The title says it all - an eruption could be on the way. The hype around multiple possible ETF listings in the past few weeks has resulted in a sharp incline in the price of Bitcoin. At the beginning of 2023, Bitcoin's price remained around $16,500; now, we're at over $34,000 - a 103.4% YTD performance. This momentum brought the Crypto Fear and Greed Index to its highest level (over 70!) since the Bitcoin ATH in November 2021.
Some believe that this may be a bull trap, while many others believe that the bull run has just begun. With multiple spot Bitcoin ETFs on the verge - primarily Blackrock's iShares ETF - the price is expected to increase significantly, with technical analysts predicting a price of around $50,000 by the end of 2023 and a skyrocket next year.
The ETF hype continues
On October 23, 2023, the U.S. Court of Appeals for the D.C. Circuit ordered the SEC to re-review Grayscale's bid for their spot Bitcoin ETF, an application that would allow for Grayscale's "GBTC" product to function as a spot Bitcoin ETF. Just four hours later, on the same day, Blackrock's iShares Bitcoin Trust would be listed on the DTCC. Despite not providing much information about anything related to the ETF's regulatory approval, Bitcoin would then spike just over $35,000 on the same day.
As of now, the SEC currently has 8-10 spot Bitcoin ETF filings in front of the commission - chances for approval are more likely to increase due to more prominent asset management firms such as Blackrock and Fidelity filing applications, with many left believing that a spot ETF may be approved by the end of the year.
Key metrics
The Bitcoin current moving averages sign towards a strong buy.
The Crypto Fear & Greed index score, as of 10/29/23: 72 (Greed)
Circulating market cap, as of 10/29/23: $665.71 (+27% in 30 days)
What do you think?
A spot ETF being approved will result in heavy volatility that would push the price of Bitcoin even further from this year's all-time high of just over $35,000 by the end of the year and even more in the distant future. But for now, let's think short-term: do you think a spot ETF will be approved? If so, what are your price predictions?
