spot_img
spot_img
HomeNewsCrypto Rollercoaster: Bitcoin ETF Approval Hints at $30K, $70K, or $150K Surge

Crypto Rollercoaster: Bitcoin ETF Approval Hints at $30K, $70K, or $150K Surge

- Advertisement -
  • Bitcoin surged by 7% to $30,000 following false news of an SEC-approved BlackRock’s spot BTC ETF application.
  • Analysts debate: some foresee a significant price gain upon actual approval, while others believe the impact is already reflected in BTC’s current price.

The Bitcoin ETF Conundrum

Bitcoin’s brief, spirited rally following an incorrect news headline concerning the SEC’s approval of BlackRock’s spot BTC ETF application provided a glimpse into potential market responses when an actual approval is granted.

The short-lived surge, described by many as a ‘dry run,’ exhibited the market’s sensitivity to ETF-related developments. K33 Research analysts highlighted the event as a foretaste of probable outcomes tied to forthcoming decisions on spot ETF applications. They observed a rapid 7% climb in Bitcoin‘s price, leaping to $30,000 from just below $28,000 within a mere eight minutes post the misinformation.

- Advertisement -

Interestingly, the Bitcoin market had also witnessed a 14% rise in the week following BlackRock’s initial spot ETF application in mid-June.

Market Sentiments: A Tapestry of Views

While K33 Research envisages a potentially monumental surge eclipsing these earlier reactions upon an actual approval, they also caution about a stark downturn in case of a rejection. Contrarily, Alex Kr├╝ger, co-founder of investment research firm Asgard Markets, underscored Monday’s rally as evidence that the much-anticipated ETF approval hasn’t been fully factored into Bitcoin‘s price. He boldly postulates an impressive +20% move on the day of the real approval.

However, not everyone shared this optimism. Joe Consorti and Nik Bhatia from The Bitcoin Layer newsletter labeled Monday’s rally as “a measly pump.” To them, such spontaneous intraday price jumps are common for Bitcoin. Their analysis suggests that the impending spot ETF approval’s excitement and subsequent price gain might already be reflected in Bitcoin’s present valuation.

- Advertisement -

Adding another layer of complexity to this discourse, Joe Edwards from Enigma Securities underscored the significance of the spot Bitcoin ETF for BTC’s future, emphasizing its centrality in shaping positive market catalysts. But, he also posited a fascinating theory: the actual approval might instigate a “sell the news” event. This means that while there might be an immediate uptick in BTC’s price following the news, a decline might ensue shortly after.

Edwards clarifies that the real benefits of market access related to such an approval will manifest over years, not mere minutes or days.

- Advertisement -
[disclaimer]
Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
RELATED ARTICLES
- Advertisment -spot_img

LATEST ARTICLES