Bitcoin Price Expected to Rise Even Without ETF Approval
Date: 2023-12-15 Author: Dima Zakharov Categories: BLOCKCHAIN
Matrixport, a leading analytical platform, has recently presented a report predicting the potential surge in Bitcoin's price in the year 2024. Analysts suggest that the price of this pioneering cryptocurrency will continue to rise, even if spot Bitcoin ETFs do not gain approval.
According to Matrixport analyst Marcus Tilen, since the end of the Covid-19 pandemic, the total assets in the U.S. financial market have grown from $3 trillion to $6.1 trillion. This substantial increase in financial resources has led to an annual interest payout of approximately $370 billion. Experts believe that these funds could easily find their way into high-risk investments, such as digital assets.
The key factors contributing to the potential rise in Bitcoin's price, as identified by analysts, include the upcoming halving event and the U.S. presidential elections. The halving event is expected to take place in April 2024 under specific conditions. Historically, Bitcoin's price has increased by an average of 192% during halving years.
Regarding the presidential elections in the United States, analysts link the potential increase in Bitcoin's price to a possible victory for Donald Trump. The election of a Republican as the head of the country is believed to boost the American economy, the stock market, and the cryptocurrency sphere, according to experts.
Tilen also noted that despite the "high probability" of Trump becoming president, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), may remain in his position until June 2026.
By the time Gensler's term expires, spot Bitcoin ETFs are expected to be approved, Tilen is confident. However, Trump, who recently unveiled a new NFT collection, may take additional initiatives to strengthen the crypto segment, according to a representative from Matrixport.
In the final weeks of 2023, Bitcoin's price is estimated to range between $40,000 and $45,000, according to experts. Tilen predicts another rally for the leading cryptocurrency in January 2024, potentially linked to the approval of Bitcoin ETF applications.
