Spot Bitcoin ETF | Bitcoin Price Prediction: Bitcoin On The Cusp Of Massive Rally
The post Spot Bitcoin ETF | Bitcoin Price Prediction: Bitcoin On The Cusp Of Massive Rally appeared on BitcoinEthereumNews.com. Bitcoin (BTC) price is finally embracing support above $30,000 while bulls reach out for the yearly high at $31,000. The bellwether cryptocurrency has since early last week sustained an uptrend amid heated discussions surrounding the much-anticipated approval of BTC spot exchange-traded funds (ETFs) in the US. Investors have come to appreciate the fake news that rocked the crypto space about the Securities and Exchange Commission (SEC) greenlighting BlackRock’s Bitcoin spot ETF proposal. The fake news saw investors, especially retail rush to increase exposure to BTC which created momentum for the ongoing rally above $30,000. Up 2.6% in the last 24 hours, Bitcoin price is trading at $30,664, according to live market updates by CoinGape. What Does A Spot BTC ETF Approval Mean For Bitcoin Price? Bitcoin price has climbed considerably and is almost hitting its yearly high of $31,000 riding on momentum created by fake news about the approval of a spot ETF. Hence, the actual approval could invalidate all bearish sentiments and act as the springboard for the early stages of the bull market ahead of the 2024 halving. A BTC spot ETF would open an influx of money from traditional investors, who prefer to buy shares of the product through a conventional stockbroker, thus avoiding the process of purchasing the digital asset directly on exchanges and subsequently the complexities associated with storing the coins in crypto wallets. The approval would also validate Bitcoin as a mature asset—a status that crypto enthusiasts have long been waiting for. It is the expected influx of money from institutional investors in the traditional market that will act as the catalyst for a massive rally and coupled with the halving, they could usher in the 2024/2025 bull run. A research report by JP Morgan released last Wednesday speculated that multiple spot ETFs would be approved, especially…
The post Spot Bitcoin ETF | Bitcoin Price Prediction: Bitcoin On The Cusp Of Massive Rally appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) price is finally embracing support above $30,000 while bulls reach out for the yearly high at $31,000. The bellwether cryptocurrency has since early last week sustained an uptrend amid heated discussions surrounding the much-anticipated approval of BTC spot exchange-traded funds (ETFs) in the US. Investors have come to appreciate the fake news that rocked the crypto space about the Securities and Exchange Commission (SEC) greenlighting BlackRock’s Bitcoin spot ETF proposal. The fake news saw investors, especially retail rush to increase exposure to BTC which created momentum for the ongoing rally above $30,000. Up 2.6% in the last 24 hours, Bitcoin price is trading at $30,664, according to live market updates by CoinGape. What Does A Spot BTC ETF Approval Mean For Bitcoin Price? Bitcoin price has climbed considerably and is almost hitting its yearly high of $31,000 riding on momentum created by fake news about the approval of a spot ETF. Hence, the actual approval could invalidate all bearish sentiments and act as the springboard for the early stages of the bull market ahead of the 2024 halving. A BTC spot ETF would open an influx of money from traditional investors, who prefer to buy shares of the product through a conventional stockbroker, thus avoiding the process of purchasing the digital asset directly on exchanges and subsequently the complexities associated with storing the coins in crypto wallets. The approval would also validate Bitcoin as a mature asset—a status that crypto enthusiasts have long been waiting for. It is the expected influx of money from institutional investors in the traditional market that will act as the catalyst for a massive rally and coupled with the halving, they could usher in the 2024/2025 bull run. A research report by JP Morgan released last Wednesday speculated that multiple spot ETFs would be approved, especially…
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