After briefly surpassing $35,000 in the early hours of October 24th and then experiencing a slight pullback, Bitcoin (BTC) is once again heading towards this threshold. Current data indicates that the largest cryptocurrency is trading above $34,000, while the Bitcoin Trend Indicator shows that the price is moving within a significant upward trend, fueled by the expectation of approval for a spot Bitcoin ETF in the US.
“Bitcoin Enters the Zero-Gravity Phase” Remark Draws Attention
Asset management company Bernstein attributed the rally that pushed Bitcoin beyond the critical resistance level of $31,000 to the narrative of the approval of BlackRock’s spot Bitcoin ETF, listed as BITC in the Depository Trust & Clearing Corporation database.
Jack Tan from Woo Network commented, “Bitcoin has entered the zero-gravity phase and could reach $75,000 in the coming months. This sudden surge is an indicator of what could happen if ETFs are indeed approved. The expected impact on BTC’s price has already been largely priced in, as seen by the GBTC discount dropping to as low as 16% since it was priced at $25,000 back in February.”
Tan stated that altcoins trade more in line with technology stocks because they lack Bitcoin’s security mechanisms, and he expects them to underperform compared to Bitcoin and Ethereum. He also added that he expects ETH to catch up with BTC soon.
David Lo, the Director of Financial Products at Bybit, stated in a message on Telegram, “Investors have responded positively to most of these Bitcoin catalysts, and Bitcoin dominance has reached its highest level since the beginning of 2021, with the largest cryptocurrency taking market share from ETH and stablecoins. However, as the discount range narrows, there may be some selling pressure on GBTC; those who bought at the lowest levels of the 40% discount may want to sell at these prices.”
BlackRock CEO Fink’s “Flight to Quality” Remark Continues to Stir Discussion
Quinn Thompson, Head of Capital Markets and Growth at Maple Finance, highlighted BlackRock CEO Larry Fink’s description of the recent crypto rally as a “flight to quality” amid global challenges. Thompson believes that Bitcoin has emerged as a modern equivalent to gold, serving as a safe haven for investors during economic uncertainties.
Thompson implied his agreement with the CEO of the world’s largest asset management company, BlackRock, stating, “Fink’s ‘flight to quality’ remark reflects Paul Tudor Jones’ recent comments. Gold served this purpose 20 years ago, but now Bitcoin does.”
