As voices come out in favor of spot Bitcoin ETF approval chances in January 2024, the Bitcoin (BTC) Price entered the new year with renewed bullish momentum. This comes amid reports stating that the approval may come in the week starting January 8, 2024.
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BTC Price: Before & After Approval
In what could be caused by a fear of mission out (FOMO) sentiment among traders and investors, the BTC Price jumped to over $45,000 on Monday, January 1, 2023. The crypto market has largely been optimistic about a potential approval of the spot Bitcoin ETF before January 10, 2024, before which the U.S. Securities and Exchange Commission (SEC) is required to take a decision as part of the Ark 21Shares spot Bitcoin ETF filing. CoinGape reported that a decision on the Ark 21Shares filing was earlier postponed on August 11, 2023.
Accordingly, Reuters reported that the SEC was on path to give the nod to the first ever spot Bitcoin ETF in the United States. The report quoted sources as saying that the SEC officials have already cleared the approval for next week and that the filers may be informed of the same on January 9 or 10, 2024.
Bitcoin Price: The Caution
Earlier, CoinGape reported analyst comments that the BTC price could see retracement to an extent following the Bitcoin ETF approval in January 2024. Some analysts warned that the downside risk for BTC could go as low as $37,000, despite the months long hype around Bitcoin ETF approval for institutional players like Blackrock and Fidelity.
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