Jack Tan Predicts an ‘Anti-Gravity Phase’ for Bitcoin, Forecasts $75,000 Price Amidst ETF Anticipation

Jack Tan Predicts an ‘Anti-Gravity Phase’ for Bitcoin, Forecasts $75,000 Price Amidst ETF Anticipation

Crypto News – In a recent statement, Jack Tan, the Co-Founder and CEO of WOO Network, shared his insights on the recent surge in Bitcoin (BTC) prices, which have surpassed the $35,000 mark. Tan’s commentary covers various aspects of the cryptocurrency market and its interaction with broader financial trends.

Tan believes that Ethereum (ETH) will eventually catch up with Bitcoin, aligning with his previous analyses. He had also previously predicted that Bitcoin would gradually climb higher, driven by the anticipation of a Bitcoin Exchange-Traded Fund (ETF) and as a hedge against geopolitical uncertainties, which often lead to increased government spending and money printing. He suggests that we have moved beyond the peak of the speculative “fake news” pump that previously influenced crypto prices.

Drawing a parallel between alternative cryptocurrencies (altcoins) and tech stocks, Tan points out that altcoins lack the safe-haven characteristic of Bitcoin. Consequently, until the money printing presses start rolling and risk assets surge, altcoins are likely to underperform in comparison to both Bitcoin and Ethereum.

Tan also comments on the state of treasury rates, noting that, in the short term, geopolitical fears have made shorting government bonds a less favorable bet. This dynamic, he argues, contributes to the upward momentum in cryptocurrency prices.

Tan introduces the concept of an “anti-gravity phase” for Bitcoin, wherein he envisions the cryptocurrency reaching $75,000 in the coming months. He attributes Bitcoin’s resilience in the face of declining stock prices as a significant factor contributing to this bullish outlook.

The recent drop in stock markets and the approaching 5% yield on 10-year Treasury bonds, prompted by remarks from Federal Reserve Chair Jerome Powell emphasizing uncertainty regarding the central bank’s approach to inflation, coincided with Bitcoin’s climb to nearly $29,500, edging closer to the $30,000 threshold.

Tan highlights the significance of a potential spot ETF approval, suggesting that it will exert upward pressure on Bitcoin prices. He likens betting on a sustained decline in Bitcoin to defying gravity, emphasizing the strong demand that ETF anticipation can generate. Moreover, he anticipates that if Bitcoin becomes perceived as a “rush to safety” asset, it will usher in a new paradigm for the cryptocurrency.

In Tan’s view, the approval of spot ETFs will not only benefit Bitcoin’s price but also eventually extend to Ethereum. He posits that these two assets could progressively detach from the broader cryptocurrency market as Wall Street embraces Bitcoin through ETF adoption. He acknowledges that it may still be early for this transformation, but foresees the traditional financial world adopting Ethereum in a manner consistent with the narratives that have circulated within the cryptocurrency space in recent years.

One of the primary challenges for traditional investors throughout Bitcoin’s existence has been custody, and Tan believes that a spot ETF could significantly alleviate this concern. He emphasizes that recent developments indicate a growing ease of access, custody solutions, and maintenance options for holding Bitcoin, making it more accessible to a broader audience.

Currently, the cryptocurrency markets are experiencing an accelerated phase as Bitcoin approaches the potential adoption of ETFs on Wall Street. The recent decision by the U.S. Securities and Exchange Commission (SEC) to refrain from ruling against the rejection of Grayscale’s ETF application further contributes to the positive sentiment in the market. Bitcoin’s brief spike to $30,700, triggered by false news, provides a glimpse of the potential impact that ETF approval could have.

Tan concludes by noting that much of the expected impact on Bitcoin’s price due to ETF adoption has already been factored in since it reached the $25,000 level back in February. He references the narrowing discount on the Grayscale Bitcoin Trust (GBTC) as evidence of this anticipation.

GBTC has traded at a discount since February 2021 and reached a record low of nearly 50% in December of the previous year, during the extended crypto market downturn. CoinDesk reported that Grayscale is fully prepared to convert GBTC into an ETF once it receives approval from the SEC.