The world’s largest cryptocurrency is expected to hit $50,000 soon, according to multiple analysts following the crypto markets, because of the excitement surrounding the U.S. Securities and Exchange Commission’s imminent approval of a spot bitcoin exchange-traded fund (ETF) and bitcoin’s approaching halving in 2024.
The price of bitcoin is expected to rise in the upcoming weeks in accordance with the bitcoin’s 2024 halving and if the SEC approves the spot bitcoin ETFs, according to several cryptocurrency analysts who posted this week on Twitter, now known as X.
Decisions on the twelve applications that are pending before the SEC are anticipated by November 17, 2023, or early January 2024.
There’s a good chance that the price of bitcoin will rise after its 2024 halving event. According to one analyst, who goes by the handle “el_crypto_prof” on Twitter, the price of bitcoin could potentially range from $48,000 to $50,000 in 2024, when it hits a new all-time high.
According to another analyst who goes by the handle Captain Faibik on Twitter (now X), there is a greater chance that bitcoin will profit from the halving in 2024 if its price stays in the $34,000–$38,000 range until January. This could ultimately lead to bitcoin reaching $50,000 in the next spring.
However, not everyone is as enthusiastic about the impact spot bitcoin ETFs have on the underlying assets’ prices. Using instances from Europe and Canada, a recent JPMorgan analysis shows how market excitement over the SEC’s potential approval of spot cryptocurrency ETFs may be exaggerated. The introduction of spot bitcoin and spot ethereum ETFs did not add value to the investment vehicles that were already in place and exposed to either cryptocurrency.
The JPMorgan analysis highlights the likelihood that interest in cryptocurrencies will shift away from established investment vehicles such as mining firms and the Grayscale Bitcoin Trust and towards specific crypto exchange-traded funds (ETFs), undermining claims that new money may be brought into the market.