Enthusiasm is building in the crypto sector as the prospect of the US SEC approving spot Bitcoin ETFs becomes increasingly likely. This anticipation has been triggered by recent developments, including the listing of Blackrock (NYSE:BLK)'s iShares Bitcoin Trust on DTCC, which has contributed to a surge in Bitcoin's price. As of today, Bitcoin is trading around $34,424, having temporarily breached the $35,000 mark.
Despite this optimism, Chief Economist Peter Schiff aired his concerns about potential risks on platform X today. Schiff highlighted the market's high number of speculators purchasing Bitcoin in anticipation of an influx of new investors following ETF approval. He warned of a sharp correction if more sellers than buyers emerge post-ETF approval, particularly if Bitcoin holders decide to cash in at high prices.
Contrarily, Pro-XRP advocate and lawyer John E Deaton projected that the US SEC would approve spot Bitcoin ETFs by late 2023 or early 2024. This viewpoint aligns with CryptosRUs' recent video detailing potential catalysts for Bitcoin's impending bull run. The video emphasized Bitcoin's role as a safe haven during periods of global uncertainty and inflation, aligning with BlackRock CEO Larry Fink's perspective.
CryptosRUs also pointed out that the potential approval of Grayscale's spot ETF application could be a key factor prompting similar moves from other asset managers like BlackRock and Fidelity. Drawing on historical patterns, he suggested that Bitcoin often experiences bullish trends in November and December in recovery years such as 2022. If these trends continue, Bitcoin could reach $35,000-$40,000 by the end of 2023 and $60,000 by November 2024.
In addition to these projections, CryptosRUs elaborated that Bitcoin is currently in the accumulation phase of its boom-and-bust cycle. This implies a positive long-term trajectory for Bitcoin despite anticipated short-term market fluctuations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.