Many Bitcoin fans have ambitious predictions for 2024 and if the token is about to hit $50,000 in the first month of the year as Matrixport says, higher milestones might be in view.
A Bitcoin ETF has been one of the most coveted milestones in the crypto industry for years. Some of the biggest companies in the space have applied for the ETF and all have been rejected thus far. But BlackRock seems to be in the final stages of its application and seems like a shoo-in for approval. This has generated a lot of excitement in the industry and this has been reflected in the price of major crypto assets. Now, a report by Matrixport Research projects that the price of Bitcoin will rise above $50,000 by next month.
Bitcoin Price to Reach New Milestone after BTC ETF Approval
The last few months have seen the price of Bitcoin break through many resistance points. It has risen above $44,000 and Matrixport believes that should BlackRock make the January 10, 2024 deadline for the ETF, Bitcoin will cross $50,000 in the same month. The research firm has predicted that BlackRock has a 95% chance of being approved for the ETF.
This is evidenced by the many meetings that BlackRock executives have had with the SEC in the coming weeks and the amendments it has agreed to make to its application. This does feel like the closest that any firm has gotten to an approval thus far and excitement is at fever-pitch.
If BlackRock is approved, it will make history as the first Bitcoin ETF in the United States. More than this, it could also open up the floodgates for more companies to be approved for the same token as well as others. BlackRock is rumored to be planning for an Ether ETF if this first one is approved and we could see similar price movements for the token as well.
But even as the ETF seems within view, it has been speculated that the SEC has some concerns about ETFs, specifically about their potential to be used for money laundering. This has been a concern about the crypto industry for years, coupled with the SEC’s history of prosecuting crypto shady business. Only time will tell how BlackRock and other ETF-seeking companies will navigate this issue.
The crypto industry has faced a harsh year following the collapse of FTX and Terra in 2022 and an overall air of pessimism. As such, the progress that BlackRock is making feels like a win for the community as a whole.
Many Bitcoin lovers have ambitious predictions for 2024 and if the token is about to hit $50,000 in the first month of the year as Matrixport says, higher milestones might be in view. And if we’re lucky, Bitcoin could secure a new all-time price high in the same year.