Analysts: the inevitable fact of bitcoin-ETF approval is already embedded in the price of bitcoin

According to analysts, the approval of the upcoming bitcoin ETF has already been partially taken into account in the current bitcoin price. That is, even if a bitcoin ETF is launched, it is unlikely to significantly raise the bitcoin exchange rate in the near future.

Yesterday, the cryptocurrency jumped in price to the level of $29,211 amid hopes of approval of a spot Bitcoin ETF. However, this growth was short-lived and today the exchange rate of the BTC/USD pair is hovering around $28,256. 

Analysts expect that the launch of the Bitcoin ETF may take place as early as January 2024. It is noted that the US Securities and Exchange Commission (SEC) will not file an appeal requiring consideration of Grayscale's application to convert its Bitcoin Trust into an ETF. 

According to ARK Invest forecasts, the bitcoin price can follow three different scenarios. The most pessimistic scenario assumes that by 2024 the price of bitcoin will reach $ 258,500, which is due to an annual growth of 40%. 

Under a moderate scenario, the price of bitcoin could rise to $682,800 by 2024 with an annual growth of 60%. In the most optimistic scenario, the price of bitcoin could rise to $1,480,000 by 2024 (calculated based on an annual growth of 75%). 

These scenarios suggest different ways of using bitcoin, which can become a significant asset in the market worth several trillion dollars. Bitcoin can be used in corporate and national treasuries, money transfers, emerging market currencies, online economic accounts and institutional investments.