Bitcoin’s price has shown positive movements to the upside, recording a resurgence of the crypto’s market price in the past weeks. The fresh levels recorded an 18-month high, and experts predict a rally toward the $40,000 mark is imminent following the pending approvals of Bitcoin-spot exchange-traded funds (ETFs).
Despite the fears of the US that could affect the bull rally, it is still confirmed that BTC will display a strong resistance that could barrel the market price into an uptrend movement. This comes from the analysis of its market value, which has shown a doubling of its price since November 2022, during the start of the crypto winter.
As such, it’s possible that 2024 will be a great year for the dominant first-generation blockchain.
However, the crypto experts have also added their predictions and shared their reviews on the BTC market price movements, including Dan Morehead, a prominent Crypto firm founder.
Bitcoin’s secret revealed
Dan Morehead, the renowned founder of Pantera Capital, an influential Bitcoin and crypto firm, has shared his predictions highlighting the “worst kept secret” in BTC that could hugely impact the crypto industry.
According to popular crypto enthusiasts, questions and concerns on the effects of the pending exchange-traded funds applications by the SEC have been raised, asking if placing short positions would be profitable.
Morehead highlighted,
As we approach what appears to be the worst kept secret in blockchain, the launch of a number of spot bitcoin ETFs, will the news, when it finally does come, be a time to sell? […] Will someone please remind me the day before the Bitcoin ETF officially launches? I might want to take some chips off the table.
Dan Morehead
Morehead also explained his thoughts on ETFs more deeply, saying:
Everyone thinks of EM as an asset class. Blockchain will be just like that. The existence of an ETF is a very important step in becoming an asset class. Once an ETF exists, if you don’t have exposure, you’re effectively short.
Dan Morehead
Implications of ETF approval by the SEC
The world’s largest assets manager, BlackRock, has been a turbocharger for BTC market price, especially in June when the firm announced the application of its intended spot Bitcoin exchange-traded funds. The news opened up the BTC market to the United States wealth management industry, which is worth $48.3 trillion.
The BlackRock spot filing fueled a series of rivals from Wall Street giants who also filed their own Bitcoin-spot applications with the US Securities and Exchange Commission (SEC). The applications now totaled to 14, with major players like Grayscale, Valkyrie, and VanEck waiting for approval of their ETFs.
Morehead also stated, “A BlackRock ETF fundamentally changes access to bitcoin,” He wrote.
It will have a huge (positive) impact. We strongly believe many spot bitcoin ETFs will be approved. We also believe it will happen in a matter of a month or two—not years.
Dan Morehead
Additionally, investors’ expectations have grown, and Bloomberg has commented on the impact of the SEC’s approval of ETFs. The analysis abates that there is a 90% chance of approval of 9 out of the 14 pending filings. The report shows a positive potential for BTC price to peak in 2024 amid approval of any ETF.
Morehead explained that the growing anticipation of the approvals is an example of a “buy the rumors, buy the news” event. This has been evidenced by historical data that shows Bitcoin’s rally, and one major example is the Nasdaq listing on the Coinbase crypto exchange and the arrival of Bitcoin futures ETFs in late 2021.
These events aligned with the Bitcoin bull rally at that time. BTC is currently trading at $37,717.79, with a 24-hour trading volume of $7,290,255,617.59. This is a 0.23% increase in the last 24 hours and a 3.11% increase in the last 7 days.
According to CoinGecko, the global crypto market valuation is now $1.5 trillion, a 0.38% increase over the last 24 hours and a 72.42% increase over a year ago. BTC has a market cap of $738 billion as of today, signifying a 49.26% domination. Meanwhile, the market cap of stablecoins is $129 billion, accounting for 8.64% of the total crypto market cap.
