Bitcoin prices crossed the $46,000 threshold for the first time since December 2021, as momentum builds towards the anticipated approvals of Spot Bitcoin exchange-traded funds (ETFs) in the United States.
According to elite crypto analyst Michaël van de Poppe, who shared the update with his 680,000 Twitter followers earlier today, the latest price surge comes amid growing expectations of Spot Bitcoin ETFs getting the green light from regulators this week.
“Bitcoin continues to show momentum amid a potential approval of the Spot Bitcoin ETF. Breakout above $45,500 seems likely (and he was right), expecting $48,000-51,000 as the next pivot,” tweeted van de Poppe.
In a follow-up tweet, van de Poppe noted that a “quick correction” had taken place over the past 24 hours but that markets were “quickly heating up towards the potential approval of the spot Bitcoin ETF.” He expects prices to reach $48,000-51,000 if approvals come through, with even more gains in store for altcoins.
As per the latest update from Watcher Guru, these much-awaited spot ETF approvals could land as early as Wednesday, January 10, allowing the new investment vehicles to begin trading within days.
JUST IN: Spot #Bitcoin ETFs expected to be approved Wednesday and could begin trading this week, CNBC reports. pic.twitter.com/e0TfBrRIXK
— Watcher.Guru (@WatcherGuru) January 8, 2024
After ranging mostly between $16,000 to $45,000 since late-2021, Bitcoin last closed above $46,000 on December 27 of the same year. If history repeats itself and ETF approvals provide the expected boost, Bitcoin bulls seem poised to reclaim far higher ground in the weeks ahead.
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