The first-ever spot Bitcoin ETFs were approved in the US, which is causing Bitcoin to surge towards a new record high.
Prepare for another seismic event in the world of bitcoin, where prices have swung wildly and crashed. The digital currency leader, Bitcoin, seems to be on the verge of historic growth, but all isn’t peachy. Everyone from Wall Street gurus to the common man is paying attention since this isn’t your run-of-the-mill forecast.
New information has added fuel to the fire of the Bitcoin issue. After a successful week, the gains were erased when the first spot bitcoin exchange-traded funds (ETFs) were approved in the US. The problem is that these ETFs are more than a passing fancy. Lots of people are looking at these as big reasons why Bitcoin’s value may go up. Due to the strict rules of Bitcoin’s design, the supply stays constant, but demand increases as ETFs provide a familiar and regulated investment channel, increasing the capital’s flow into Bitcoin.
Oppenheimer senior analyst Ari Wald was rather forthright in highlighting the important peak from March 2022—the latest rejection at $48,000. He speculates that investors may be signaling to let off the gas pedal because of this near-reversal resistance.
So, why is everyone talking about Bitcoin potentially reaching an all-time high? According to StockCharts.com analysts Wald and Julius de Kempenaer, Bitcoin’s rising trend is unaffected by the present fluctuations. But getting over the barrier at $48,000 is where the true challenge comes. If Bitcoin is able to overcome this obstacle, reaching its all-time high of over $69,000 would seem less like a faraway fantasy and more like a realistic possibility.
The history of Bitcoin is like trying to make your way up a steep mountain. It faces more difficult obstacles as it approaches the top. According to Coin Metrics, the digital currency recently fell more than 5% to $43,858.23, with $43,000 serving as a crucial support level. Still, a decline below $40,000—a level not seen since early December—is not out of the question. With $45,000 in mind, De Kempenaer is aiming for a little higher support level. These aren’t just numerical values; they represent critical landmarks in Bitcoin’s unpredictable journey.
Also read: A Significant Blockchain Conference Reveals Cutting-edge Developments in DeFi and Cryptocurrency
