Bitcoin ETF

Bitcoin

James

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<ul>
 <li>Bitcoin (BTC) saw a rally that pushed its price to $36,900 after a period of consolidation around the $35,000 level.</li>
 <li>Last month, the SEC issued delay orders for applications from giants like BlackRock, VanEck, Bitwise, WisdomTree, Fidelity, Invesco, and Valkyrie.</li>
 <li>The developments indicate that Bitcoin ETF approval is likely to happen by the first week of January. As a result, Bitcoin continues to benefit from active investor participation.</li>
</ul>
<p><strong>Following comments from ETF analysts, Bitcoin’s price saw a rapid increase with expectations of approval: What’s next?</strong></p>
<h2 id="strong-etf-expectations-propel-bitcoin-rapidly-strong"><strong>ETF Expectations Propel Bitcoin Rapidly</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126554" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1536%2C864&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>Bitcoin (BTC) saw a rally that pushed its price to $36,900 after a period of consolidation around the $35,000 level. This rise coincided with a notable development mentioned by Bloomberg’s senior ETF strategist, James Seyffart. Seyffart stated that the SEC has opened an important window for approval on Friday.</p>
<p>In Seyffart’s latest note, he indicated that the U.S. Securities and Exchange Commission (SEC) has opened a window until November 9th to approve all 12 spot Bitcoin ETFs. Last month, the SEC issued delay orders for applications from giants like BlackRock, VanEck, Bitwise, WisdomTree, Fidelity, Invesco, and Valkyrie.</p>
<p>However, according to Seyffart, this is the first time the window has reopened after Grayscale’s victory. He said, “The window closes for all 12 on 11/17. However, in theory, the SEC could approve any of the first 9 on this list at any time from now until January 10, 2024.”</p>
<p>Finance attorney Scott Johnson, participating in the discussion, mentioned, “If hypothetical approval occurs this week, there would be at least a month (probably a few months) before the ETF actually starts. S-1s are still under review, and there is really no strict deadline for this process.”</p>
<p>James Seyffart emphasized the need to complete two critical steps to launch an ETF. While the 19b-4 approval is one step, S-1s still require approval from the Division of Corporate Finance. There is currently no indication that the second step has been completed. There could be a significant time gap between approval and the actual launch of the ETF, possibly lasting weeks or even months.</p>
<p>The developments indicate that Bitcoin ETF approval is likely to happen by the first week of January. As a result, Bitcoin continues to benefit from active investor participation.</p>
<h2 id="strong-btc-price-may-reach-40-000-strong"><strong>BTC Price May Reach $40,000</strong></h2>
<p>The recent BTC price increase occurred during a period when traders were opening new long positions. On-chain data provider Santiment noted that Bitcoin had seen an impressive 37% increase in just two months and that during this rally, the ratio of traders opening bullish positions (versus bearish positions) had reached the highest point in three months.</p>
<p>Additionally, the total open positions on exchanges significantly expanded, reaching the $7.2 billion level. Despite the current enthusiasm and fear of missing out (FOMO), ideally, Bitcoin will continue its upward momentum even after these emotions subside.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/bitcoin-price-rises-with-etf-expectations-whats-the-next-target/">Bitcoin Price Rises with ETF Expectations: What’s the Next Target?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Bitcoin Price Rises with ETF Expectations: What’s the Next Target?

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