Bitcoin Price Prediction as SEC Approves BlackRock’s Spot Bitcoin ETF – $1,000,000 BTC Possible?

Bitcoin btc spot Bitcoin ETF
Last updated:
Author
Author
Joel Frank
About Author

Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.
Bitcoin
Source: DALL·E

The Bitcoin (BTC) price is experiencing choppy trading conditions in wake of the news that the SEC just multiple spot Bitcoin ETF application.

Last trading in just under $46,000, the Bitcoin price is close to 1% lower on the day.

The regulatory agency gave various US exchanges including NYSE, Nasdaq and Cboe Global Markets the green light to list and launch trade in various spot Bitcoin ETFs on Thursday.

Investors have been eagerly waiting for the SEC to green-light spot Bitcoin ETFs ever since BlackRock and multiple other ETF providers filed their applications last June.

The arrival of spot Bitcoin ETFs, which give investors direct exposure to BTC without having to actually hold it, is a historic moment for the Bitcoin market.

The approval of spot Bitcoin ETFs will be interpreted by many as a regulatory thumbs-up from the SEC.

That may help encourage more conservative institutional and retail investors to allocate a portion of their portfolio to BTC.

Just as importantly, spot Bitcoin ETFs offer an easy way for non-web3 savvy investors to get exposure to Bitcoin.

Rather than needing to deal with crypto exchange accounts and wallets, investors will be able to buy the new ETFs directly with their existing brokers.

All said, spot Bitcoin ETFs are expected to attract a wave of new demand into the Bitcoin market.

That’s why the Bitcoin price has pumped up nearly 90% from its September 2023 lows under $25,000.

Bitcoin Price Prediction – Where Next for BTC?

The main focus of the Bitcoin market in the next two days will be on two things.

First, do we see a “sell-the-fact” reaction in wake of spot Bitcoin ETF approvals, as many analysts have warned.

“Sell-the-fact” refers to a phenomenon where investors aggressively take profit following a positive catalyst.

Secondly, how does the first day of spot Bitcoin ETF trade go?

Investors will be closely monitoring ETF trading volumes and how much money flows into the new ETFs.

Analysts should remember that a lot of recycling is also likely to occur – i.e. money moving from Bitcoin futures ETFs into spot Bitcoin ETFs, which would be market neutral.

Its difficult to make short-term Bitcoin price predictions right now given the uncertainty regarding these two factors.

For what its worth, chart analysis suggests a still bullish bias to Bitcoin trade.

BTC has continued trending to the upside in recent weeks and remains above its 21 and 50DMAs.

Bitcoin (BTC) Price Chart / Source: TradingView
Bitcoin (BTC) Price Chart / Source: TradingView

Is $1,000,000 Bitcoin (BTC) Possible?

The long-term outlook for Bitcoin is very strong.

Bitcoin’s fundamentals are far better than they were in 2021 when it hit record highs around $69,000.

The cryptocurrency has grown in popularity, adoption and global acceptance in the last few years.

Nothing emphasizes this more than the SEC’s latest move to approve spot Bitcoin ETFs.

The biggest difference with 2021 is that global financial conditions were far more accommodative back then.

Most major central banks, including the Fed, had cut interest rates to zero in 2020 to support growth following Covid-19.

As of early 2024, interest rates across major economies like the US are at multi-decade highs.

But the Fed is expected to begin cutting interest rates as soon as March.

Macro is set to become a major tailwind for Bitcoin in 2024.

Meanwhile, just as spot Bitcoin ETFs bring new investors to the market and BTC also benefits from bullish macro narratives, the Bitcoin market is about to experience a supply shock.

The BTC issuance rate is going to drop by half in April, reducing sell pressure from miners.

New all-time highs in 2024 look very much on the table.

Some are even going as far as to predict that BTC could hit $1,000,000 during this bull cycle.

So is a $1 million Bitcoin price possible?

Well, a $1 million BTC price would suggest a market cap of close to $20 trillion, given that there are currently just under 20 million BTC in existence.

That’s 45% above the current market cap of gold, at $13.7 trillion.

Gold remains the world’s most important financial reserve asset.

But Bitcoin advocates have long argued that the cryptocurrency can supplant gold as the world’s reserve asset.

Indeed, it boasts a stronger use case – unlike gold, it is easy for individuals to securely hold and transfer significant amounts of BTC without needing to rely on a third party.

Given its advantages, BTC stands a good chance of hitting a $20 trillion market cap and a $1 million Bitcoin price.

But this amount of growth is likely to take many years, even decades to achieve.

Crypto Alternatives to Consider

Bitcoin can offer huge potential upside.

But crypto investors should always be on the lookout to diversify their holdings.

For those looking to add some beta to their portfolios, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.

This is where investors buy the tokens of upstart crypto projects to help fund their development.

These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.

Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.

If an investor can identify such projects, the risk/reward of their presale investment is very good.

The team at Cryptonews spends a lot of time combing through presale projects to help investors out.

Here is a list of 15 of what the project deems as the best crypto presales of 2023.

See the 15 Cryptocurrencies

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilize affiliate links within our content, and receive commission.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

More Articles

Blockchain News
Floki Launches Debit Card Supporting Crypto Payments in Europe
Hongji Feng
Hongji Feng
2024-12-09 19:37:48
Bitcoin News
Bitcoin’s Rally Could Hit Pause in 2025, Says Crypto CEO
Sam Cooling
Sam Cooling
2024-12-09 19:23:18
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors