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Bitcoin Price Prediction: ETF Push and Keiser’s $400K Forecast Amidst 2.60% Dip

Arslan Butt
Last updated: | 4 min read
Amidst a notable 2.60% dip in the market, Bitcoin is currently trading at $42,378 this Wednesday, yet the cryptocurrency world buzzes with optimistic forecasts and pivotal developments.

The potential approval of a spot Bitcoin ETF is one of the major factors, with five key reasons suggesting it could catapult BTC’s price beyond the $100,000 mark.

With the SEC’s deadline for spot Bitcoin ETF applicants looming, only three days remain for updates on filings, setting the stage for an early January decision.

Adding to the enthusiasm, financial pundit Max Keiser has projected an ambitious target for Bitcoin, estimating its value could soar to $400,000, further fueling speculation and interest in the flagship cryptocurrency’s growth potential.

Spot Bitcoin ETF Approval: Catalyst for $100K BTC Price

Five key reasons suggest that the likely approval of a spot Bitcoin exchange-traded fund (ETF) could propel BTC prices above $100,000. Analysts at Cointelegraph believe that the introduction of a spot Bitcoin ETF would be transformative, affecting volatility, correlation with traditional assets, and market liquidity.

The report highlights the ease of entry this could provide for baby boomers into Bitcoin investment, facilitated by traditional investment brokers, requiring minimal effort from investors.

The participation of significant asset managers like BlackRock and Fidelity is expected to bolster the ETF sector, concentrating funds among leading issuers.

Additional factors facilitating investor transactions include regulatory legitimacy and reduced concerns for investment advisors. While the immediate impact might not be rapid, the cumulative effect of these developments could eventually drive BTC’s price beyond $100,000.

SEC Deadline Approaches for Spot Bitcoin ETF Filings


The U.S. Securities and Exchange Commission (SEC) has set a critical deadline of December 29 for applicants of spot Bitcoin ETFs to finalize their file modifications, marking a pivotal moment for the cryptocurrency sector.

Applicants aiming to be part of the SEC’s initial decision-making process for spot Bitcoin ETFs are required to submit their revised filings by this date. The SEC has specifically mandated the exclusion of references to the in-kind creation method in these filings, indicating a preference for the cash creation model.

Prominent entities in the industry, including BlackRock, Grayscale Investments, ARK Invest, and 21shares, have engaged in discussions with SEC officials, who have suggested a possible approval early in 2024.

Currently, there are 13 spot Bitcoin ETF applications pending, and the anticipation within the market is building. The upcoming decisions by the SEC are poised to significantly impact Bitcoin’s pricing, especially if multiple approvals are granted simultaneously.

Max Keiser Predicts Bitcoin’s Surge to $400,000

On Christmas Day, the Bitcoin network achieved a new milestone with a record-setting mining hash rate of 544 exahashes per second. This remarkable increase aligns with Bitcoin’s impressive 163% price surge in 2023.

An advisor to El Salvador’s president recently suggested a hash-adjusted price for Bitcoin exceeding $400,000, sparking discussions about potential new price models for the cryptocurrency.

However, this surge in hash rates presents challenges for Bitcoin miners. The increased efforts to secure blocks in the network lead to higher operational expenses.

Concurrently, the hash price – a vital metric for evaluating mining profitability – has declined to $0.09 per terahash per second per day. This decline is partly attributed to waning interest in the BRC-20 ordinal inscription trend, adversely affecting mining profitability.

This juxtaposition of rising hash rates and decreasing profitability could significantly impact the broader Bitcoin market. As the mining sector grapples with these changes, it could influence Bitcoin’s price dynamics, potentially affecting BTC’s value in the broader market.

This scenario underscores the complex interplay between technological advancements and economic factors in shaping the trajectory of Bitcoin’s value.

Bitcoin Price Prediction


In the intricate tapestry of the cryptocurrency market, Bitcoin continues to hold a central thread. As of December 27, the digital currency presents a complex technical picture. Currently, Bitcoin is navigating through crucial levels, with its pivot point set at $42,800.

The market is closely observing key resistance points at $44,358, $45,079, and $45,993. On the flip side, support levels are distinctly marked at $41,714, followed by $40,638 and $39,429. These levels are pivotal in determining Bitcoin’s short-term trajectory.

From a technical standpoint, Bitcoin’s Relative Strength Index (RSI) is hovering around 40, indicating a bearish sentiment in the market. An RSI below 50 typically suggests that selling pressure is dominating the market sentiment.

Bitcoin Price Chart - Source: Tradingview
Bitcoin Price Chart – Source: Tradingview

This bearishness is further corroborated by Bitcoin’s position relative to the 50-Day Exponential Moving Average (EMA). Currently, Bitcoin has slipped below its 50 EMA, which stands at $43,000, reinforcing a short-term bearish trend. This movement below the EMA is a critical signal for traders, as it often indicates potential downward movement.

In terms of chart patterns, Bitcoin’s fall below the 50 EMA is significant. This break could imply a shift in market momentum, potentially leading to further declines. However, the cryptocurrency market is known for its volatility, and rapid changes in trends are not uncommon.

In conclusion, the overall trend for Bitcoin appears to be bearish, especially below the $42,800 mark. Looking ahead, the market expects Bitcoin to test its resistance levels in the coming days.

Top 15 Cryptocurrencies to Watch in 2023


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Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.

Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.