The imminent acceptance of the Bitcoin Spot ETF might trigger a significant surge in Bitcoin prices in the weeks ahead, potentially propelling it towards a new all-time high. Could Bitcoin’s value approach the $100,000 mark following the approval of the ETF? Let’s take a look at this Bitcoin price article in more detail.
How has Bitcoin price moved in recent days?
The Bitcoin price experienced a notable uptick in the past few days, followed by a subsequent decline. Initially, the BTC price rebounded, surpassing the $45,000 threshold. This rally commenced shortly after the onset of the new year.
Three days ago, the price experienced a sudden drop of over 10% within a matter of minutes. This downturn is believed to be linked to the Matrixport report, which suggested that the US Securities and Exchange Commission might not approve the Bitcoin ETF. Nevertheless, in the past 48 hours, the Bitcoin price has rebounded, surpassing $43,800 once again.
What Could be the trajectory of Bitcoin Price following the approval of the ETF?
Despite Matrixport’s report, there is a high probability of Bitcoin’s price gaining approval in the imminent days. The announcement could be imminent within hours. The question remains whether the Bitcoin price will experience an ascent or decline post-approval.
Following approval, there might be a brief uptick followed by a consolidation phase. Alternatively, a robust bull run could be on the horizon, fueled by rumors suggesting that ETFs could commence trading as early as next week.
Is it possible for Bitcoin prices to reach $100,000 within a week?
Over the past year, Bitcoin has demonstrated remarkable resilience and growth, surging by an impressive 160%. This notable performance surpasses that of 71% of the top 100 cryptocurrencies, including a notable outperformance compared to Ethereum.
The current trading position above the 200-day simple moving average indicates a bullish trend, further solidifying Bitcoin’s strong market position. With 17 green days in the last 30 days, accounting for 57% of the period, the momentum remains positive.
The cryptocurrency is trading near its cycle high, suggesting sustained investor confidence and potential for further gains. Notably, Bitcoin boasts high liquidity, a testament to its significant market capitalization. Additionally, the yearly inflation rate at 1.95% showcases its potential as a store of value. Considering these factors, the outlook for Bitcoin appears optimistic, with the potential for continued upward momentum in the foreseeable future.
The approval of Bitcoin spot ETFs, coupled with the commencement of trading and a substantial influx of capital from various companies into Bitcoin, could trigger a significant bull run. In theory, this scenario allows for a considerable flow of funds into Bitcoin ETFs.
A surge to $100,000 is not out of the question if the floodgates open simultaneously and companies experience FOMO (fear of missing out) on Bitcoin. However, a more realistic scenario suggests a rise to the range of $50,000 to $55,000.