The crypto analyst predicts Bitcoin will surge soon based on the anticipated approval of spot Bitcoin ETFs in the U.S. on Jan. 10.
In his YouTube video on Dec. 22, the analyst behind the popular CryptosRUs channel predicted that Bitcoin (BTC) and the overall crypto market will soon be poised for a significant surge. He based this on the widespread anticipation that the SEC will finally approve spot Bitcoin exchange-traded funds (ETFs) in the U.S., with Jan. 10 being the target date.
The analyst cited a supposed closed-door meeting between the SEC and all major ETF issuers as evidence that approval is imminent. He believes having these ETFs traded on major U.S. exchanges will unleash a flood of new institutional investment into Bitcoin and crypto, causing prices to soar.
“This is a done deal. Spot ETFs are coming, and when — well, the date is January 10th,” the analyst stated. While admitting a small chance it doesn’t happen, he pegged the odds of approval at over 90% based on mounting evidence.
Beyond the assumed impact of U.S. ETFs, the analyst pointed to other positive adoption trends leading to his bullish stance. These include other major financial hubs like Hong Kong gearing up to allow spot crypto ETFs. Further, he cited data showing crypto users globally will nearly double to 1 billion by 2024.
Get ready, Bitcoin and the entire crypto market will skyrocket soon.
– CryptosRUs
While optimistic about Bitcoin eventually hitting up to $250,000, the analyst cautioned that intermittent pullbacks and sideways moves are still probable. However, he considers these potential buying opportunities before the next major leg-up.