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Crypto Analysts Foresee Bitcoin Price Surge Following ETF Approval

Analysts, Approval, Bitcoin, Crypto, ETF, Foresee, Price, Surge

Title: Bitcoin Price Surge and the Potential Impact of a ‘Real’ Spot ETF

Yesterday, a misinformation event caused Bitcoin’s price to spike, reaching a two-month high of approximately $30,200 on Bitfinex. The false information was about the approval of the iShares Bitcoin Spot ETF by BlackRock. Despite Bitcoin’s price retracing this move shortly after the misinformation was revealed, the swift price movement has left crypto analysts speculating on the potential price impact should a Bitcoin Spot ETF gain genuine approval.

BlackRock’s CEO, Larry Fink, remained a vocal supporter of Bitcoin following the event, stating in a TV interview that it exemplifies the “pent-up interest in crypto.” He also mentioned the growing demand for crypto, referring to Bitcoin as a “flight to quality.”

Macro analyst Alex Krüger commented on this event, stating that anyone who thinks the ETF is already priced in has just been proven wrong. He expects a +20% day move when approved. In contrast, Christopher Inks, a seasoned trader and market psychology expert, believes that Bitcoin has been rallying for ~5 weeks already and anticipates that the price will rally to $38-$40K in case of breaking above ~$31K.

Eric Weiss, the founder & CIO of the Blockchain Investment Group, advised individuals to act accordingly, hinting at the possible reaction to a spot Bitcoin ETF approval. He believes that the real price appreciation will stem from “the ETFs taking in USD and buying Bitcoin, which will create a significant supply/demand imbalance and likely drive up the price of Bitcoin to all-time highs.”

On the other hand, Jeff Dorman, CIO at investment firm Arca, highlighted the significance of actual flows over announcements, stating that the real game begins post-approval. His perspective draws from the historical trajectory of gold. The approval of the inaugural gold exchange-traded fund (ETF) in the United States in 2004 saw gold’s value rise dramatically.

At press time, the BTC price was at 28,473, above the 0.5 Fibonacci retracement level at around $28,200, which also marked the key resistance over the past two months. Given that financial giants such as BlackRock, Fidelity, and Invesco are queuing up with their respective spot ETFs, a similar trend for Bitcoin is projected by many analysts.

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