Bitwise, an investment asset manager, forecasts that the spot Bitcoin ETF will be authorized this year, propelling its price to $80,000.
Bitwise, one of the applicants for spot Bitcoin ETF, has predicted that once the United States Securities and Exchange Commission (SEC) grants approval, the underlying cryptocurrency will rise to more than $80,000.
Bitcoin Restarts Its Price Recovery
One of the ten crypto forecasts published by the asset management firm for the new year pertained to the future trajectory of the Bitcoin price after the SEC’s authorization of the Bitcoin ETF. It is crucial to understand that a price of $80,000 for Bitcoin would represent a new peak in its history.
The coin has been experiencing consistent bullish growth, particularly in light of the discussions surrounding spot Bitcoin ETFs. As of January 1, Bitcoin had surpassed $45,000, indicating an increase in optimistic sentiment.
However, the coin’s price dropped substantially a few hours ago due to unconfirmed rumors regarding the probability that a Bitcoin ETF application would be denied. Bitcoin is trading at $43,315.33, representing a twenty-four-hour decline of 4.02%.
The price decline precipitated by the rumor demonstrates that the cryptocurrency market is susceptible to regulatory ambiguities and developments. More precisely, such events elicit a heightened degree of volatility from the market.
Is Approval of Bitcoin ETFs Still Pending?
Discussions regarding rejecting Bitcoin ETFs have caused considerable upheaval in the broader cryptocurrency sector, introducing fresh uncertainties. A week from now, on January 10, approval for the Bitcoin ETF product is anticipated, as anticipated by the community.
Nevertheless, an anticipation existed that the sanction might be granted before January 6, and based on the available evidence, this appears improbable. Bitwise also commented on the spot Bitcoin ETF applications being approved, predicting that it would be the most prosperous launch of a Bitcoin ETF in history.
As the SEC requires, the ETF registrants have complied with their responsibilities by submitting the final amendment to their S-1 filings. Therefore, the authority to determine whether something is accepted or declined rests with the agency.
In addition, due to the substantial influx of users into cryptocurrency applications, Bitwise predicted that Ethereum (ETH) revenue could reach $5 billion. The asset manager made additional forecasts concerning stablecoins, artificial intelligence, and other cutting-edge technologies.