Crypto Analyst Predicts Bitcoin Price Surge in January 2024

In a recent development, the U.S. Securities and Exchange Commission (SEC) is poised to announce its approval of spot Bitcoin exchange-traded funds (ETFs) in the coming days, as reported by Reuters. According to crypto analyst Alex Kruger, this news could have significant implications for the Bitcoin market. Kruger anticipates that if the approval is granted, the period from January 8th to 10th, 2024, could witness a surge in Bitcoin prices.

Despite the optimism surrounding the potential ETF approval, Kruger highlights that the market has already factored in a high probability of this event occurring, which is reflected in the current Bitcoin price. Therefore, even with approval, the price increase may not be as substantial as some investors hope. Kruger also speculates that Bitcoin's price could dip slightly below current levels in the weeks following the launch of spot funds.

Kruger further predicts a significant influx of funds, acting as a global catalyst for future price growth. However, he warns that if this influx does not materialize, Bitcoin's price may experience a downturn. In a bearish scenario where the spot Bitcoin ETF is rejected, the flagship cryptocurrency's value could plummet.

As we approach the new year, Kruger advises traders to exercise caution in the early days of 2024. He notes, "Bitcoin has had an exceptional 2023, outperforming traditional markets with a price increase of over 160%, driven by the anticipation of ETF approval." Kruger attributes the rising optimism to BlackRock's application, which has pushed Bitcoin's price from $28,000 to $45,000.

As of December 31, 2023, Bitcoin was trading at $42,565 with a market capitalization of $833.5 billion. The virtual asset witnessed a 1.6% increase in the past 24 hours and a 12.55% rise over the last 30 days. Daily trading volumes amounted to $16.99 billion, and Bitcoin's market dominance stood at 50%.