Bitcoin poised for flight over ATH on spot BTC ETF approval

Mike Novogratz, Galaxy Digital CEO, opined that Bitcoin could swiftly race above its 2021 all-time high once the SEC greenlights spot BTC ETFs. 

Bitcoin (BTC) proponent Mike Novogratz predicts a return to all-time highs (ATH) followed by exponential growth for crypto’s king token after the U.S. Securities and Exchange Commission (SEC) issues approvals for spot Bitcoin ETFs, a development widely expected by January 2024. 

Prices are set on the margin, so that’s all new money. We will see a pretty successful shift of psychology when the government says you are allowed to buy Bitcoin.

Mike Novogratz, Galaxy Digital CEO

Novogratz added that an ascent back to $69,000, Bitcoin’s previous ATH from 2021, should occur within a year as backing for spot BTC ETFs from the SEC should capture broad interest from retail and institutional investors alike. 

Bitcoin fell to $16,000 less than two years after its ATH due to multiple marquee crashes in the crypto industry. Entities like Terraform Labs, Three Arrows Capital and FTX, which collectively accounted for billions of digital assets, buckled into bankruptcies throughout 2022. 

However, BTC has seen a resurgence in demand following BlackRock’s filing for a spot Bitcoin ETF. Several other issuers like ARK Invest, Bitwise, Valkyrie, and WisdomTree followed suit while GBTC issuer Grayscale attempted to convert its Bitcoin trust into a spot ETF. 

Since September, Bitcoin has jumped over 45 percent and traded around $37,000 per TradingView data.

These filings have also spurred interest in crypto’s second largest token by market cap, Ethereum with asset managers like Fidelity seeking approval for ETFs that invest in the number one altcoin.