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Bitcoin price could rise soon after the SEC decision

Important facts:
  • Michael Saylor expects the increase to be more than ten times the current value.

  • The price increase is evident to many even without the presence of a Bitcoin ETF.

On October 13, while the community waited for a decision on whether or not to appeal a court’s positive decision on the issuance of Grayscale’s Bitcoin ETF, the price of the digital currency continued to hover around $26,000.

This is a value that saw only a slight recovery to $27,059 overnight after it was announced that the Securities and Exchange Commission (SEC) would not appeal the ruling.

Now, a day after it was announced that the US authority’s decision increases the likelihood of Grayscale’s EFF being approved, the value of BTC remains almost unchanged. However, Expectations that the currency will skyrocket Increasing the market.

Bitcoin (BTC) price temporarily recovered overnight. Source: CoinMarketCap.

This is a possibility that has already been put on the table in previous analyzes assessing how the Grayscale and SEC case would impact the market.

In this sense many believe that “we could be on the verge of a significant price increase,” although no major immediate fluctuations in BTC price were apparent after the decision was announced.

That is the attitude Well-known businessman and Microstrategy founder Michael Saylor predicts that the value of the cryptocurrency will decline if the Bitcoin exchange-traded fund is approved will rise between 10 and 100 times its current price. Saylor, known for encouraging institutional investment in Bitcoin, estimates that the digital currency will be worth more than $250,000 per unit in the future.

Saylor’s vision is shared by Michaël van de Poppe, CEO and founder of MN Trading, who believes that BTC price will soon exceed and stabilize over $27,000. He estimates that investing in BTC at this price is “still cheap.”

For his part, the investor identified himself on X (formerly Twitter) as @CryptoMadGecko, speaks the increased liquidity that will be generated if Grayscale’s spot ETF is approved, along with other applications for this type of financial product that have already been filed with the SEC.

According to his calculations About $16 billion would flow into the cryptocurrency market. He estimates that the price of Bitcoin could rise 32-fold in the next year.

However, there are those who believe that BTC’s value will continue to rise in the long term, regardless of whether the ETF is approved or not.

In this regard, a report from the Brazilian company Hashdex reminds that the fundamental principles of the Bitcoin network, which determine its value in the market, “remain intact despite short-term regulatory or market constraints.”

These principles include the halving, an event that usually drives the price of the digital currency. As a result, whether the ETF is approved or delayed, the “long-term investment rationale” will not change.

It is worth remembering that this is October 14th for the SEC and Grayscale did not cause significant variation Something different happened to Bitcoin prices when Grayscale’s legal victory over the SEC was announced at the end of August last year.

As CriptoNoticias reported, the cryptocurrency market in general was at that time grew by more than 5%. This is thanks to a court ruling that supported Grayscale’s application to issue its spot Bitcoin ETF.

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