Bitcoin Price Prediction: ETF Likelihood Rises; Robinhood Integration Curbs BTC Losses
Bitcoin maintained a trading level of $27,280 on Thursday, experiencing a slight decrease of less than 1%. The market's momentum shifted due to a favorable judgment in Grayscale Investments' Bitcoin ETF lawsuit against the US Securities and Exchange Commission (SEC).
This led to a partial retracement of the gains achieved on Wednesday. This legal victory has garnered attention from Bloomberg analysts, who are now raising the probability of an approved Bitcoin Exchange-Traded Fund (ETF).
Alongside this development, the integration of Bitcoin into Robinhood Wallet is proving to be a valuable asset in mitigating losses for the BTC/USD pair.
This article delves into these crucial events and their potential impact on the Bitcoin price trend.
In a significant development, the US District Circuit Court's approval of Grayscale's appeal to convert its Bitcoin Trust (GBTC) into a spot Bitcoin Exchange-Traded Fund (ETF) on August 29 has caught the attention of Bloomberg Intelligence analysts.
They have increased the likelihood of an approved spot Bitcoin exchange-traded fund (ETF) by the end of 2023 to 75%, up from the previous estimate of 65%.
This adjustment comes after Grayscale's recent legal success against the federal securities regulator, which showcased the decisive stance taken by the United States Court of Appeals Circuit.
The analysts from Bloomberg noted that the court's unanimous rejection of the SEC's arguments and the upcoming deadlines will likely compel the agency to struggle in denying further approvals.
Moreover, Bloomberg's James Seyffart predicted that spot Bitcoin ETF approvals could become a "done deal" by Q4 2024, with approval odds now standing at 95%.
As seven Bitcoin spot ETF applications await initial
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