Bitcoin’s Potential Bull Run and ETF Approval Fuel Market Optimism
Enthusiasm Building in Crypto Sector
The crypto sector is buzzing with excitement as the possibility of the US SEC approving spot ETFs grows stronger. Recent developments, such as Blackrock’s iShares Bitcoin Trust listing on DTCC, have contributed to a surge in Bitcoin’s price, currently trading around $34,424. The anticipation of ETF approval has sparked optimism among investors.
Concerns Raised by Chief Economist Peter Schiff
Despite the prevailing optimism, Chief Economist Peter Schiff expressed his concerns about potential risks in the market. He highlighted the high number of speculators purchasing Bitcoin in anticipation of new investors entering the market after ETF approval. Schiff warned of a potential sharp correction if sellers outnumber buyers, especially if Bitcoin holders decide to cash in at high prices.
Projections by Pro-XRP Advocate John E Deaton
On the contrary, Pro-XRP advocate and lawyer John E Deaton projected that the US SEC would approve spot Bitcoin ETFs by late 2023 or early 2024. This projection aligns with CryptosRUs’ recent video that explores potential catalysts for Bitcoin’s impending bull run. The video emphasizes Bitcoin’s role as a safe haven during periods of global uncertainty and inflation, echoing the perspective of BlackRock CEO Larry Fink.
Potential Approval of Grayscale’s Spot ETF Application
CryptosRUs also points out that the potential approval of Grayscale’s spot ETF application could prompt similar moves from other asset managers like BlackRock and Fidelity. Analyzing historical patterns, it is suggested that Bitcoin often experiences bullish trends in November and December during recovery years, such as 2022. If these trends continue, Bitcoin could reach $35,000-$40,000 by the end of 2023 and $60,000 by November 2024.
Bitcoin’s Accumulation Phase and Long-Term Trajectory
Furthermore, CryptosRUs explains that Bitcoin is currently in the accumulation phase of its boom-and-bust cycle, indicating a positive long-term trajectory despite anticipated short-term market fluctuations.
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