Bitcoin ETF Approval: SEC’s Position Weakens, 75% Chance in 2023

As the debate over the approval of a Bitcoin ETF gains momentum, Bloomberg Analyst James Seyffart has made a bold prediction. He suggests that the landscape of the Bitcoin ETF race might undergo a significant shift in early 2024, potentially triggering a substantial surge in Bitcoin’s value.

What exactly does Seyffart foresee that could shake up the cryptocurrency world? Let’s delve deeper, shall we?

SEC on the Backfoot

Seyffart’s prediction comes after a noteworthy event – the U.S. Securities and Exchange Commission’s (SEC) recent setback against Grayscale. While, the D.C. Circuit Court of Appeal rejected the SEC’s stance on Grayscale Bitcoin Trust (GBTC) becoming a spot Bitcoin ETF, which sends a clear signal that the SEC’s position is losing ground.

Seyffart also highlights the perplexing aspect of the SEC’s differentiation between spot and futures ETF applications, which has raised eyebrows within the crypto community. Bloomberg analyst Eric Balchunas estimates that there’s a 75% chance of a spot Bitcoin ETF gaining approval in 2023.

Seyffart’s confidence in this prospect is bolstered by the unanimous support for Grayscale’s filing and the assertive language used by the judge in favor of Grayscale against the SEC.

Have Patience, The Approval Will Come

Seyffart firmly believes that change is imminent and that a Bitcoin ETF approval is a question of “when,” not “if.” The SEC, known for its deliberate decision-making process, typically takes its time, often opting for delays. 

The crypto community eagerly awaits the upcoming decision on the Ark 21Shares Bitcoin ETF, scheduled for before January 10, 2024. This anticipation leads industry experts like Seyffart to believe that 2024 holds great promise for Bitcoin.

Also Read: Crypto News: Spot Bitcoin ETF Approval Could Ignite the Next Bull Market

If the ETF is approved, it could potentially lead to a significant increase­ in Bitcoin’s price, surpassing the following re­sistance levels. Adding to the excitement, the upcoming Bitcoin Halving event expected around April or May 2024 holds even greater importance for the cryptocurre­ncy ecosystem.