Bitcoin surpassed $45,000 for the first time in nearly two years as the market prepared for the approval of the first spot Bitcoin ETF in the United States.
The price of Bitcoin (BTC) has surpassed $45,000 for the first time in nearly two years, with the market widely expecting that a spot Bitcoin exchange-traded fund (ETF) will be approved in the coming days.
Bitcoin has rapidly climbed from a price of $42,000 on Jan. 1, surging more than 6% in the past 24 hours and 170% in the past year, according to CoinMarketCap.
Bitcoin is trading higher than any price reached in 2023, and the asset set a new yearly high in just two days in 2024.
Bitcoin’s price performance comes as the market prepares for the SEC to approve one or more of the 14 outstanding spot Bitcoin ETF product applications currently awaiting the regulator’s decision.
Market commentators remain divided over the potential impact ETF approval would have on Bitcoin prices in the short term.
Analysts at cryptocurrency options trading platform Greeks.live claim that Bitcoin will not see a significant surge on the day of approval due to the decline in implied volatility on Bitcoin options.
Traders on X have different ideas, with Scott Melkor telling his 925,000 followers that Bitcoin is currently forming a “bull run” after the price spent a month consolidating around the $40,000 mark.
Melkor predicts that Bitcoin could surge to $54,000 in the days following the potential SEC approval.
Meanwhile, VanEck advisor Gabor Gurbacs predicted that the early days of the spot Bitcoin ETF will be viewed as “disappointing” by broader market standards, but ultimately believes the product will attract trillions of dollars worth of inflows in the coming years.
Today, people are discussing whether the rise in BTC prices is because more Americans believe in the approval of the#Bitcoinspot ETF. But what's interesting is that today's#BTCprice increase and trading volume increase are not during the main trading hours in the United States, but during the main trading hours in Asia. In the early hours of this morning, we can see that there is actually no new news about the promotion of spot ETFs in the United States. Instead, there are more discussions about spot ETFs in Chinese media. So my current view is that more Asian friends have increased their bets on BTC, especially since the United States will resume work tonight, and Reuters has said that this week is the window for approval, so it is also normal to increase short-term holdings of#BTCnow. The focus is still on the situation after the opening of the U.S. stock market tonight; the real bet is whether the ETF will be postponed or approved; as retail investors, we hope for a delay. If the market sentiment is delayed, then as retail investors, we can pick up cheaper chips;
Regardless of whether the spot ETF is approved or not, the end of 2024 to 2025 should be the so-called "violent bull market". If a#Bitcoinspot ETF is approved, there may be a "triple top" or "double top" situation. If the ETF is not approved, there is a high probability that it will also be a "double top" or "triple top", but now it is one of the tops;
About callbacks
After gold was approved by the ETF, it reached a peak three months later and then began to pull back by about 10%. For BTC, this cycle may be shorter and the amplitude may be larger. After all, gold is a relatively more stable asset that has been accumulated for thousands of years. However, BTC still faces many unknowns, so it is too early to study how much it will pull back. Views on Bitcoin's previous highs or new highs;
The previous high of Bitcoin was $69,000; the positive factors at that time were sufficient, even higher than the current level. 1. The Federal Reserve began to release money at the end of 2020.
2. US election at the end of 2020
3. Halving cycle in mid-2020
4. BTC futures ETF 5. The COVID-19 pandemic has led to a decrease in consumption and an increase in investment, so people can stay at home
These are all positive factors from previous highs;
What are the benefits of 2024? Or what benefits are likely to come?
What will definitely happen: 1. The US election at the end of 2024 2. The halving cycle in early May 2024
What may appear:
3. BTC and ETH spot ETFs
4. The Federal Reserve releases money
So we can see that if the spot ETF is approved, it can offset the temporary release of liquidity, and the prices of BTC and ETH may continue to rise and break new highs.
If the spot ETF is not adopted, the only positive factor in the halving cycle will be the US election. Then Bitcoin will fall instead of correcting.
Layout more primary market tokens; the reason is that the potential coins have a large background; there is no locked-in position above. It is easier to pull up, and it is also more favored by larger institutions;
Why is it difficult for ordinary people to participate in the primary market?
Primary market resources are relatively closed, and it is difficult for ordinary retail investors to access first-hand channels. Unless there are institutional resources around to follow up and obtain a batch of quotas, or can directly connect with the project party to participate, but both costs are high. If you take 10,000-30,000 yuan to talk to the project party about investment, do you think they will pay attention to you...?
The amount they get in a round of financing is usually as low as seven figures, and as high as nine figures, so many ordinary retail investors simply cannot get first-hand resources.
Then the only way is to participate in the community. The community will connect with the project party or institution to obtain the quota, and then open it to community members for subscription after an appropriate premium. At this time, retail investors can participate with a lower threshold;
More specific arrangements will be made in the free communication group. Interested partners can follow me and send private messages to join the group chat;
Create a high-quality circle
Spot: Primary market potential coins
I will share some content: as shown below:
The overall position is ≥ 10,000 u. If you want to join, please follow me directly.
(There is too little room for operation if you have hundreds or thousands of dollars. If you don’t have it, you can send a private message. If you pass the screening, you can join.) Purpose: To become bigger and stronger, to create greater glory, and to turn around in the next bull market!
This is the end of the chapter. I will do a more detailed analysis in the communication group. If you want to join my circle, please follow me directly.
