Bitcoin Price Forecast: SEC Approves Options Trading for BlackRock’s ETF – $100,000 BTC Possible in 2024?

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

September 21, 2024

The SEC’s recent approval of options trading for BlackRock’s iShares Bitcoin ETF marks a significant step in institutional Bitcoin adoption.

This new financial tool allows investors to hedge risks more effectively, boosting confidence in the cryptocurrency market.

With growing institutional interest, some analysts predict that Bitcoin could reach the $100,000 mark in 2024, further strengthening its position as a leading asset.

SEC Approves Options Trading for BlackRock’s iShares Bitcoin Trust

The U.S. Securities and Exchange Commission (SEC) has approved the listing and trading of options on BlackRock’s iShares Bitcoin Trust (IBIT). This allows investors to manage and hedge their Bitcoin exposure through these new options.

The options will follow U.S. exercise methodology, meaning they can be physically settled and exercised before expiration. Strict monitoring will ensure compliance and prevent market manipulation, similar to other ETF options.

• Physically settled options
• Exercise available before expiration
• Enhanced market compliance

This approval marks a significant step in Bitcoin’s integration into regulated markets, boosting institutional confidence and potentially increasing Bitcoin demand.

MicroStrategy Boosts Bitcoin Holdings with $458M Purchase, Eyes $1B Total

MicroStrategy has expanded its Bitcoin (BTC) holdings, purchasing 7,420 BTC for $458.2 million between September 13 and 19, 2024, at an average price of $61,750. To fund the acquisition, the company increased its initial $700 million convertible note offering to $1.01 billion.

MicroStrategy now holds 252,220 BTC, valued at over $16 billion, acquired at an average price of $39,266 per BTC.

Under CEO Michael Saylor, MicroStrategy continues to lead corporate Bitcoin adoption, signalling plans to purchase more. While the company’s stock dipped 1.5%, this reflects broader market trends.

• Total BTC: 252,220
• Average Price: $39,266 per BTC
• Purchase funded by $1.01B note offering

MicroStrategy’s aggressive Bitcoin strategy strengthens institutional confidence, potentially driving BTC prices higher by reducing available supply.

Trump’s Bitcoin Stunt Boosts Crypto Appeal with Pro-Crypto Stance

Former President Donald Trump made headlines on Free Cheeseburger Day by conducting a public Bitcoin transaction at PubKey, a Bitcoin-themed bar in New York City.

During the event, Trump voiced support for a pro-crypto regulatory environment and urged his supporters to vote in November.

Although he once called Bitcoin a “scam,” Trump has now embraced cryptocurrency, raising $25 million in donations, mostly in Bitcoin.

• Trump promises pro-crypto regulatory reforms
• Raises $25 million, primarily in Bitcoin donations
• Pledges to replace SEC Chair with a crypto-friendly leader

Trump’s new crypto stance could boost Bitcoin’s appeal and drive up demand.

Bitcoin Tests Key Resistance at $63,000 Amid Bullish Run

Bitcoin (BTC/USD) trades around $63,000 after hitting an intraday high of $63,546. The price is currently facing resistance near $63,800, which aligns with the upper boundary of the ascending channel.

Immediate resistance stands at $64,154, with further targets at $65,536 and $67,329.

On the downside, immediate support is seen at $62,357, followed by $60,777, where the upward trendline also offers psychological support around $60,000.

The 50-day EMA, positioned at $60,727, is another key technical indicator supporting the current bullish momentum.

The Relative Strength Index (RSI) is at 61.72, having retreated from overbought levels, suggesting a potential bearish correction.

A drop below $62,000 could trigger further downside toward $60,600. However, if BTC holds above $62,000, a bullish rally is likely to continue.

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