BTC Spot ETF Approved:  Now What?

Here’s what crypto analysts predicted will happen in early January 2024: A Bitcoin ETF will be approved. Now we have the long-anticipatedBlackrock ETF application approved and nearly allone dozen applications will are also approved. No matter what happens, this is one small but necessary step forcrypto in general, but one giant leap for Bitcoin (BTC).

After all, it wasn’t that long ago that crypto, including BTC, was considered the Wild West of the financial marketplace. It was even considered by some as a way to launder cash or a Ponzi Scheme.

Indeed, some bad players attempt any different ways to steal BTC (such as through Sim Swap fraud) and, as a result, many of those who were cheated of their funds had no choice but to retain a crypto lawyer to defend their financial interests.

But now, in 2024 and beyond, Bitcoin and other cryptos are seen as safe enough investments that going mainstream is a no-brainer. Enter the Bitcoin ETFs.Lots of liquidity is about to be poured into the asset, which, given time, will make it rival gold in terms of market cap. It will also make the price per Bitcoin skyrocket over a number of years and cycles.

That said, what will happen to the BTC immediately now that the ETF is finally approved? According to a new report by Be(in) Crypto, an approval of a BTC ETF will significantly impact the asset’s value. Predictions regarding Bitcoin’s price immediately following the approval vary widely.

According to the analysts on CNBC and other mainstream financial news outlets, the spot ETF will draw institutional capital,which will likely transform both exchange operations and market dynamics altogether. That said, price forecasts are all over the board, with some saying there could be a brief retracement to $36,000 due to sell-offs, while other, more bullish forecasters see an immediate spike to $100,000 or even $1 million.

No matter what the BTC price predictions immediately following the approval of its ETF, here are a few things that will most definitely occur:

The BTC ETF Will Open the Flood Gates to Institutional Capital

Analysts predict that the likelihood of a Bitcoin spot ETF approval occurring on January 8, 2024 (or thereabouts) is 90 percent. This bullish news is naturally fueling speculation involving the asset’s value immediately following the event.

No matter what the immediate effect on the price of one BTC, the approval of the ETF will mark a major shift in cryptocurrencyand its relationship with institutional engagement. A regulated pathway would be opened for U.S. companies to invest in the highly volatile but safe-haven market and attract major established trading firms. This will greatly enhance market dynamics and overall liquidity. Of this, there is little doubt among crypto professionals.

Said Grayscale CEO Michael Sonnenshein, the ETF approval would unlock approximately $30 trillion in wealth, which could potentially be allocated to Bitcoin. The move will certainly broaden the overall investor base and offer brand-new opportunities for those people and companies who previously were not able to invest in BTC.

Bitcoin Price Predictions Prior to the ETF Decision

Says Be(in) Crypto, a wide range of price predictions and forecasts have been made public. For the more conservative analysts, the price of BTC on or around the January 8 target date will remain somewhere around $42,000, while others see a 2X to around $80,000 immediately following the approval. But the more bullish camp sees a price surge of $160,000 to $1 million, which will be sparked by supply-and-demand factors along with a flood ofinstitutional cash.

Said the CEO of Blockstream, Adam Back, Bitcoin could easily reach $100,000 within a few days of the spot ETF approval. Perhaps BTC will even reach the $100,000 mark days prior to the approval. Considering the BTC halving is only four months away, the perfect storm for a Bitcoin value spike is currently brewing.

In the same vein, the on-chain analysis firm CryptoQuant stated that Bitcoin will surpass $160,000 immediately following the ETF approval. They base their analysis on several factors, including the much-anticipated demand, the imminent Bitcoin halving event, and a general rise in stock markets, which will be driven by election-year interest rate cuts and quantitative easing.

At the same time, Jan3 CEO Samson Mow is said to have predicted a substantial rise in BTC’s value, potentially reaching $1 million. Such a spike would represent a virtual earthquake in the entire cryptosphere. Pointing to the limited supply and availability of Bitcoin on exchanges, Mow believes the influx of new capital will cause a rapid increase in Bitcoin’s value immediately following the approval ofits long-awaited spot ETF.