Amidst high expectations for the approval of the first spot Bitcoin ETF in the United States, Bitcoin advocate Nic Carter anticipates a significant 100% jump in the cryptocurrency‘s price by 2024, potentially reaching the $80,000 mark. This comes in line with the banking giant Standard Chartered’s views, although Carter did not comment on whether this peak would be momentary or if Bitcoin would maintain levels above this high.
The realization of this forecast heavily depends on the U.S. Securities and Exchange Commission’s (SEC) decision to approve spot Bitcoin ETF applications from firms such as Blackrock, Valkyrie, Invesco, WisdomTree, Fidelity, and Bitwise. The SEC is expected to approve at least one spot ETF between January 8-10, 2024, which is now seen as a near certainty.
Recent announcements by BlackRock and Valkyrie have made headlines, as they named Jane Street and JP Morgan as “Authorized Participants” in their latest S-1 form amendments. This news is particularly striking following JP Morgan CEO Jamie Dimon’s call for a ban on Bitcoin’s use in the U.S.
Despite predicting that Bitcoin could hit $80,000 in 2024, Carter warns against the broader market sentiment that a potential Bitcoin ETF approval could lead to a significant price rally. Contrary to widespread expectations for the market in 2024, Carter suggests that Bitcoin’s price might remain flat during the ETF approval week but will eventually touch the $80,000 threshold.
Carter also added that spot Bitcoin ETFs are expected to draw $20 billion into the cryptocurrency market within a year. Previously, he expressed confidence in the likelihood of spot Bitcoin ETF approvals among traders and investors.
The anticipation surrounding the spot Bitcoin ETF and its potential impact on the market reflects the growing integration of cryptocurrencies into mainstream financial systems and the continued interest from institutional investors.
