A price explosion may await Bitcoin at the beginning of 2024

Amid much controversy surrounding the spot Bitcoin ETF race, James Seyvart described... Bloomberg analyst, the SEC's loss against Grayscale as a complete rejection of the agency's position. The D.C. Circuit Court of Appeals on August 29, 2023 rejected the SEC's views on the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

SEC opinions 'illogical' Seyphart explained that the agency's opinions were illogical because they distinguished between spot and futures ETF applications. Bloomberg analysts see a 75% chance of a spot Bitcoin ETF in 2023. The consensus nature of Grayscale's filing and the decisive and harsh language the judge used against the SEC made analysts jump even further by raising the odds to 75, Seifart said.

Approval of the Bitcoin ETF is only a matter of time. The analyst confirmed that analysts expect the ETF to be approved and that it is only a matter of time. The SEC has about 45 days before it can delay approval or rejection, he said. Always choose to postpone before the final deadline. Hence, the first pending order after that will be from the Ark 21Shares Bitcoin ETF. Before January 10, 2024. This is part of the reason why analysts are confident it will happen in 2024 and then the rest in March.

Therefore, the fate of the Bitcoin ETF race will likely be decided in early 2024. After that, the price of Bitcoin will likely rise significantly to break the next range of resistance levels. Bitcoin halving is scheduled to happen. It is another major event for the cryptocurrency ecosystem, around April or May 2024.

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