If the United States Securities and Exchange Commission (SEC) ultimately approves a Spot Bitcoin ETF, the price of Bitcoin (BTC) may rise by 300%.
Bitcoin Could Increase by 300% Upon Approval of a Spot ETF
Analyst projections that the price of Bitcoin will soar by 3000% can be linked to the rise in Gold over time following the approval of a Spot Gold ETF (SPDR Gold Shares) in November 2004 and its listing on the New York Stock Exchange (NYSE).
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After the launch of the first spot gold ETF, the price of gold had gone on an eight-year bull run in a row. Three years later, the price of gold had quadrupled from its pre-listing price of around $430 per ounce in November 2004.
Bitcoin Price Surge: Will Spot ETF Approval Drive 300% Gains?,Bitcoin Price Surge: Will Spot ETF Approval Drive 300% Gains?
When we fast-forward to the end of 2011, the price of gold had already increased by 300%, trading at $1,800 per ounce. Strengthened by geopolitical concerns in the Middle East, the price of gold is currently approaching its record peak price of $1,977/oz.
Although economists predict that Bitcoin’s price would likely reach $120,000 in the next few years if the digital asset is able to replicate the trajectory of Gold after its spot gold ETF approval, Gold moves slowly and consistently and is far less volatile than Bitcoin. The price of Bitcoin may reach $100,000 if it continued to follow this similar trend.
Since May 2022, Bitcoin has recently reached its greatest price peak of $35,000. The hype around the approval of a spot Bitcoin ETF and the misinformation surrounding it are to blame for the current price spike. The digital asset has still dropped 50% from its peak in 2021, however.
Last week, a false story by Cointelegraph that a spot Bitcoin ETF had been approved by the SEC caused Bitcoin to soar by over 10% in a matter of minutes. Nevertheless, the price of the digital asset dropped nearly instantly after Blackrock CEO Larry Fink refuted the allegation.
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Because of this week’s notable market volatility, experts have gone into “price prediction mode.” Expert on cryptocurrencies Mags predicted the breakthrough at the end of the year. Furthermore, a drop below $30,000 is predicted in the upcoming several months.
Analysts predict that before a big breakthrough that would see the asset soar to $50,000 before the half, this will be the last location of accumulation.
Bitcoin Price Surge: Will Spot ETF Approval Drive 300% Gains?,Bitcoin Price Surge: Will Spot ETF Approval Drive 300% Gains?,Bitcoin Price Surge: Will Spot ETF Approval Drive 300% Gains?, Bitcoin coin Crypto news, Bitcoin coin News