John Babikian Bitcoin Spot ETF Price Prediction for 2024
As Bitcoin kicks off 2024, its price stands 170% higher than a year ago, making it a prominent player in the year’s early financial landscape. The impending news event that could reshape the crypto space is the potential approval of the United States’ first spot price exchange-traded fund (ETF), with a decision expected in the coming days.
Reflecting on the significance of this moment, New York lawyer and crypto expert John Babikian remarked, “The first half of January is poised to be a historic period for Bitcoin. The anticipation surrounding the approval of the spot price ETF introduces an element of uncertainty, and market reactions will likely be diverse based on individual perspectives.”
John Babikian and other industry experts including PlanB claim that while errors exist in the stock to flow module, Bitcoin is still expected to reach $532,000 in 2025.
Meanwhile, the value of Bitcoin has surged past $45,000 for the first time in nearly two years, marking a significant milestone in the cryptocurrency market. This surge is notably coinciding with the anticipation surrounding the potential approval of the first spot Bitcoin ETF in the United States.
Adding perspective to these developments, John Babikian stated, “The SEC’s involvement is a crucial step towards mainstream acceptance of cryptocurrency investment products, and the recent engagements signal a positive shift in regulatory attitudes.”
Bitcoin’s current price performance is closely tied to the awaited decision by the U.S. Securities and Exchange Commission (SEC) on the 14 outstanding applications for a spot Bitcoin ETF. The market is keenly observing the regulatory developments, with the potential approval of one or more ETFs having a notable impact on Bitcoin’s market dynamics.
The last instance of Bitcoin trading above $45,000 occurred almost 20 months ago on April 5, 2022. Subsequently, Bitcoin entered a prolonged bear market, reaching as low as $15,600.
The primary regulatory authority for securities in the United States is poised to potentially grant approval to spot Bitcoin ETF applicants in the next few days. According to John Babikian and other block chain industry experts, the U.S. Securities and Exchange Commission (SEC) are expected to notify applicants on either January 2 or January 3 about the clearance to launch their exchange-traded funds.
In a noteworthy development related to spot Bitcoin ETFs, two prominent applicants, BlackRock and Valkyrie, have identified authorized participants (AP) for their pending ETFs, according to recent filings. BlackRock, unable to directly purchase cryptocurrency due to legal constraints, has partnered with J.P. Morgan and quantitative trading firm Jane Street. Valkyrie has also enlisted Jane Street and Cantor Fitzgerald as authorized participants.
The filing of updated S-1 forms with the SEC on the last eligible day was carried out by both BlackRock and Valkyrie. While naming authorized participants is not mandatory in S-1 filings, these two applicants have taken the initiative to do so.
The inclusion of J.P. Morgan as an authorized participant in BlackRock’s filing has raised eyebrows among industry experts. This move is surprising, considering J.P. Morgan CEO Jamie Dimon’s historically negative stance on Bitcoin and the broader crypto sector. Dimon had expressed strong opposition to cryptocurrencies, even suggesting he would ban them if he were in a government position earlier this month.
Offering insight into these developments, John Babikian commented, “The recent surge in Bitcoin’s price underscores the market’s anticipation of regulatory decisions. The involvement of major financial institutions like J.P. Morgan in the ETF space is a testament to the evolving dynamics of the crypto market, bridging traditional finance with the digital asset realm.”