Recent reports suggest that the approval of a new BTC spot ETF may cause Bitcoin’s price to soar. A respected cryptocurrency trader has shared his predictions for the flagship crypto asset if the eagerly awaited Bitcoin investment product gains regulatory approval.
BTC spot ETF to trigger new prices
DonAlt, a pseudonymous analyst, has informed the TechnicalRoundup YouTube channel’s 53,000 subscribers that Bitcoin could experience a minor surge if a spot BTC exchange-traded fund (ETF) is permitted in the United States.
According to DonAlt, if the ETF were to be approved, it could result in a significant increase in BTC value, possibly by 10% to 20%. However, there may also be interesting consequences following this.
He points out that a similar scenario occurred previously when Grayscale’s news caused a jump in value from around $26,000 to over $27,600 in under 30 minutes, as seen on a five-minute chart.
Recently, the U.S. Securities and Exchange Commission (SEC) was ordered by a U.S. court to reconsider an application for a Bitcoin ETF by Grayscale.
This ruling coincided with a 5% increase in BTC value. DonAlt believes that with this victory, the chances of a Bitcoin ETF being approved are now very high, although there may be delays.
“The good thing about yesterday is that the ETF seems to be pretty much a done deal to me.
There’s a very, very slim chance that it’s just going to be denied. I think it’s going to be delayed, delayed, delayed until it’s approved. That’s kind of my base case.”
Bitcoin is trading at $27,206 at time of writing.
Bitcoin to see real FOMO soon
Credible Crypto, a pseudonymous analyst with a large following on X social media platform, firmly believes that Bitcoin will make a significant upward move only if it can regain a crucial level.
He is of the view that true FOMO, panic, and disbelief will occur once Bitcoin surpasses the $29,000-$30,000 range, and this statement is backed by recent news of Grayscale’s victory in its lawsuit against the SEC’s denial of a spot-based BTC exchange-traded fund (ETF).
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