Bitcoin Skyrockets to $35k Amid Spot Bitcoin ETF Approval Speculation

Bitcoin Skyrockets to $35k Amid Spot Bitcoin ETF Approval Speculation

Crypto News – On an early Tuesday morning, Bitcoin’s price experienced a remarkable upswing, reaching a peak of $35,000 for the first time in 17 months. The catalyst for this sudden surge emerged late on the preceding Monday, as fresh reports circulated about the imminent approval of a spot Bitcoin Exchange-Traded Fund (ETF).

This surge stands in stark contrast to a prior ETF-triggered spike, which quickly fizzled out after the news was debunked as fake. This time, BTC/USD surged past the robust resistance level at $32,800, effectively invalidating a bearish signal and propelling the leading cryptocurrency to levels exceeding $35,000, a milestone it had not achieved since May 2022.

Market analysts are now forecasting further gains, with a target of $40,000 in sight, provided that the bulls can maintain prices above the $31,000 level. This optimistic outlook suggests a strengthening position for the bulls and sets the stage for a potential explosive rally should the U.S. Securities and Exchange Commission (SEC) make a formal announcement approving the spot ETF.

Notable crypto analyst Michael van de Poppe shared his insights in a post:

“#Bitcoin managed to hold above $30,200 and began breaking the yearly high. The resilience exhibited is quite surprising, but this is what you can expect in anticipation of ETF approval. As long as we stay above $31,000, all looks promising, and we may well see $40,000 this year. It’s an auspicious time. Buy the dips.”

Another analyst, the YouTuber known as Crypto Rover, suggests that a breakout above the resistance line of a significant triangle pattern could potentially propel Bitcoin to highs of $48,000.

The Latest Developments in Spot Bitcoin ETF Approval As previously mentioned, the surge in Bitcoin’s price was largely driven by heightened expectations of the SEC’s approval of a spot Bitcoin ETF. On Monday, the iShares Bitcoin Trust, backed by the $9 trillion asset management giant BlackRock, made an appearance on the Depository Trust and Clearing Corporation (DTCC) website, with the ticker symbol $IBTC.

Eric Balchunas, a senior ETF analyst at Bloomberg, characterized this as a crucial step in the process of bringing an ETF to market.

While the SEC has not yet officially approved any ETF proposals, speculation is rife that this listing signals a nod toward potential approval. Another significant development has been the SEC’s acknowledgment of Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, paving the way for a potential listing.