People are excited about the possibility of a Bitcoin Exchange-Traded Fund (ETF) being approved. ETFs are the same way you invest in Bitcoin through the traditional stock market. But it’s unclear when that will actually happen. Some expected approval soon, but deadlines vary for each company applying for approval.
One analyst, Jason Pizzino, spoke about this and said that there could be delays so be careful. He pointed out that if a large company like Ark Invest is rejected, the market could fall. This drop could be an opportunity for people to buy Bitcoin at a lower price.
Ficino pointed to potential altcoin losses, pointing to recent declines in major altcoins, and expressed concern about investors who may have entered the market based on influencer hype in November and December. However, he reassured viewers that this withdrawal could set the stage for an even more important altcoin season ahead.
He also noted that some other cryptocurrencies may fall in value during this period. Explaining his expectations for the cryptocurrency market, the analyst predicted a decline in the first or early second quarter of 2024. He mentioned the possibility of support for Bitcoin testing.
Analysts think the market could decline in the first few months of 2024, but believe it will rise again later in the year. So it’s a bit uncertain right now, and he suggests being patient and paying attention to what’s happening in the cryptocurrency world. He suggested that despite the negative forecast, the market could experience a bullish period leading into the second half of 2024.
The cryptocurrency market is anticipating an important ruling from the SEC this week, which could pave the way for the introduction of the first spot Bitcoin ETF available to professional investors in the United States.