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Bitcoin is above $35k. What's going on with the market?
BTC rose to a 1.5 year high. Fear of lost profits is raging in the market, and the latest Bitcoin forecasts are encouraging. For example:
• Robert Kiyosaki - predicts growth to $135,000
• Arthur Hayes - $1 million by 2026.
•Standard Chartered - $100,000 by the end of 2024.
📌Why is bitcoin rising at all? It's mostly being pulled upward by rumors of the imminent approval of bitcoin-ETFs. Applications for these funds have been submitted by the world's largest investment companies. For example, BlackRock, which manages $10 trillion. And in general, a spot bitcoin ETF is very much awaited in the crypto world: it will help increase liquidity, trust and availability in the market.
However, so far there is none of this. The SEC (US Securities and Exchange Commission) is rejecting these applications so far. So why is it growing?
•Perhaps the market senses the near approval of ETFs. For example, the day before yesterday it became known that BlackRock registered its spot Bitcoin-ETF with the DTCC, i.e. the depository. This is a key step before its official launch to the market: it is assumed that BlackRock has started accumulating Bitcoin, i.e. it is preparing for the launch of the fund. It turns out that Bitcoin is once again growing on rumors. And BlackRock, having not launched anything yet, is letting people earn money now.
•At the same time, the bitcoin bull cycle is already planned, and the spot Bitcoin-ETF will only add fuel to the growth, as more money will enter the crypto through it.
So what do we do?
•Accumulate Bitcoin at any price while the world is changing - YES!
•Buy it because it is growing now - NO.
It would seem that the crypto world keeps winning victories over the SEC: Ripple, Grayscale. However, the U.S. regulator can still continue to hand out denials on ETF applications.
Are you expecting the price to return to $30k after such a strong growth?
Source: Reddit user
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