Crypto News – On whether the much-anticipated approval of a Bitcoin ETF will slow down or accelerate the rise of the cryptocurrency, analysts are divided.
ETF Approval and Bitcoin Price Relationship
The euphoria surrounding the impending approval of a Bitcoin ETF has been the primary driver of Bitcoin’s growth over the past two months. However, many ardent supporters of Bitcoin are adamant that the event hasn’t been priced in, meaning that if and when a Bitcoin ETF is approved in the upcoming weeks, they believe BTC is ready to soar even higher.
All indications point to approval, which would trigger a flood of new money into the market. That is why some experts and traders are so optimistic and believe that the SEC’s approval would have an almost instantaneous effect on the price of Bitcoin.
What Do Analysts Say About the Bitcoin Price?
According to Joel Kruger, the price of Bitcoin will probably increase by 10% in the day or two that follow the approval of the first Bitcoin ETF. He claims that after that, there can be a small period of consolidation and correction before the most popular cryptocurrency in the world starts to rise once more. The strategist predicted that Bitcoin would break over its all-time high price of $69,000, which it briefly approached in late 2021, as early as spring.
As much as the event has been priced in, considering how much hangs in the balance, there is definitely some money sitting on the sidelines waiting for an actual confirmation,
Joel Kruger, a strategist inLMAX Group
On the other hand, K33 Research analyst Vetle Lunde penned a more pessimistic piece on Wednesday. According to him, the Bitcoin EFT confirmation will turn into a 75% “sell the news” event. As a result, the BTC price will plummet.
Everything points towards traders being considerably exposed ahead of the verdict, with derivatives pushing massive premiums following BTC’s last three months of continuous upside momentum,
Lunde
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