{"id":549496,"date":"2023-08-31T03:00:01","date_gmt":"2023-08-31T03:00:01","guid":{"rendered":"https:\/\/ktsl888.com\/?p=549496"},"modified":"2024-06-11T08:12:28","modified_gmt":"2024-06-11T08:12:28","slug":"bitcoin-to-185000-if-spot-etf-is-approved-expert","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-to-185000-if-spot-etf-is-approved-expert\/","title":{"rendered":"Bitcoin To $185,000 if Spot ETF Is Approved: Expert"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">If the United States Securities and Exchange Commission (SEC) ends up approving a spot Bitcoin exchange-traded fund (ETF) anytime in the coming days or weeks, one expert is confident BTC prices will explode more than 6x to $185,000. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of August 30, BTC is changing hands below $30,000 but remains firm.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin To $185,000?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In a recent CNBC\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/AltcoinDailyio\/status\/68813340\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">interview<\/span><\/a><span data-preserver-spaces=\"true\">, Tom Lee, who regularly comments on Bitcoin prices, said a spot ETF will mop up all daily supply of the world&#8217;s most valuable cryptocurrency, creating an &#8220;imbalance&#8221; that will inevitably drive prices higher. Based on this, demand will significantly outstrip supply, driving prices to $185,000 or higher.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/cardano\/cardano-hodling-long-term-holders-170-rise-year\/\" target=\"_blank\" rel=\"noopener \">Cardano HODLing: Long-Term Holders See 170% Rise In Past Year<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Bitcoin remains the world&#8217;s largest cryptocurrency by market cap despite the sharp contraction throughout the past 20 months. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At peaks, BTC surged to over $69,000 only for sentiment to shift in 2022, triggering a sell-off that saw prices declined more than half, bottoming up from below $16,000 in November 2022. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While prices have since recovered, surging over 50% from November 2022 lows to peaking at over $31,000 in late July 2023, the crypto and Bitcoin communities have their eyes on the SEC.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/oSGKXNsP\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/oSGKXNsP\/\" alt=\"Bitcoin price on August 30| Source: BTCUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price on August 30| Source: <a href=\"https:\/\/www.tradingview.com\/x\/oSGKXNsP\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The stringent regulator has been adamant, dismissing previous applications for a complex ETF derivative directly tracking Bitcoin prices. While the SEC has approved a Bitcoin Futures ETF that tracks an index aggregating prices from multiple regulated exchanges, the nascent industry demands an spot BTC ETF.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">SEC Likely To Approve Spot ETF?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Following August 29&#8217;s court ruling that supported Grayscale&#8217;s assertion that robust measures are in place for their Bitcoin spot ETF to be free from market manipulation, the community has been ecstatic. The ruling was a loss for the SEC, but the court didn&#8217;t mention or guide the regulator in approving a Bitcoin ETF.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Nonetheless, following the sharp expansion of Bitcoin prices from around $25,800 to as high as $28,000, there is a section of optimists who believe the SEC has little wiggling space and have no option but to greenlight a Bitcoin ETF in the coming weeks if not months.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/xrp\/xrp-poised-for-bullish-breakout-inverted-hammer-formation-signals-rise-above-0-8-resistance\/\" target=\"_blank\" rel=\"noopener \">XRP Poised For Bullish Breakout: Inverted Hammer Formation Signals Rise Above $0.8 Resistance<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">On August 30, Eric Balchunas and James Seyffart, two of Bloomberg&#8217;s senior ETF analysts,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/EricBalchunas\/status\/22548798?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">increased<\/span><\/a><span data-preserver-spaces=\"true\"> their odds of the SEC approving a spot ETF in 2023 to 75% (up from 65%). If it doesn&#8217;t get approved this year, they estimate that the regulator will likely allow entities to create this product next year since their probability is 95%.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Their confidence stems from the fact that the &#8220;unanimity and decisiveness&#8221; of the recent court ruling in the SEC versus Grayscale case was &#8220;beyond expectations and leaves SEC with &#8220;very little wiggle room.&#8221; Moreover, in their assessment, the SEC has suffered a &#8220;PR&#8221; loss since the ruling was widely covered.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If the United States Securities and Exchange Commission (SEC) ends up approving a spot Bitcoin exchange-traded fund (ETF) anytime in the coming days or weeks, one expert is confident BTC prices will explode more than 6x to $185,000. As of August 30, BTC is changing hands below $30,000 but remains firm. Bitcoin To $185,000? In a recent CNBC\u00a0interview, Tom Lee, who regularly comments on Bitcoin prices, said a spot ETF will mop up all daily supply of the world&#8217;s most valuable cryptocurrency, creating an &#8220;imbalance&#8221; that will inevitably drive prices higher. Based on this, demand will significantly outstrip supply, driving prices to $185,000 or higher. Related Reading: Cardano HODLing: Long-Term Holders See 170% Rise In Past Year Bitcoin remains the world&#8217;s largest cryptocurrency by market cap despite the sharp contraction throughout the past 20 months. At peaks, BTC surged to over $69,000 only for sentiment to shift in 2022, triggering a sell-off that saw prices declined more than half, bottoming up from below $16,000 in November 2022. While prices have since recovered, surging over 50% from November 2022 lows to peaking at over $31,000 in late July 2023, the crypto and Bitcoin communities have their eyes on the SEC. The stringent regulator has been adamant, dismissing previous applications for a complex ETF derivative directly tracking Bitcoin prices. While the SEC has approved a Bitcoin Futures ETF that tracks an index aggregating prices from multiple regulated exchanges, the nascent industry demands an spot BTC ETF. SEC Likely To Approve Spot ETF? Following August 29&#8217;s court ruling that supported Grayscale&#8217;s assertion that robust measures are in place for their Bitcoin spot ETF to be free from market manipulation, the community has been ecstatic. The ruling was a loss for the SEC, but the court didn&#8217;t mention or guide the regulator in approving a Bitcoin ETF.\u00a0 Nonetheless, following the sharp expansion of Bitcoin prices from around $25,800 to as high as $28,000, there is a section of optimists who believe the SEC has little wiggling space and have no option but to greenlight a Bitcoin ETF in the coming weeks if not months. Related Reading: XRP Poised For Bullish Breakout: Inverted Hammer Formation Signals Rise Above $0.8 Resistance On August 30, Eric Balchunas and James Seyffart, two of Bloomberg&#8217;s senior ETF analysts,\u00a0increased their odds of the SEC approving a spot ETF in 2023 to 75% (up from 65%). If it doesn&#8217;t get approved this year, they estimate that the regulator will likely allow entities to create this product next year since their probability is 95%.\u00a0 Their confidence stems from the fact that the &#8220;unanimity and decisiveness&#8221; of the recent court ruling in the SEC versus Grayscale case was &#8220;beyond expectations and leaves SEC with &#8220;very little wiggle room.&#8221; Moreover, in their assessment, the SEC has suffered a &#8220;PR&#8221; loss since the ruling was widely covered. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":549194,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,1122,7523,3799],"class_list":["post-549496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-btc-price","tag-grayscale","tag-sec"],"acf":[],"yoast_head":"\n<title>Bitcoin To $185,000 if Spot ETF Is Approved: Expert<\/title>\n<meta name=\"description\" content=\"One expert says if the US SEC ends up approving a spot Bitcoin ETF, BTC prices may explode more than 6X to $185,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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