2024

Bitcoin

April

Rise

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/expert-predicts-bitcoins-rise-following-potential-etf-approval/" data-wpel-link="internal">Expert Predicts Bitcoin’s Rise Following Potential ETF Approval</a><br></p>
<p style="text-align: justify">Castle Island Ventures founding partner and Coin Metrics co-founder Nic Carter predicted when <a href="https://en.coin-turk.com/glassnode-founders-predict-altcoin-rise/" data-wpel-link="internal">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoins-market-value-expected-to-quadruple-by-2025-according-to-bernstein-research/" data-wpel-link="internal">BTC</a>) might start to rise again. The analyst highlighted ETFs in an interview with Bloomberg!</p> 
<h2 id="potential-etf-approval-in-bitcoin">Potential ETF Approval in Bitcoin</h2> 
<p style="text-align: justify">In a new interview with Bloomberg Television, Carter expressed his belief that the prices of Bitcoin will rise following the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. The expert stated:</p> 
<blockquote> 
 <p style="text-align: justify">Certainly, there are year-end tax sales, and we’ve seen the market give up some of its gains in recent days. But fundamentally, this is about catalysts against expectations. At this point, the market is completely waiting for the ETF, and I think the big rise we saw from Bitcoin at $20,000, the lowest $30,000 to the mid-$40,000s, was almost entirely ETF-based. So there might be a bit of a boom on the day of a potential BTC ETF approval, but I think the effect will diminish. This is where I expect to see the price development in the medium term, and it excites me. That’s when I think you’ll see RIAs (registered investment advisors) and other types of <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">financial</a> institutions that previously couldn’t recommend Bitcoin to their clients, now able to do so with ETFs. I think we’ll see a marketing onslaught from one of the world’s largest financial institutions, a major ETF sponsor, and I believe this work will really start as we enter 2024 and throughout 2024.</p> 
</blockquote> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-295796 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/btc-8.jpg" alt="" width="863" height="523"></p> 
<h2 id="the-bitcoin-halving-process">The Bitcoin Halving Process</h2> 
<p style="text-align: justify">Nic Carter also mentioned that he expects the approval of spot BTC ETFs on January 8th and believes that ETFs will have a much greater impact on the value of Bitcoin than the April 2024 Bitcoin halving event, during which miners’ rewards are halved and the new supply of Bitcoin decreases. He commented on the subject:</p> 
<blockquote> 
 <p style="text-align: justify">The market is almost certain that we will get an ETF in the coming days. Most analysts think this will happen before January 10th. I think it’s likely to be the eighth in line. So the short-term price definitely reflects this expectation. We might even see a new selling event here. However, in the medium term, the ETF unlocks completely new classes of capital that otherwise couldn’t enter the market and be allocated to Bitcoin. So I expect to see structural flows that will be positive for Bitcoin. I’m probably less constructive on the halving. I think it makes a very marginal difference. In terms of marginal supply creation, you only see a small effect on supply. So I can say that the halving is not a very exciting development.</p> 
</blockquote> 
<p style="text-align: justify">Bitcoin was trading at $42,559, down about 2% in the last 24 hours when this article was written.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/expert-predicts-bitcoins-rise-following-potential-etf-approval/" data-wpel-link="internal">Expert Predicts Bitcoin’s Rise Following Potential ETF Approval</a></h5>

Expert Predicts Bitcoin’s Rise Following Potential ETF Approval

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