Goldman Sachs Foresees Bullish Trend from Spot Bitcoin ETF

• Goldman Sachs Projects Bullish Quarters Ahead in Crypto Market
• Increased On-Chain Trading Predicted
• Spot Bitcoin ETF Approval Possibility
• New Bull Run Expected with Spot Bitcoin ETF and BTC's Halving Cycle
• Possibility of SEC Decision Delay on Spot BTC ETF

Goldman Sachs Projects Bullish Quarters Ahead in Crypto Market

Leading investment banking, securities and investment management firm, Goldman Sachs, has forecasted bullish prospects for the cryptocurrency market in the coming quarters. These predictions center around the potential approval of a Spot Bitcoin$42,260 -0.64% (BTC) ETF (Exchange Traded Fund), the impending BTC halving cycle, and the expected easing of interest rates by the US Federal Reserve. The banking giant also foresees a surge in cryptocurrency trading activities.

Increased On-Chain Trading Predicted

Matthew McDermott, the Global Head of Digital Assets at Goldman Sachs, projects a significant rise in on-chain trading in the next one to five years. Responding to BlackRock CEO Larry Fink's prediction of tokenized assets being the 'next generation' for markets, McDermott agreed but added that it would take some time to comprehensively emulate most financial markets on the blockchain.

Spot Bitcoin ETF Approval Possibility

According to a Bloomberg analysis, the possibility of the SEC (Securities and Exchange Commission) approving a spot BTC ETF stands at 90% by January 10, 2024. Other industry pundits, such as Anthony Scaramucci, share this optimistic prediction, asserting that the SEC could approve one or more spot BTC ETFs by early 2024.

New Bull Run Expected with Spot Bitcoin ETF and BTC's Halving Cycle

If a spot Bitcoin (BTC) ETF is approved and with the upcoming BTC halving cycle in April 2024, the crypto market could experience another bull run. Bitwise researcher Ryan Rasmussen is of the opinion that the spot BTC ETF will be considered the most substantial ETF launch of all time. He also postulates that the ETF launch could catapult BTC's price to an unprecedented all-time high of $80,000.

Possibility of SEC Decision Delay on Spot BTC ETF

While many anticipate the SEC to approve a spot BTC ETF by early January 2024, it is worth noting that the commission could potentially postpone its decision due to technicalities. The SEC has previously deferred its decision on several occasions, consistently missing its set deadlines.

Edited by Jonathan Stoker