Bitcoin ETF

Brett (Arbitrum)

Bitcoin

Spot

<p>Former <a href="https://www.newsbtc.com/news/major-reveals-from-the-ftx-bankruptcy-filing-whats-the-takeaway/">FTX US</a> President Brett Harrison <a href="https://cointelegraph.com/magazine/expect-records-broken-by-spot-bitcoin-etf-brett-harrison-ex-ftx-us-x-hall-of-flame/" rel="nofollow">recently had an interview</a> with Cointelegraph Magazine. As part of the discussion, Harrison gave his thoughts on when a <a href="https://bitcoinist.com/bitcoin-etf-the-excitement-and-regulatory-hurdles/" rel="nofollow">Spot Bitcoin ETF</a> will be approved and the possible price level the foremost crypto token could attain when this happens.&nbsp;</p> 
<h2 id="a-spot-bitcoin-etf-could-be-approved-in-q1-of-2024">A Spot Bitcoin ETF Could Be Approved In Q1 of 2024</h2> 
<p>Harrison is said to have mentioned that there is a very “high probability” that the Securities and Exchange Commission (SEC) will approve a Spot BTC ETF in the first quarter of 2024. His prediction happens to be in line with the fact that the SEC has to make a decision on <a href="https://www.newsbtc.com/bitcoin-news/21shares-spot-bitcoin-etf/#:~:text=The%20US%20Securities%20and%20Exchange,Spot%20Bitcoin%20ETF%20this%20year.">ARK 21Shares Spot Bitcoin ETF</a> on or before January 10, 2024.</p> 
<p>As such, there is indeed a high likelihood that a Spot Bitcoin ETF could be approved in Q1 of 2024 (and as early as January). Bloomberg analysts James Seyffart and Eric Balchunas had <a href="https://www.newsbtc.com/news/bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&amp;text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year">also earlier mentioned</a> that there is a 90% chance that approval will come by the January 10 deadline.&nbsp;</p> 
<p>Meanwhile, there is a growing belief that we might have more than one Spot Bitcoin ETF application approved by January 10. Seyyfart had, after the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-spot-etf-sec-delays-38000/#:~:text=Eyes%20ETH%20ETF-,Bitcoin%20Spot%20ETF%3A%20SEC%20Delays%20Fail%20To,BTC%20As%20Price%20Clears%20%2438%2C000&amp;text=The%20Securities%20and%20Exchange%20Commission's,delay%20two%20Spot%20Bitcoin%20ETFs.">Templeton and Hashdex delay</a>, reasoned that the SEC could be lining up all ETFs for a “full wave of approvals.”&nbsp;</p> 
<p><img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/uJXJknWg/" alt="Bitcoin price chart from Tradingview.com" width="2650" height="1530"></p> 
<h2 id="bitcoin-s-potential-price-when-this-happens">Bitcoin’s Potential Price When This Happens</h2> 
<p>Harrison also gave his thoughts on what price level Bitcoin could hit when a Spot Bitcoin ETF is approved. The former FTX US President seemed to have been conservative with his price prediction as he put BTC’s potential price between $50,000 and $55,000. He doesn’t foresee the foremost crypto token hitting six figures towards the end of 2024 or early 2025.&nbsp;</p> 
<p>His prediction about when Bitcoin could hit six figures coincides with <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-will-reach-125000/#:~:text=The%20basis%20for%20their%20%24125%2C000,similar%20will%20happen%20in%202024.">Matrixport’s prediction of $125,000</a>. The <a href="https://bitcoinist.com/bitmain-crypto-subsidiary-matrixport-seeking-to-raise-40m/" rel="nofollow">crypto financial services firm</a> predicts that BTC will hit this price level by the end of 2024. Harrison’s prediction of the BTC price rising to as high as $55,000 on the back of approval seems plausible when looking at Matrixport’s projection of BTC hitting $63,140 by April 2024.</p> 
<p>Harrison is undoubtedly bullish about a Spot Bitcoin ETF and the success such an investment vehicle can enjoy. He alluded to the first day of a Bitcoin Futures ETF launching to back up his optimism. The ProShares Bitcoin Strategy (BITO) ETF (the first Bitcoin futures ETF) is <a href="https://bitcoinist.com/one-year-since-bitcoin-proshares-etf-launched/" rel="nofollow">reported </a>to have seen more than $1 billion in its first two days after launch.&nbsp;</p> 
<p>BITO became the fastest ETF ever to hit that figure. However, Harrison believes that a Spot Bitcoin ETF could go on to break more records.&nbsp;</p>

Former FTX US President Says Bitcoin Spot ETF Will Come In 2024, Gives Price Targets

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