Bitcoin ETF Approval: Nic Carter Warns Against BTC Price Rally Hype
In the midst of widespread anticipation for the approval of a Bitcoin exchange-traded fund (ETF) in the United States, Bitcoin supporter Nic Carter forecasted a potential surge of almost 100% in Bitcoin (BTC) price from its existing level of $40,000 by the year 2024.
Also Read: Invesco, WisdomTree, Fidelity, and Bitwise Update S-1 Filings; JPMorgan in Spotlight as AP
BTC At New All Time High In 2024
In line with the views of banking giant Standard Chartered, Carter said the BTC price could touch the $80,000 mark sometime in 2024. It remains to be seen if the new all time high of $80,000 range would be momentary or sustained with strong support. However, this prediction apparently banks on whether or not the US Securities and Exchange Commission (SEC) approves the spot Bitcoin ETF filings for the likes of Blackrock, Valkyrie, Invesco, WisdomTree, Fidelity, and Bitwise.
In the latest form S-1 amendment filings, BlackRock and Valkyrie revealed that Jane Street and JP Morgan will act as their Associated Partners respectively. This comes following JP Morgan chief executive officer Jamie Dimon’s statements calling for a ban on Bitcoin usage in the United States.
No ETF Led Boom For Bitcoin Price?
Nic Carter cautioned against the wider market sentiment that the potential Bitcoin ETF approval may lead to a significant BTC price rally, despite his forecast of the top cryptocurrency reaching $80,000 in 2024. As part of an overall crypto roundup of predictions for 2024, he predicted,
“Bitcoin is flat week of ETF approval but touches $80K in 2024.”
He also predicted that the Bitcoin ETFs would attract as much as $20 billion worth of flows into the crypto ecosystem in just an year’s time. Earlier, CoinGape reported Carter’s views on the high confidence among traders and investors on the chances of approval of spot Bitcoin ETFs. Meanwhile, crypto stocks like Microstrategy (MSTR) Stock Price and Coinbase (COIN) Stock Price have been showing high correlation to the Bitcoin price upside in recent weeks.
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