Bitcoin is fighting to continue going upwards here. I’m expecting $48-51K pre-ETF to be reached, but also a peak on Bitcoin in January, through which money quickly shifts towards Altcoins.”
Van de Poppe added that a spot BTC ETF approval would be huge for the Bitcoin and crypto market because this would trigger an influx of institutional investments.
Grayscale CEO Michael Sonnenshein recently echoed these sentiments since he stipulated that inflows worth $30 trillion would be witnessed in the crypto market if a spot Bitcoin ETF saw the green light.
Bitcoin continues to ride on the ETF hype, given that it recently reclaimed the $44,000, as reported by ZyCrypto.
Speculations are Going Through the Roof
Based on the January 10 Deadline set by the United States Securities and Exchange Commission (SEC), speculations are high about this timeline’s approval of a spot BTC ETF.
According to Fox Business, the SEC has been conducting a joint conference with various Bitcoin ETF applicants, where the financial watchdog asked them to ensure their filings do not have any “in-kind” redemptions.
As a result, this development has made January 10, 2024 an important date to watch concerning the approval of a spot Bitcoin ETF.
Leading asset management firms, such as BlackRock, Grayscale, VanEck, Invesco, Fidelity Investments, and ARK Invest, have set the spot Bitcoin ETF ball rolling based on their pending applications.