Bitcoin, which rose rapidly from $ 26,500 to $ 44,700, made a sharp correction and fell to $ 40,222 on December 11, 2023. Bitcoin started to rise after the second week of October 2023 and remained in the green zone for 8 weeks, but it completed the last week in the red zone, but it managed to regain the green zone in the new week and signals that it can still continue its bullish trend.
In addition, while many companies are waiting for approval from the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF, they are accelerating their work as the possibility of approval increases. It looks like the spot Bitcoin ETF ad wars are already starting.
Bitcoin finished last week in the red zone after staying in the green zone for 8 weeks. It regained the green zone in the new week and signals that the one-week break is over. Bitcoin (BTC) is currently trading at $43,139. Bitcoin signals that it will continue its bullish trend with an increase of approximately 6.2% compared to yesterday. If Bitcoin creates support at $43,000 and continues to stay above it, it may move towards $43,500, $44,200 and $45,000 in the following sessions aand hit the highest of this year. If things turn around, Bitcoin could retest below $41,000.
BlackRock, the world's largest asset manager, updated its S-1 filing with the US Securities and Exchange Commission (SEC). The amended document submitted yesterday (December 18, 2023) details new aspects of the creation and repayment mechanisms for the proposed fund. In this update, the company says it will now accept cash to create new ETF shares rather than directly Bitcoin deposits. This is fully consistent with the SEC's view of cash transactions in ETFs. It looks like BlackRock is determined to get ETF approval, and may even be one of the earliest to get it approved. You can take a look at the document here.
There are a number of firms awaiting approval from the US Securities and Exchange Commission (SEC) to launch a spot bitcoin ETF, Bitwise is one of them. What sets Bitwise apart from others is that it has already been offering crypto ETF products for several years. An advertisement shared by Bitwise yesterday is remarkable. As seen in the picture above, it says "ETFs backed by crypto specialists" at the end of the advertising video. It looks like there will be a crypto ad war in 2024, and Bitwise seems to have already started it.
Expectations that the SEC will approve some spot Bitcoin ETFs next month are increasing day by day. A few months ago, even giant companies with millions of customers such as JPMorgan said that some Bitcoin ETFs could be approved in January 2024. Therefore, it seems that the crypto market will be very active in the coming days. I think 2024 will be Bitcoin's best year, I even believe it will move higher in the following years, so I remain bullish. I think that not only Bitcoin, but also other cryptocurrencies such as ETH, HIVE, ADA, XRP, SOL, AVAX, MATIC will perform well in 2024 and in the following years, and some of them may even outperform Bitcoin. To be honest, I have no plans to buy Bitcoin as long as it is above $40 thousand, because what I have in my wallet is enough for now. There are still very strong cryptos that have not fully followed Bitcoin's rise. In addition to them, I continue to closely follow and collect cryptos such as HIVE, ETH, ADA, XRP, MATIC, which I believe will perform better than Bitcoin.
What do you think about crypto in 2024 and what are your predictions?
Thank you for reading
@rtonline
This is not investment advice, just my personal opinions. As with all money markets, anything can happen at any time in the crypto market, so please do your own research before investing.
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