New Research from Matrixport: What Will Happen to Bitcoin Price After ETF Approval?

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• As confidence in the approval of spot Bitcoin ETFs before January 10, 2024, grows, the price of Bitcoin (BTC) has risen to the $44,000 level.
• Investment manager BlackRock has recently held a series of meetings, possibly in preparation for spot ETF approval.
• Earlier, COINOTAG reported that BlackRock frequently held meetings with agency officials regarding the listing and trading of iShares Bitcoin Trust shares.

Matrixport Research expresses its price predictions as positive expectations for spot Bitcoin ETFs continue.

New Report for Spot Bitcoin ETFs from Matrixport

Matrixport Research expresses positive expectations for spot Bitcoin ETFs, stating that as confidence in SEC’s ETF approval builds up, the BTC price is expected to surpass $50,000 in January 2024. Currently, the firm believes there is a 95% chance of Bitcoin ETF approval in January 2024. Investment manager BlackRock has recently held a series of meetings, possibly in preparation for spot ETF approval.

According to the latest information, Grayscale reportedly had a meeting with SEC officials on December 19, 2023, regarding the potential conversion of Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The discussion was related to a proposed rule change for the listing and trading of Grayscale Bitcoin Trust (BTC) shares, according to memories of David Remus from the SEC’s Division of Trading and Markets.

Earlier, COINOTAG reported that BlackRock frequently held meetings with agency officials regarding the listing and trading of iShares Bitcoin Trust shares.

A Surprise with an Approved ETF?

Meanwhile, Fox Business journalist Charles Gasparino stated that there is hope for a decision in favor of Bitcoin ETF approval from the Commission at a date after January 8, 2024. However, he mentioned that the approval might be subject to conditions to prevent money laundering violations, saying, “Unlike regular ETFs, you can only buy shares with cash; the SEC is concerned about the risk of ETFs being used as a tool for money laundering.”

Analysts believe the agency has a narrow window between January 8-10 to decide on ETF proposals. However, they suggest that it is uncertain what decision the agency will make, stating that there is a possibility that the SEC may initially approve applications from a few companies and then proceed with the remaining firms. It is also possible that they could provide the same date for all ETF applicants.