Morgan Stanley is reportedly inching closer to approving a spot Bitcoin (BTC) ETF (Exchange Traded Fund). According to X user “Andrew,” multiple sources have confirmed that the financial giant will approve BTC ETFs on various platforms in the next two weeks. Andrew highlights that the sources are from Morgan Stanley, BTC ETF firms, and legal insiders. However, the financial institution has not made any official statement about approving a BTC ETF.
UPDATE: several sources confirming that @MorganStanley is set to approve #Bitcoin ETF's on their platform in the next two weeks.
— Andrew (@AP_Abacus) March 26, 2024
– sources are from inside $MS, inside $BTC ETF firms, and legal insiders adjacent to both.
– @MorganStanley holds more than $1.5T in client assets.
Also Read: Currency: Bitcoin to Grow Stronger Than the US Dollar
The US SEC (Securities and Exchange Commission) made a historic decision and approved 11 spot Bitcoin ETFs in January. Since the approvals, spot BTC ETFs have seen massive amounts of inflows. Moreover, BTC reached a new all-time high of $73,737.94 earlier this month.
Will Bitcoin (BTC) hit another high in April?
Bitcoin (BTC) will undergo its next halving cycle in April. Many analysts anticipate a market-wide rally following the halving event. Moreover, if Morgan Stanley approves a spot BTC ETF, it may lead to additional funds flowing into the original cryptocurrency.
According to Coincodex, BTC could surpass the $90k mark in April, hitting $90,085 on Apr. 24, 2024. Reaching $90,085 from current levels would translate to a growth of about 28.5%.
Changelly also anticipates Bitcoin (BTC) to hit a new all-time high in April. The platform predicts BTC to hit $89,251 on Apr. 21, 2024. Moreover, Changelly expects BTC to hit a maximum price of $106,978.30 in 2024. Reaching $106,978.30 from current levels would translate to a growth of about 52.6%.
Also Read: BTC: Bitcoin Predicted To Reach $100,000 in September 2024
Telegaon, on the other hand, predicts BTC to hit a maximum price of $96,919.93 in 2024. Reaching $96,919.93 from current levels would translate to a growth of about 38.2%.
Going by analysts’ estimates, it would appear the original crypto is on the verge of breaking into another rally. Moreover, BTC’s gains may trickle into other assets, leading to a market-wide rally. Other cryptocurrencies may also hit new highs following BTC’s surge.
