Bitcoin On-Chain Analysis: Price Targets Revealed, BTC Aims for $50,000

• As the deadline for the U.S. SEC to approve a spot Bitcoin ETF approaches, Bitcoin bulls are setting their sights on $50,000.
• Despite earlier speculation about a potential Bitcoin Spot ETF approval this week, Fox Business analyst Eleanor Terrett expresses uncertainty, suggesting it would be surprising if approvals happen so soon.

The world’s largest cryptocurrency Bitcoin (BTC) has given a strong run-up on January 1, gaining over 7% and shooting past $45,000. As the Bitcoin ETF approval date nears, Bitcoin bulls are currently aiming for $50,000.

Bitcoin has achieved a milestone by surpassing $45,000, marking its highest value in almost two years. The surge is attributed to growing anticipation surrounding the potential approval of an exchange-traded fund (ETF) directly investing in the leading cryptocurrency.

With a climb of over 20% since the beginning of December, Bitcoin’s upward trajectory aligns with the approaching January 10 deadline for the US Securities and Exchange Commission (SEC) to provide approval for a spot ETF focused on Bitcoin.

This impending decision has fueled a sense of urgency among traders in the US and Europe, leading to a trend of investors initiating purchases as early as the morning of January 1, as highlighted by Hayden Hughes, co-founder of the social-trading platform Alpha Impact.

Bitcoin ETF Not Coming This Week

As per the report last week, chances were that the U.S. SEC could be approving the spot Bitcoin ETF this week by January 6. However, the latest reports suggest that the chances of this are slim at the moment.

Fox Business analyst Eleanor Terrett shared insights, expressing a level of uncertainty about the possibility of approvals from the U.S. Securities and Exchange Commission (@SECGov) happening imminently. Terrett, noting the unpredictability of the SEC, stated that it would be surprising if approvals were to occur the following day.

Based on her discussions with issuers, Terrett highlighted that the SEC still needs to review all the modifications made to the S-1s filed on Thursday and Friday, providing additional commentary on these changes. Drawing parallels to the approval timeline observed with $ETH futures in October, Terrett suggested that, following the current round of reviews, the SEC will likely communicate a specific date to issuers for the final S-1s to be filed, with effectiveness expected within the subsequent 24-48 hours.

While the @SECGov is surely unpredictable, it would surprise me if approvals were to happen tomorrow.

From what I understand through conversations I’ve had with issuers, the SEC still has to review all the changes made to the S-1s filed on Thursday/Friday AND make comments on… https://t.co/CnkYdXsbD4

— Eleanor Terrett (@EleanorTerrett) January 1, 2024

Terrett acknowledged that the SEC staff has been off since Friday, making a Tuesday or Wednesday approval seem challenging. Regardless, she emphasized the anticipation and excitement within the cryptocurrency space over the next two weeks.

While the Bitcoin community is very excited about the ETF approval, analysts say that the news is already priced in. VanEck advisor Gabor Gurbacs said that he doesn’t expect a very strong Bitcoin price rally post the ETF approval.

Bitcoin Price to $50,000?

Matrixport, a prominent crypto analysis firm, has released a report forecasting a significant surge in Bitcoin’s value to $50,000 in the month of January. The anticipated rally is attributed to multiple factors, including the potential approval of a Bitcoin Spot ETF, increased institutional buying, supply shortages, and historical market trends.

Anticipate a substantial #Bitcoin surge to $50,000 in January, driven by an imminent #BitcoinSpot #ETF approval, institutional buying, and factors such as supply shortage and historical trends, with potential for #altcoin season and a funding rate reaching +66%.

Read the full… pic.twitter.com/sueG5LqENp

— Matrixport (@realMatrixport) January 2, 2024

The report suggests that the imminent approval of a Bitcoin Spot ETF, coupled with institutional interest, will act as catalysts for the expected surge. Additionally, factors such as supply shortage and historical patterns in Bitcoin’s performance are contributing to the positive outlook for the cryptocurrency.

The analysis also hints at the possibility of an altcoin season, indicating a potential rise in the value of alternative cryptocurrencies. Furthermore, the report highlights a noteworthy funding rate, reaching an impressive +66%, indicating a bullish sentiment among traders.