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Bitcoin Price Analysis: Can BTC Price Hit 50K before 2024 as BlackRock's ETF Nears Approval?

Bitcoin sees a 5% price surge above $43,000 as BlackRock updates its Bitcoin spot ETF filing, fueling optimism about SEC approval in early January. Traders eye $50,000 before 2024, while Ethereum ETF decisions are delayed to May.

Bitcoin Price experienced a swift recovery, surging above $43,000 on December 19, fueled by the latest developments in the approval process of the United States' first spot price exchange-traded fund (ETF). BlackRock, one of the applicants for the first U.S. Bitcoin spot ETF, made updates to its filing with the U.S. Securities and Exchange Commission (SEC). Notably, BlackRock modified its policy on redemptions for the ETF, now allowing in-kind redemptions with BTC as an option, and introduced new rules for the exchange of baskets of shares for cash, pending regulatory approval.

BTCUSD Chart -

Bitcoin ETF Anticipation Grows:

The Bitcoin community is buzzing with excitement as the SEC is set to make final decisions on spot ETFs in early January. Analysts and traders are increasingly optimistic about the approval, with one trader, Bob Loukas, stating that the SEC's level of engagement suggests a "99.9% done deal." This development comes after years of delays and rejections, and the anticipation is reflected in BTC price predictions, with $50,000 considered a potential target before the end of 2023.

Market Dynamics and Price Predictions:

Despite the positive sentiment, Bitcoin faces crucial factors influencing its price, including the yearly candle close and macroeconomic data releases during the holiday season. While the price bounced back above $43,000, traders are cautious, with potential support around $40,000. Notably, analyst Crypto Ed predicts a temporary drop to $38,000 before a potential push to $50,000.

Another analyst, Matthew Hyland, highlights a bullish divergence in Bitcoin's relative strength index (RSI), supporting the case for further upside.

SEC Decision on Ethereum ETFs:

While Bitcoin's ETF approval dominates discussions, the SEC has recently delayed decisions on several Ethereum ETFs, with the final verdict expected in May 2024. The spotlight remains on Bitcoin's potential milestone approval, offering institutional investors more access to the cryptocurrency.