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Since the approval of spot Bitcoin ETFs, we have seen an atmosphere filled with excitement in the world of cryptocurrency. This atmosphere has also seen an increase in investor interest. According to analysts at Wall Street’s giant firm Bernstein, there is a fundamental element fueling the FOMO. In addition, Bitcoin is preparing for record levels. Let’s look at the evaluations.
Bitcoin ETF Effect: Fueling FOMO and Preparing for Record Peaks
Bernstein analysts had recently forecasted a potential record-breaking rally for Bitcoin (BTC) and claimed that the best days for the digital currency are still ahead. Today, Bitcoin has shown notable stability, trading just above the $49,900 level.
Despite these gains, the current interest in Bitcoin has not yet reached the fervent peaks observed in 2017 and 2021. However, Bernstein analysts Gautam Chhugani and Mahika Sapra believe that the emergence of Bitcoin exchange-traded funds (ETFs) and the subsequent fear of missing out (FOMO) will catalyze Bitcoin to reach unprecedented high levels.
ETFs Ignite the FOMO Flame
According to Chhugani and Sapra, Bitcoin ETFs have emerged as significant catalysts driving the price of Bitcoin up. They point to a nearly $1 billion influx into new ETFs in the last two trading sessions, along with a dramatic decrease in outflows from the Grayscale Bitcoin Trust, which dropped to around $50 million.
Amidst this growing optimism, the resilience of Bitcoin investors, often referred to as “diamond hands,” is becoming increasingly evident. These are individuals who have preserved their investments through the volatile cycles of the cryptocurrency market.
On the other hand, according to Ki Young Ju, buyers from the 2021 bull cycle are nearing their break-even point as Bitcoin approaches $50,000, a milestone they have been waiting to see again for nearly three years. This determination is appreciated and seen as a bullish sign for the market’s future. Bernstein’s initial prediction regarding the post-halving rally is supported by a successful launch and sustained inflows into ETFs.
Meanwhile, those who are still hesitant about Bitcoin seem to be on the verge of making a significant breakthrough these days. It appears that the increasing interest in the cryptocurrency Bitcoin is coming from new investors who have not yet invested but want to learn more about Bitcoin.
