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Crypto analyst Altcoin Daily’s latest analysis brings attention to a potential upsurging movement in Bitcoin. Comparing Bitcoin and Gold ETF trends, he alluded that the first-ever spot gold ETF listed on Wall Street in 2004 and the price never came back to its initials. Stressing upon the same, the analyst speculates that Bitcoin’s price might follow suit after the approval of the BlackRock ETF and others.
Bitcoin Surging Demands And Blackrock Spot ETF Approval
According to expert analysts from Bloomberg, there’s a strong 90% likelihood that spot ETFs will receive approval between January 5th and 10th, 2024. The analyst underlines the uniqueness of Bitcoin’s supply dynamics.
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Pointing on the supply demands, unlike traditional commodities such as gold, Bitcoin’s algorithmically fixed supply eliminates the possibility of increasing flow in response to heightened demand.
Additionally, the cherry on top of this bullish scenario is Bitcoin’s impending supply reduction by 50% through the upcoming Bitcoin halving. The analyst underscores the potential for a significant price surge if demand remains constant.
In response to Altcoin Daily’s insights on the prospect of a Bitcoin surge post-BlackRock ETF approval, another analyst drops his opinion.
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commenting on the same X post, user Antics stated that the green light for a spot Bitcoin ETF could trigger heightened demand for the cryptocurrency. The ease of access afforded by spot ETFs could attract both institutional and retail investors. This can potentially drive up the price of Bitcoin.
Further, he added that it’s essential to consider the associated risks. Approval of a spot Bitcoin ETF may introduce increased volatility to the Bitcoin market.
Also Read: BlackRock & Bitwise Submits A Revised Spot Bitcoin ETF S1 Document, Expect the Good News Soon
Spot Bitcoin ETF Approval on the Horizon
Recently, BlackRock along with Bitwise has filed an updated version of the Spot Bitcoin ETF application. The growing number of updations in spot Bitcoin ETF applications suggests a strong signal that Bitcoin ETFs are just a step away from approval.
Top analyst and Entrepreneur Anthony Pompliano also made his bold remarks on the current scenario lifting Bitcoin prices. He noted that how rapidly firms are updating their applications for Bitcoin ETFs indicates that all are preparing to launch it. He also predicts that the market will see a massive price surge after the launch of spot ETFs.
Also Read: Bitcoin (BTC) Price Today: Rally Halts At $42,000 But Open Interest At Two-Year High
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- Source: https://coingape.com/analyst-compares-bitcoin-with-gold-etf-trends-predicting-a-40k-floor-what-to-expect/
