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BTC price forecast if SEC does indeed approve a Bitcoin ETF

By:
on Jan 9, 2024
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  • SEC is expected to approve Bitcoin ETFs on January 10th.
  • Analyst sees Bitcoin hitting $200K by the end of 2025.
  • BTC is currently up well over 150% versus the start of 2023.

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BTC could hit $200,000 by the end of 2025 if the Securities & Exchange Commission ends up acceding to a Spot Bitcoin ETF on January 10th, says Geoffrey Kendrick – a Standard Chartered analyst.

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Kendrick’s super bullish view on Bitcoin

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The price of gold more than quadrupled in seven to eight years after the launch of SPDR Gold Shares ETF (first exchange-traded product involving gold) in 2004.

And “gains of similar magnitude” will likely materialise in Bitcoin and that too at an accelerated pace once an ETF is approved, as per a research note that Kendrick sent to clients on Tuesday.

That’s because he’s convinced the “Bitcoin ETF market will develop more quickly”.

Note that the total supply of BTC is scheduled to halve in April of 2024 that is expected to serve as another near-term catalyst for the price of a Bitcoin.

SEC says its ‘X’ account was compromised

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The Securities & Exchange Commission is widely expected to greenlight more than one applications for a Spot Bitcoin ETF on January 10th. According to Geoffrey Kendrick:

“We see this as a watershed moment for normalising bitcoin participation by institutional money, and we expect approval to drive significant flows and price upside for Bitcoin”.

Bitcoin is trending down at writing after the regulator said it has approved the Bitcoin exchange-traded funds for trading.

The cryptocurrency is reacting negatively because the SEC later deleted that post on “X” and wrote its account which made the premature announcement was, in fact, compromised as Invezz reported here.

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