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

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

January 10, 2024

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

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.

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