In the most recent article socialized by Gustavo Lopez for cryptocurrency news portal Cointelegraph it has been inferred that, "Bitcoin price touched USD 44,700 in December, largely motivated by the possibility of ETF spot approval in the United States."
According to Lopez, the above is still uncertain, which could lead the price to fall sharply in case the SEC rejects the applications, from my perspective traditional financial institutions will try to boycott the Bitcoin ETF approval.
On another note, and according to Colombian investor and influencer, Juan Rodriguez, Bloomberg specialists, "hold a 90% probability that the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin ETF before January 10, 2024."
However, the Colombian investor also leaves some room for caution, as he believes that, if the ETF does not get the green light, the price of Bitcoin would have a very significant pullback, specifically towards USD 25,000 - the support that Bitcoin had during the third quarter of this year.
Now, what we all agree on is that the possible approval of the Bitcoin ETF is certainly the main reason for the recent upward momentum, but I would still like to know your opinion on the matter.
SOURCES CONSULTED
Cointelegraph. BTC's price direction revolves around ETFs. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
The approval of ETFs is difficult as they probably will not be able to approve just one so as not to give extreme advantages to only one entity
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Certainly the approval of ETFs will be a very difficult step, but I have the feeling that it will happen progressively.
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The bitcoin etef has become a variable that can move the price up or down depending on whether it is approved or not, the market has been recovering progressively and January is projected as a fundamental month for the price of the cryptos.
See you later, have a great week.
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The first quarter of 2024 will be key in the direction that price action will take within the cryptocurrency market.
Thanks for visiting, Merry Christmas.
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