Bitcoin ETF Predicted to Arrive in January 2024, BTC Price Targets New Peak

The world's premier and first cryptocurrency, Bitcoin (BTC), is currently undergoing an accumulation phase, getting closer to surpassing its yearly high of US$38,390. 

This trend is driven by the anticipated approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC), signaling a significant shift in the crypto asset landscape. 

Bitcoin ETF Prospects and Market Response

Bitcoin ETFs are seen as a major step towards mainstream financial acceptance, offering a regulated and simplified way for investors to gain exposure to Bitcoin without needing to own the crypto directly. 

The approval of this ETF is expected to attract a new wave of institutional investors, further legitimizing BTC as a viable investment asset. 

Bloomberg ETF expert Erich Balchunas recently shared his thoughts on the possible approval of a Bitcoin ETF. 

"People ask me if we changed the odds. No, we still maintain a line with a 90 percent chance of approval by January 10 (aka this cycle), the same odds we've had for months (before the weather cooled or was safe) "What we are paying attention to now is that more amended or final applications will be made and clarity regarding the creation of goods in kind vs. cash," said Balchunas, as reported by NewsBTC.

It is underlined that, the SEC's role in this process is very important. The commission's approval would be a strong endorsement of Bitcoin's viability as a mainstream investment option. This has led to increased market anticipation, as investors await the SEC's decision. 

BTC Price Movement and Analyst Predictions 

Many analysts predicted a potential breakout for Bitcoin in the months leading up to and following the ETF's approval. 

Some predictions even suggest a surge of up to US$50,000 before the next halving event in April. This optimistic view is based on strong market performance and growing investor interest.

For Bitcoin to maintain its upward trajectory, it is crucial that it stays above the US$35,000 support. This threshold is seen as a tipping point for future returns, especially in the context of the anticipated approval of spot ETFs. 

Keeping above this level will be the key to BTC's continued growth and market dominance. 

Crypto analyst Crypto Con has compared the current Bitcoin cycle with previous ones, noting significant differences in market strength and behavior. The current cycle has shown remarkable resilience, quickly overcoming key resistance levels that were challenging in the past. 

The previous cycle, which lasted from 2019 to 2022, was marked by prolonged weakness, with Bitcoin struggling to break through initial resistance. In contrast, the current cycle has demonstrated an impressive ability to overcome these obstacles, indicating a stronger market position for Bitcoin.

Despite recent price gains, Bitcoin has yet to reach the next major resistance level, with a target of US$40,000. This milestone is not seen as the end of an uptrend but rather as the beginning of a more significant increase. The next resistance level could push the BTC price to new highs, surpassing previous records. 

On the other hand, Swiss asset management firm Pando Asset AG has applied for a spot Bitcoin ETF. Their application, an S-1 registration statement, outlines a trust consisting primarily of Bitcoin. 

The goal is for the value of the trust to reflect BTC price movements, minus the costs and liabilities of the investment product. 

If approved, the Pando ETF will trade on the Nasdaq under the symbol PBC. Bank of New York Mellon is set to manage the trust. This move by Pando, a foreign entity not regulated by the SEC, reflects a growing trend of international companies seeking to enter the US crypto market.