It has been revealed that a really popular crypto investor, Nic Carter, is revealing the moment when the price of Bitcoin could take off for good. Check out the latest reports about this below.
Bitcoin to take off soon
Castle Island Ventures founding partner and co-founder of Coin Metrics, Nic Carter, has made a prediction regarding the future of Bitcoin (BTC).
In a recent interview with Bloomberg Television, Carter stated that he believes the price of Bitcoin will skyrocket a few months after spot Bitcoin exchange-traded funds (ETFs) are potentially approved in the United States.
“Well, of course, there’s tax selling potentially to end the year here, and we’ve seen the market give up some of those gains in recent days. But just fundamentally it’s about expectations versus catalysts.
And the market at this point thoroughly expects the ETF, and I think the big rally we’ve seen from the $20,000s, low $30,000s into the mid $40,000s for Bitcoin, I think that’s almost entirely ETF based. And so on day of [the potential BTC ETF approval], there might be a bit of a pop, but I think the effect might be muted.
Where I expect to see the price developing, in the medium term that’s where I’m excited. That’s when I think you see RIAs (registered investment advisors) and other kinds of financial entities that previously weren’t able to necessarily recommend Bitcoin to their clients get the ability to do that with the ETFs.
I think we’ll see a marketing rampage from the big ETF sponsor, some of the largest financial institutions in the world, and that’s when I think this thing really takes off as we enter and throughout 2024.”
Carter has predicted the approval of spot BTC ETFs on January 8th, and he believes that this approval will have a greater impact on Bitcoin’s value than the April 2024 Bitcoin halving event.
During the halving event, miners’ rewards will be reduced by half, thus lowering the new supply of BTC.
Carter stated that the market is almost certain about the ETF approval, which is expected to happen before January 10th, with Carter predicting it will happen on the 8th.
This expectation has already been reflected in the near-term price, and it may even result in a new selling event.
