Famous Bitcoin Advocate Issues Warning Against BTC Price Rally!

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• In line with the views of Standard Chartered Bank, Carter stated that the BTC price could occasionally reach $80,000 in 2024.
• In their latest S-1 amendment filings, BlackRock and Valkyrie revealed that Jane Street and JP Morgan will act as Authorized Participants.
• Previously, COINOTAG reported Carter’s views, expressing high confidence among traders and investors in the chances of approval for spot Bitcoin ETFs.

Bitcoin advocate Nic Carter evaluates the possibility of a rise associated with spot Bitcoin ETF approval: What is the target dollar amount?

Carter Issues Warning Against Bitcoin Rally

Bitcoin advocate Nic Carter, amidst widespread expectations for the approval of a Bitcoin exchange-traded fund (ETF) in the United States, predicted an almost 100% increase in the Bitcoin (BTC) price from the current $40,000 level to 2024.

In line with the views of Standard Chartered Bank, Carter stated that the BTC price could occasionally reach $80,000 in 2024. Whether this $80,000 new all-time high will be temporary or a level sustained with strong support remains to be seen.

However, this prediction appears contingent on whether the spot Bitcoin ETF applications from companies like BlackRock, Valkyrie, Invesco, WisdomTree, Fidelity, and Bitwise are approved by the U.S. Securities and Exchange Commission (SEC).

In their latest S-1 amendment filings, BlackRock and Valkyrie revealed that Jane Street and JP Morgan will act as Authorized Participants. This announcement followed statements by JP Morgan CEO Jamie Dimon, who called for a ban on Bitcoin use in the U.S.

Will There Be an ETF-Induced Surge in Bitcoin Price?

Despite predicting that the potential approval of a Bitcoin ETF will lead the top cryptocurrency to $80,000 in 2024, Nic Carter warned against broad market expectations of a significant BTC price rally. As part of overall crypto predictions for 2024, he forecasted, “Bitcoin may have a solid week on ETF approval, but it will touch $80,000 in 2024.”

He also anticipated that Bitcoin ETFs would attract $20 billion in entry into the crypto ecosystem within just one year. Previously, COINOTAG reported Carter’s views, expressing high confidence among traders and investors in the chances of approval for spot Bitcoin ETFs. Meanwhile, crypto stocks such as Microstrategy (MSTR) Stock Price and Coinbase (COIN) Stock Price have shown a high correlation with the recent increase in Bitcoin price in recent weeks.