Bitcoin’s price continues to be on an upward trajectory, catching many off guard this weekend. Currently, BTC is up 3.0% over the past 24 hours and has rallied 12% over the past week. For $30,780According to data from Coingecko, the top crypto is inches away from reaching the vaunted $31,000 mark, an area it briefly surpassed on April 10 this year.
The $30,000 mark has significant significance for Bitcoin, functioning as both a psychological milestone and a technical resistance point. Psychologically, it represents a round number that influences investor sentiment, inspires confidence when it is surpassed and concerns when it becomes a barrier.
Technically, $30,000 historically, it acts as a level at which selling pressure tends to increase, impacting short- and long-term price movements. As a result, this price level is closely watched by traders and investors, making it a crucial reference point in the cryptocurrency market.
The expected boost: the impact of Bitcoin ETF on the crypto market
There is a lot of excitement about the possibility of the US Securities and Exchange Commission allowing a Bitcoin Exchange Traded Fund (ETF). This could be a big boost for the struggling cryptocurrency market. Mike Novogratz, the CEO of Galaxy Digital, thinks it is very likely that the US will soon approve these types of investment funds for Bitcoin. This news could be a major reason for Bitcoin’s price to rise.
Bitcoin could soon break its overhead resistance and begin a meteoric rise, according to trading group Stockmoney Lizards. They expect broad participation in the ETF and a subsequent surge leading up to the halving in April 2024.
BTCUSD inching closer to the key $31K territory. Chart: TradingView.com
The financial sector is currently witnessing the active participation of major players such as BlackRock, which manages assets of over $10 trillion. These companies are also actively pursuing approval of their applications for exchange-traded funds (ETFs), creating an environment of high expectations.
As a result of Bitcoin’s steady rise, the tokens formed by the forking of the alpha coin, namely Bitcoin Cash (BCH) and Bitcoin SV (BSV), experienced a significant increase of up to 26%, surpassing other altcoins in terms of gains. This wave may indicate a possible expression of enthusiasm.
BTC price action in the last 24 hours. Source: Coingecko
Prospects of a Bitcoin ETF in late 2023 or early 2024
Several industry experts suggest that the long-awaited approval of a Bitcoin Exchange-Traded Fund (ETF) could happen sometime between late 2023 and early 2024. This revelation has caused a lot of excitement in the cryptocurrency community and the broader financial world.
If BlackRock’s spot Bitcoin ETF is approved, cryptocurrency services provider Matrixport expects Bitcoin’s price to rise to between $42,000 and $56,000. The community of US registered investment advisors and the potential influx of gold ETF investors are behind the highly optimistic forecast.
A Bitcoin ETF is a big deal because it makes it easy for regular people to invest in Bitcoin without having to deal with all the complexities that come with digital currencies. It’s like a bridge connecting the mainstream money world to the wild world of cryptocurrencies, which would allow more people to use Bitcoin.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from FRAC Lorraine collection
