3 Top Reasons Bitcoin Price Can Reach $47,000 By December, While Traders Place $20,000 in Bitcoin ETF Token ICO

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Nov 06, 2023, 15:19 ET

NEW YORK, Nov. 6, 2023 /PRNewswire/ -- The Bitcoin price can hit $47,000 in December for three reasons, making the Bitcoin ETF token a must-buy at ICO for those who want exposure to the Bitcoin ETF theme.

Bitcoin halving, the launch of a spot Bitcoin ETF, and the Bitcoin digital gold thesis are the three factors combining to send the top cryptocurrency's price to $47,000 by December, and possibly into the $60,000s early next year.

Bitcoin ETF Token is the best way to position your portfolio for the approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (PRNewsfoto/Bitcoin ETF Token)

A spot Bitcoin ETF approval could send the Bitcoin Price on a journey to $47,000 – the Bitcoin ETF Token is a cheap and clever way to play this investment theme (PRNewsfoto/Bitcoin ETF Token)

An expected bull run that accompanies the Bitcoin halving cycles has probably already begun – providing the first major reason for the doubling in the price of Bitcoin since its near-term lows printed in November last year.

The logarithmic price chart below showing the previous Bitcoin halving epochs illustrates the powerful price-positive driver that accompanies the reduction of the bitcoin block reward. In April 2024 the reward halves from 6.25 to 3.125 Bitcoin per block mined.

Best way to position your portfolio for stellar returns for when a spot Bitcoin ETF is approved

However, a second reason for bullish sentiment returning to the market is undoubtedly the narrowing odds that the US Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF, as soon as January next year.

In anticipation, traders have already started diverting their cash into Bitcoin derivative coins such as the Bitcoin ETF Token ($BTCETF) in order to be ready for the approval of a spot Bitcoin ETF.

Traders are incentivized to buy the $BTCETF token in the presale through the ecosystem's staking feature. At the time of writing more than 3 million $BTCETF tokens have been staked, earning an astronomical annual percentage yield (APY) of 10,000-plus. The yield will taper lower as more funds are deposited into the staking smart contract.

Burn mechanism tied to real-world events such as trading volume and spot Bitcoin ETF approval and launch dates

Bitcoin ETF Token launches with a 5% burn mechanism on all transactions. Up to 25% of the total token supply is eligible to be burned.

Ingeniously, the burn mechanism is tied to real-world events related to spot Bitcoin ETF news flow, where milestones such as approval and launch dates and the level of assets under management (AUM), trigger burn events.

For instance, when the trading volume of $BTCETF reaches $100 million the transaction tax reduces from 5% to 4%. There are other clever milestones, such as when the first spot Bitcoin ETF is approved the sales tax reduces from 4% to 3%.

If you are looking to ride the enthusiasm surrounding the hottest investment in crypto right now, Bitcoin ETF Token is the best way to get your portfolio positioned for when the SEC approves the first spot Bitcoin ETF.

Bitcoin ETF Token has a total supply of 2.1 billion (2,100,000,000). The project's website has a helpful newsfeed to keep you up to date with all the news related to Bitcoin ETFs and the Bitcoin price.

The $BTCETF token is the best way to play the spot Bitcoin ETF theme. The token is in presale now and only costs $0.005. There is a hard cap total of just under $5 million, with the presale divided into 10 price stages, so investors need to buy today to lock in the lowest possible prices.

Bitcoin is digital gold – and Bitcoin ETF Token is a cheap way of getting in on the action

Our third reason why Bitcoin can hit $40,000 in November is the persistent attractiveness of Bitcoin as a store of value – the digital gold narrative is coming to the fore once more. Again, purchasing Bitcoin ETF Token is a way of gaining exposure to this third leg of the bull case for Bitcoin.

There's nothing like war and economic uncertainty to stir the pot for gold bullion and Bitcoin is arguably a more portable and divisible version of that asset, with similar investable properties, but without the custodial costs required to store it in a vault.

ARK Invest founder Cathie Wood outlined the digital gold case for Bitcoin in a recent Bloomberg interview, tweeted below:

https://x.com/Washigorira/status/1720402205885317499

With Bitcoin ETF Token there is no expense ratio fee deductions you see with ETFs

Also worth mentioning is the fact that buying the Bitcoin ETF Token is a cheaper way to gain exposure to the Bitcoin value proposition via an actual spot Bitcoin ETF.

