Just when you thought the crypto roller coaster couldn’t get any more thrilling, Bitcoin—our digital gold—surged to a jaw-dropping $35,000. Now, why does this matter? Because it’s the first time we’ve seen these dizzying heights since way back in May 2022.
The Buzz Behind the Surge
Monday evening was just another day in the world of cryptocurrency—volatile, uncertain, and unpredictable. That was until news trickled in, whispering of an impending approval of a spot Bitcoin ETF. Unlike previous spikes that fizzled out quicker than a soda left open, this one had legs. Bitcoin didn’t just stumble past the formidable $32,800 resistance; it bulldozed right through it, making bears run for the hills.
Predictions and Speculations: A $40k Bitcoin?
Here’s where the analysts chime in with their crystal balls. If Bitcoin can flex its muscles and hold ground above the $31,000 mark, the sky’s the limit. We could be looking at the magic number—$40,000. Crypto expert Michael van de Poppe was pretty vocal on social media, saying something along the lines of, “Holding above $31K? Awesome. Strap in; we’re rocketing to $40K this year!”
Not to be outdone, Crypto Rover, a popular YouTuber, suggests that Bitcoin has the potential to leap even higher. Breaking through a key triangular resistance could potentially fuel a rally to an almost mythical $48,000. Sounds unbelievable? Well, so did a $35,000 Bitcoin a few weeks ago.
Spot Bitcoin ETF: The Catalyst We’ve Been Waiting For?
What’s driving this euphoria? It’s the speculation swirling around the approval of a spot Bitcoin ETF by none other than the US SEC. Just this Monday, iShares Bitcoin Trust, managed by the gargantuan asset manager BlackRock, appeared on the DTCC’s list, flaunting the ticker $IBTC. Eric Balchunas, the guru of ETF analysis at Bloomberg, sees this as a positive signal and says it’s part of the “natural progression” toward ETF market entry.
While official approval from the SEC is still up in the air, the recent listing and even the SEC’s consideration of Grayscale’s application to morph its GBTC into a spot ETF are tantalizing hints. Could this pave the golden pathway to a Bitcoin ETF listing?