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The price of Bitcoin (BTC) has strongly surpassed the $30,000 barrier amidst speculation that the U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF. Analysts in both traditional markets and the cryptocurrency market expect further price increases for BTC as bulls continue to drive the upward momentum. Indeed, the largest cryptocurrency has increased by over 10% in the past week due to demand from institutional investors and whales.
Data Indicates Further Upside for Bitcoin
According to Bloomberg data, a weekly gain of at least this magnitude in the past five years has resulted in an average increase of 10% in the following month. The market value of the cryptocurrency market has increased by over 2% in the past 24 hours as expectations of approval for a spot Bitcoin ETF rise. Altcoins, especially Ethereum (ETH), continue their upward momentum with a price increase of over 3%.
Giant asset management companies such as BlackRock and Fidelity Investments are competing to launch a spot Bitcoin ETF in the U.S. Market observers believe that a potential approval will bring significant inflows into the cryptocurrency market.
Tony Sycamore, a market analyst at IG Australia Pty, stated, “The drums for the approval of a spot Bitcoin ETF by the end of the year seem to be beating louder, which will likely be supportive for the largest cryptocurrency in the medium term as it brings in more institutional players.”
Currently, Bitcoin finds support from the dovish stance of Federal Reserve officials regarding further interest rate hikes. The Fed’s comments are reducing the need for another interest rate increase by signaling a cooling inflation. Additionally, weekly inflows into cryptocurrency funds indicate increased demand from institutional investors. Caroline Bowler, CEO of BTC Markets Pty, predicted that volatility in Bitcoin could further increase.
Bitcoin Price Could Head Towards $48,000
In the past 24 hours, the price of BTC has increased by 3% and by 10% in the past week, currently trading at $30,633. The lowest and highest prices in the past 24 hours were $29,720 and $30,951, respectively. Furthermore, the trading volume of the largest cryptocurrency has increased by 20% in the past 24 hours and continues to rise.
Credible Crypto, an experienced cryptocurrency analyst, predicts that Bitcoin needs to close above $30,000 to $32,000 on a monthly timeframe for a significant rally to occur. According to the analyst, the most important obstacle for Bitcoin on a monthly timeframe is just above $35,000. If this level is surpassed, a rise to $48,000 could be possible.