ETFs come with management fees. Although the total expense ratio (the percentage of returns deducted for fees) is usually less than 1%, making ETFs cheaper than mutual funds, the expenses can still add up to a lot of money, especially for bigger pots.

When you buy $BTCETF tokens you pay a one-off amount to cover the gas fees on Ethereum, as opposed to having to fork out an ongoing annual percentage charge.

There is also no pesky tracking error (when the underlying asset and the ETF price diverge slightly) to worry about, as there is with exchange-traded funds.

Dollar losing its luster, Bitcoin gaining a shine and it's programmable too

Those are the three major reasons, but there are other positives associated with the macroeconomic backdrop and Bitcoin protocol fundamentals.

On that, the waning power of the dollar and sticky inflation make a disinflationary asset like Bitcoin a great portfolio diversifier, even if that wasn't really apparent when inflation first returned as a top concern for policymakers.

At the protocol level developments around NFT ordinals demonstrated the flexibility of Bitcoin as a programmable form of money that is practically, and theoretically, able to adapt and evolve.

Despite the much-talked-about governance drawbacks that have previously slowed progress, the hype around 'inscriptions', which allowed block space to be used for unintended and novel purposes such as storing NFTs, showed what is possible.

Even if you are doubtful of the value proposition of NFT ordinals, their existence proves the point about the revolutionary extensibility of Bitcoin.

Transactions surged on the Bitcoin blockchain when ordinals innovation began, leading to criticism in some quarters that they were clogging up the chain and pressuring transaction fees higher. Nevertheless, it showed the innovative possibilities of the Bitcoin protocol in contrast to the sterility of non-programmable fiat money.

How spot Bitcoin ETF approval can propel the Bitcoin price to $60,000 going into 2024

Having reestablished itself around the $35,000 level, traders are looking at upside Bitcoin price targets between $47,000 and $60,000 going into 2024.

If the price stays within its current ascending channel then it could hit $47,000 as early as December.

But the Bitcoin price could blast off in January because it is on the 10th of that month that the deadline for an SEC decision on whether to approve the ARK 21 Shares Bitcoin ETF comes round.

An approval could see the price break out of the identified channel and arc higher on a trajectory to $47,000, where it will likely meet some resistance that formed at that level in April 2022.

Assuming Bloomberg Intelligence analysts who have nailed their mast to a 90% probability of a spot Bitcoin ETF being approved are correct, then a steady flow of other approvals will follow, including the big one – BlackRock's iShares Bitcoin Trust ETF. BlackRock is the largest asset manager in the world.

Fuelling the speculation, and the contention that an approval is inevitable, was the inclusion of the iShares fund in the eligibility file of the DTCC (Depository Trust & Clearing Corporation) clearing house, which handles post-trade settlement for US financial markets.

Although the iShares ETF's inclusion in the file does not mean an approval is confirmed, it is a step that is indicative of such an outcome. No previous spot Bitcoin ETF applications have been included in the DTCC list.

The news propelled the Bitcoin price on a two-day rally to an 18-month high of $35,180, which is where the price is still currently trading.

After settling at $47,000 there is an open road ahead for the price to climb back into the $60,000s and to challenge the all-time high at $68k.

Spot Bitcion ETF and the $BTCETF token can open the floodgates to new money

Not surprisingly then, of all the three major reasons behind the push to $40,000, market participants will be most focused on the prospects for a spot Bitcoin ETF and how it and other Bitcoin derivatives such as Bitcoin ETF Token can play a part in opening up the floodgates to new money.

Exchange-traded funds will provide both retail and institutional investors with safe and hassle-free ways of gaining exposure to Bitcoin.

There will be no need to risk funds by investing in a latter day FTX, for example, which could open up investor money to fraud and losses.

Spot Bitcoin ETF issuers include the great and the good of the investment management world, from BlackRock to Fidelity and relative upstarts such as ARK Invest.

Having highly regulated and well-supervised companies such as the aforementioned entering the crypto space may be a threat to some 'crypto native' incumbents such as centralized exchanges. But for retail investors it means more security and choice, and for institutional clients it provides a regulated on-ramp.

The opening today of the Bitcoin ETF Token presale provides investors with perhaps the smartest way to leverage the investment theme around the spot Bitcoin ETF. It could be the best thing that happens to your crypto investment portfolio.

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