Bitcoin ETF Approval and Halving Will Push Bitcoin Price to | Global CRYPTO News
Bitcoin ETF Approval and Halving Will Push Bitcoin Price to $100,000
Having survived the harsh crypto winter of 2022, Bitcoin (BTC) has come out of hibernation and is performing well. At the moment, the leading cryptocurrency is preparing for a significant breakthrough, which consists in breaking the resistance level at $ 32,000.
The renewed momentum is fueled by growing hype around the possible launch of a spot Bitcoin ETF in the United States, which could make BTC a major asset among institutional investors.
Financial analyst and managing director of Midas Touch Consulting Florian Grummes believes that the potential approval of the Bitcoin ETF could be one of two key factors that will play the role of a powerful catalyst for the price of BTC and raise it to $100,000 by the end of 2024.
On June 15, BlackRock, one of the largest investment companies in the world, filed an application with the US Securities and Exchange Commission (SEC) to launch a spot bitcoin ETF. Several other well-known financial companies from the world of traditional finance followed suit, including Invesco, Valkyrie, Fidelity Investments and WisdomTree.
The SEC considered the content of these documents insufficient, citing a lack of details about the proposed product. BlackRock corrected these deficiencies and resubmitted the application.
Grummes himself believes BlackRock will eventually get approved, but no one knows how long it will take. If agreed, “we can definitely expect a lot of both institutional and retail purchases in this market,” the expert added.
Moreover, Grummes believes that the expectation and hype around the Bitcoin ETF alone is already capable of pushing the price of BTC to $49,000.
Grummes explained that the nearly $50,000 mark represents the corrective level seen in the previous bear market.
The second factor that can lead to a new bull run for bitcoin, Grummes considers halving, which should take place in the network of the flagship cryptocurrency tentatively in April 2024.
It is especially worth noting his words that before the halving and the possible appearance of an ETF, Bitcoin should again fall to $ 25,000-30,000.
"Halving will change everything, and along with the potential launch of Bitcoin ETF, the market is definitely in for drastic changes, and then there is a good chance that we will see a figure of $ 100,000 next year,” the financial expert added.
However, to reach this milestone, Bitcoin must first break through the $69,000 resistance level, which is the all-time high for the cryptocurrency.
