In recent weeks, the cryptocurrency market has experienced a notable resurgence in capital influx, instilling a renewed sense of confidence among investors. This surge is accompanied by soaring trading volumes and major cryptocurrencies reaching annual highs.
Crystal Ball Gazing: Cryptocurrency Gurus Foresee 2024 Market Trajectories – Flourish or Flop?
The driving force behind much of this momentum revolves around heightened speculation regarding the approval of a spot Bitcoin Exchange Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Initial discussions pondered the likelihood of such an approval, but a shift in the SEC’s stance has redirected conversations towards the anticipated approval timeline. The excitement surrounding a potential spot Bitcoin ETF approval is poised to exert a substantial influence on the cryptocurrency market, as highlighted in a recent report by Matrixport. The report asserts that the next crypto bull market will be fueled by a marked increase in institutional interest.
Major institutional players, including BlackRock, the world’s largest asset manager, have submitted filings for the launch of spot Bitcoin ETFs. Matrixport’s estimates suggest that an approval could propel Bitcoin’s price to as high as $125,000 by December 2024. In alignment with these projections, analysts at Standard Chartered Bank have expressed confidence in Bitcoin reaching $100,000 by the close of 2024. The bank concurs with Matrixport’s prediction that the catalyst for this anticipated bull run will be the influx of spot Bitcoin ETFs, a development they anticipate occurring sooner than initially expected.
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