Bloomberg Analyst: Fate Of Bitcoin To Change In Early 2024

Amid much debate about the spot Bitcoin ETF race, James Seyffart, a Bloomberg Analyst, described the U.S. Securities and Exchange Commission’s (SEC) loss against Grayscale as a complete rejection of the agency’s position. The D.C Circuit Court of Appeal had on August 29, 2023 rejected the SEC’s views on the Grayscale Bitcoin Trust (GBTC) conversion into a spot Bitcoin ETF.

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US SEC’s Views Made “No Sense”

Seyffart explained that the agency’s views made little sense as it differentiated between the spot and futures ETF applications. Earlier, CoinGape reported that the Bloomberg analysts see a 75% chance of a spot Bitcoin ETF in 2023. Seyffart said the unanimous nature of the Grayscale filing and the decisive and harsh language that the judge used against the SEC made the analysts jump even further to raise the odds up to 75.

Bitcoin ETF Approval Only A Matter Of Time

The analyst reiterated that the analysts foresee the ETF approval happening and it is only a matter of time. He said the SEC has about 45 days before it can delay approve or deny and almost always they choose to delay before the final deadline. Hence, the first application that is pending next would be of Ark 21Shares Bitcoin ETF, before January 10, 2024. This is part of the reason why the analysts are confident that it is going to happen in 2024 and then the rest are all in March 2024, he added, speaking in a recent interview.

Therefore, the fate of Bitcoin ETF race could likely be decided in early 2024, after which the Bitcoin price could likely skyrocket breaking the next range of resistance levels. The Bitcoin Halving, which is another key event for the crypto ecosystem, is set to happen around April or May 2024.

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