Late last night, Bitcoin went on a major run that seemingly had no fuel behind it. But, the price jump occurred due to some fake Bitcoin ETF news. While optimism around Bitcoin ETF’s has grown considerably lately, there’s been nothing on that front so far. On Tuesday, some media outlets published a false report of a spot Bitcoin ETF approval that resulted in a major price jump that took only minutes.
In a way, it was a great test to see what might happen to Bitcoin’s price in the event of a real BTC spot ETF approval. When the time comes, there might be a huge jump which might also initiate the bull run we’ve been waiting for so long. Currently hovering around $28,800, this is the best price for Bitcoin in a while. We’re curious to see how things develop today, but if Bitcoin can hold the line, we’re in for some great things.
Bitcoin Jumps as Others Struggle
When news broke out on Tuesday that the Bitcoin spot ETF approval was finally greenlit, the crypto market experienced a major reshuffle. Bitcoin immediately jumped around 7%, almost hitting $30,000 before settling down. Other cryptos struggled in the wake of these news, with Ether taking the biggest hit. It didn’t take long for everyone to acknowledge that the report was inaccurate, leading Bitcoin and the crypto market to settle down.
The good news is that Bitcoin didn’t drop below $28,000 which has previously been the case. Instead, it floats around the mid-$28,000s, which is a pretty good price right now after months of inconsistent pricing.
What’s more important according to analysts is that we get to see the positive sentiment of what a spot ETF approval could do. Such a product will surely have a major impact on the price of cryptocurrencies, mainly Bitcoin. Other cryptos can be negatively affected, particularly Ether as they have nothing to gain directly.
Is that a reality we can count on? If you ask some experts, it definitely is. Jeff Embry from the Globe 3 Capital crypto hedge fund thinks that Bitcoin could reach $42,000 by the end of the year. That was Globe 3’s prediction at the beginning of this year. The only thing missing from the equation is a Bitcoin spot ETF approval. It’s the missing piece to unleash an amazing run that could take Bitcoin to new heights.
Larger Spikes Incoming?
Some experts believe that such moves can take the price much higher than $42,000. Those expectations are a utopia every Bitcoin holder likes to believe in. But, given Bitcoin’s scarcity, it might result in a rally over the next few months that can take it over he all-time high of $69,000 reached in November 2021.
As for the legal Bitcoin ETF, we’re all waiting for the SEC’s decision. It needs to bring one by January 10, 2024, which isn’t that far off. The Commission also has until March to decide on similar products on offer by Blackrock and Fidelity, which will surely usher in a new crypto era.