24 October Gold Price Soared 300% Post-ETF Approval – Can Bitcoin (BTC) Replicate the Success?

Crypto News– Bitcoin (BTC) prices are on the rise as excitement over a potential spot exchange-traded fund (ETF) intensifies, propelling the cryptocurrency to an 18-month high. Drawing parallels with gold’s historical price surge after its initial ETF approval, many are now wondering if Bitcoin will tread a similar path.

24 October Gold Price Soared 300% Post-ETF Approval – Can Bitcoin (BTC) Replicate the Success?

During the Asian trading session on Tuesday, Bitcoin prices touched $35,000. This significant uptick represents a remarkable 14% daily increase, catapulting the cryptocurrency to its highest valuation since May 2022.

Emulating Gold’s Price Movement?

The recent surge in Bitcoin prices can be largely attributed to the growing excitement and expectations surrounding the potential approval of a spot ETF. Unlike futures-based ETFs, a spot ETF would directly invest in the underlying asset, thereby increasing the buying pressure.

Market analysts have been drawing parallels to the historical moment in November 2004 when the first spot gold ETF, SPDR Gold Shares, was introduced on the New York Stock Exchange. This innovative fund enabled investors to gain exposure to the precious metal without the need to purchase physical gold directly. A similar prospect awaits a spot in Bitcoin ETF, which would open the door for institutional investors to enter the cryptocurrency space without the necessity of setting up a digital wallet or exchange account.

Notably, following the introduction of the gold ETF, gold prices embarked on an impressive eight-year bullish run, as observed by analysts.

Bold Bitcoin Forecasts

The recent substantial market movement has sparked a surge of interest among analysts, prompting a flurry of price predictions. One crypto analyst, who goes by the moniker Mags, foresaw the breakout happening before the close of this year. Additionally, some have predicted a potential dip below the $30,000 mark in the coming couple of months.

According to this analyst, this anticipated dip may serve as a final accumulation zone before a significant breakthrough, potentially propelling the cryptocurrency to as high as $50,000 prior to the next halving event. Moreover, they envision a fresh all-time high in the cryptocurrency’s value occurring by the end of 2024, with further gains and new peaks expected in 2025.

Following what felt like an enduring crypto winter, the Bitcoin bulls finally have reason to celebrate this week.