This is how much Bitcoin could rise if a spot ETF is approved, according to a top crypto analyst
A top crypto trader announces its forecast for the flagship crypto asset if a highly anticipated Bitcoin (BTC) investment product receives regulatory approval.
Pseudonymous analyst DonAlt tells 53,000 subscribers to YouTube channel TechnicalRoundup that Bitcoin could rise slightly if a spot BTC exchange-traded fund (ETF) is approved in the United States.
“If the ETF were approved, I think that’s the only candle we would see [shooting up]… pretty much straight up, like a 10%-20% candle. And the consequences would be interesting.
But you would get basically the same thing we had here… So if you look at the five minute chart, the grayscale news came in and that was the result [a jump from around $26,000 to over $27,600 in under 30 minutes]…”
Source: TechnicalRoundup/YouTube
Earlier this week, a U.S. court ruled unanimously that the Securities and Exchange Commission (SEC) must reconsider a Bitcoin ETF application from Grayscale, a move that coincided with BTC’s surge of over 5%.
DonAlt says that after Grayscale’s victory, the chances of a Bitcoin ETF being approved are now close to 100%, albeit with inevitable delays.
“The good thing about yesterday is that the ETF seems pretty much a done deal to me.
The likelihood of it simply being rejected is very, very small. I think it will continue to be delayed until it is approved. That’s sort of my baseline scenario.”
At the time of writing, Bitcoin is trading at $27,206.
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