Why BTC Price Targets $48,000 Ahead of Bitcoin ETF Decision

Bitcoin price continued to rise this past week after the US Securities and Exchange Commission (SEC) met with Fidelity, a prominent asset manager, to discuss its proposed spot BTC exchange-traded fund (ETF).

During the meeting on December 7, Fidelity presented a detailed paper outlining the “in-kind” creation and redemption models for the spot Bitcoin ETF, with several members of CboeBZX also in attendance. The presentation explained how various parties will coordinate to create the spot Bitcoin ETF shares and deliver them to the market maker for further distribution through a broker-dealer.

Nate Geraci, President of the ETF store, highlighted the importance of the workflow, emphasizing that “Registered Broker Dealer entities do not touch the coin in any workflow.”

Fidelity’s presentation followed the appearance of the ‘FBTC’ ticker symbol on the US Depository Trust and Clearing Corporation (DTCC) website. Fidelity, the third-largest asset management firm in the world with over $4 trillion in assets under management, has been at the forefront of the push for a Bitcoin ETF.

This is not the first time a Bitcoin ETF applicant has met with the SEC. Last month, the financial regulator held talks with several applicants including Grayscale, BlackRock, and Hashdex, among others.

These engagements have increased bullish sentiments surrounding the crypto market. Mags, a crypto trader, has suggested that Bitcoin is currently testing an important level, with the potential for the price to move towards $48,000 or retrace to $35,000. He expressed confidence that the current market bullishness will continue regardless of which scenario plays out.

On the other hand, asset manager VanEck stated that BTC’s price is unlikely to fall below $30,000 during the first quarter of next year and could reach a new all-time high by the fourth quarter, with expectations for over $2.4 billion to flow into spot Bitcoin ETFs.

According to BeInCrypto data, Bitcoin’s price has already increased by more than 180% year-to-date, reaching a yearly peak of over $44,000 before retracing to its current level of $43,860.

As the push for a Bitcoin ETF continues, the crypto market remains optimistic about the potential for continued growth and new all-time highs.

Disclaimer: In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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