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The price of BTC reached $35,280 today and continues to stay at $34,200. Demand is strong and institutions are getting involved. The increase in Bitcoin price also benefited altcoins, with Mina Coin experiencing a growth of around 130%. The resistance levels that were considered difficult in technical terms have been shattered. But how much longer will it last?
Bitcoin and Gold Comparison
Everyone knows the reason behind the increase in the price of the king cryptocurrency. Increased hopes for ETF approval have encouraged investors. With the sudden increase in institutional demand, the price has reached this point. The price of BTC, which reached $30,000 with false news days ago, did not cause a significant decrease in open positions. This was a signal of the upcoming rise.
Unlike futures ETFs, Spot ETF will create buying pressure as it requires direct storage of BTC, which will narrow the supply. So, what happened after the first spot Gold ETF? SPDR Gold Shares was listed on the New York Stock Exchange in November 2004.
The fund allowed investors to be exposed to the commodity without having to directly buy physical gold. The same applies to spot BTC ETF. This will allow institutions to invest in the asset without having to create a wallet or exchange account.
Performance After Spot Gold ETF
Gold was at $430 per ounce in November 2004. By the time we reached 2007, the price had doubled. By the end of 2011, gold prices had increased by over 300% and reached $1,800. Gold is much less volatile than Bitcoin, with slower and more stable price movements. So, even if it increases at a similar rate over the next few years, the price could reach $120,000.
Gold prices are currently close to their peak at $1,977 due to geopolitical tensions in the Middle East. However, the BTC price is 50% below its previous peak.
BTC Predictions
At the time of writing, the price has retraced slightly due to the impact of the latest development. If we are now witnessing the end of bear markets, the king cryptocurrency needs to close above $33,000.
Crypto analyst Mags expects a breakthrough before the end of this year and predicts a pullback below $30,000. The price may experience another pullback before reaching $50,000.
