Bitcoin ETF Approval Set to Propel BTC Price Beyond $50K: Matrixport
TV commercials are already being rolled out by various ETF applicants, a move that will continue to bolster Bitcoin prices. The report highlights historical parallels, such as the launch of Bitcoin Futures by CME Group in 2017, which saw a significant price escalation preceding the event. During the six-to-seven-week window between the confirmation of the Bitcoin futures launch and the commencement of trading, prices soared by almost 200%.
Matrixport’s research highlights the growing anticipation surrounding the SEC’s decision on spot Bitcoin ETFs, suggesting that the asset could soar above $50,000 if approved. Historical data indicates that Bitcoin typically experiences gradual price increases of around +3% from Christmas to New Year. However, 2011, 2013, and 2020 outliers saw Bitcoin prices rise as much as +22%. As the SEC reviews spot Bitcoin ETF applications, Matrixport notes that TV commercials from multiple ETF applicants are already being rolled out, which is expected to support BTC further. The intensity of these commercials is expected to heighten during the Christmas season as applicants race to become the dominant player in the ETF market.
Source
https://t.me/Bitcoin_Crypto_Signals
