Bitwise Predicts $80,000 Price, Spot Bitcoin ETF Approval

Bitwise, one of the applicants for spot Bitcoin ETF has predicted that the underlying cryptocurrency will soar to more than $80,000 once approval from the United States Securities and Exchange Commission (SEC) comes.

Bitcoin Commences Price Recovery Journey

The asset management firm laid out ten crypto predictions for the new year and one of them was related to the future outlook of Bitcoin price following the SEC’s approval for the Bitcoin ETF. It is important to realize that a Bitcoin price of $80,000 will mark a new all-time high. 

Prediction 2: Spot bitcoin ETFs will be approved, and collectively will be the most successful ETF launch of all time.

— Bitwise (@BitwiseInvest) January 3, 2024

The coin has been on a bullish growth streak for a while, especially with the talks about spot Bitcoin ETFs.

As of January 1, BTC had jumped past $45,000, eyeing more positive sentiment. However, a few hours ago, the price of the coin slumped significantly owing to the unconfirmed news of the likelihood of the rejection of a Bitcoin ETF application. Bitcoin is currently trading at $43,315.33 with a 4.02% decrease in the last 24 hours.

The price plunge due to the rumor underscores that the crypto market is notably sensitive to regulatory uncertainties and development. Precisely, the market responds with increased volatility to such events.

Is Bitcoin ETF Approval Still Imminent?

Noteworthy, the talk about Bitcoin ETF rejection has ruffled the broad crypto industry, giving rise to new uncertainties. Per the community’s expectation, approval for the Bitcoin ETF product is expected on January 10, a week from this time. However, there was also an expectation that the approval could come before January 6, and from current indications, this does not seem likely.

Bitwise also talked about the approval of the spot Bitcoin ETF applications, citing that it would be the most successful Bitcoin ETF launch of all time. The ETF filers have fulfilled their obligations by submitting the final amendment of their S-1 filings as mandated by the SEC. As such, the decision of either approval or rejection is left in the ‘court’ of the agency.

Furthermore, Bitwise forecasted that Ethereum (ETH) revenue would skyrocket to up to $5 billion owing to the significant influx of users to crypto applications. Other predictions from the asset manager were related to AI, stablecoin, and other innovative technologies.