- The timing of the positive signals surrounding spot ether exchange-traded funds is favorable for Bitcoin, as an analyst predicted that the price of the digital currency will reach all-time highs.
According to an analyst, the approval of a spot ether exchange-traded fund (ETF) this week would help Bitcoin as well as further legitimize the cryptocurrency industry.
Geoff Kendrick, Head of FX Research and Digital Assets Research at Standard Chartered Bank, stated, “I would expect a fresh all-time high in bitcoin by the weekend, through the 14 March $73,798 level.”
Target price for Bitcoin at year’s end
The newfound hope surrounding this week’s possible approval of spot ether ETFs, according to Kendrick, gives him more faith in his projected price projections for bitcoin, which are $150,000 by year’s end 2024 and $200,000 by year’s end 2025.
In addition, Kendrick said that the past few days have been considerably more positive, with more money flowing into spot bitcoin ETFs, pushing the total to a record-breaking $12.9 billion.
Senior Market Analyst Kyle Rodda of Capital.com claims that the performance of the top 100 tech companies on the Nasdaq, which had a minor decline of 0.06% in early trading on Tuesday, is a strong indicator of how bitcoin’s price moves.
The surge in the top 100 tech businesses listed on the Nasdaq demonstrates the ongoing association between Bitcoin and U.S. tech equities, with both moving closer or toward new highs as markets gain greater confidence in Fed rate reduction this year.
“Because of the low implied volatility and generally positive sentiment, Bitcoin continues to be a barometer of expectations for monetary policy and risk tolerance,” Rodda stated.
Modified SEC requests for ETF filings
According to CoinGecko data, the whole cryptocurrency market has surged during the last 24 hours, rising by more than 8%.
The surge occurs in response to the SEC’s Monday request for changes to 19b-4 filings for spot ether ETFs, which was made in advance of this week’s deadlines and suggests that approval may be getting closer.
VanEck’s and Ark Invest/21Shares’ deadlines for the first round of spot ether ETFs are quickly approaching on May 23 and May 24, respectively.
As a result of the SEC’s request, the likelihood of the SEC accepting the product has improved from 25% to 75%, according to Bloomberg ETF analysts James Seyffart and Eric Balchunas.
By 12:18 p.m. ET, the price of Bitcoin was $69,940, up more than 3.68% from the previous day.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
