BTC price forecast if SEC does indeed approve a Bitcoin ETF

January 09, 2024 03:18 PM PST | By Invezz

BTC price forecast if SEC does indeed approve a Bitcoin ETF — Image source: Invezz

Kendrick’s super bullish view on Bitcoin

The price of gold more than quadrupled in seven to eight years after the launch of SPDR Gold Shares ETF (first exchange-traded product involving gold) in 2004.

And “gains of similar magnitude” will likely materialise in Bitcoin and that too at an accelerated pace once an ETF is approved, as per a research note that Kendrick sent to clients on Tuesday.

That’s because he’s convinced the “Bitcoin ETF market will develop more quickly”.

Note that the total supply of BTC is scheduled to halve in April of 2024 that is expected to serve as another near-term catalyst for the price of a Bitcoin.

Watch here: https://www.youtube.com/embed/CICGoWNXyHo?feature=oembed

SEC says its ‘X’ account was compromised

The Securities & Exchange Commission is widely expected to greenlight more than one applications for a Spot Bitcoin ETF on January 10^th. According to Geoffrey Kendrick:

“We see this as a watershed moment for normalising bitcoin participation by institutional money, and we expect approval to drive significant flows and price upside for Bitcoin”.

Bitcoin is trending down at writing after the regulator said it has approved the Bitcoin exchange-traded funds for trading.

The cryptocurrency is reacting negatively because the SEC later deleted that post on “X” and wrote its account which made the premature announcement was, in fact, compromised as Invezz reported here.

The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— U.S. Securities and Exchange Commission (@SECGov) January 9, 2024

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