Bitcoin Poised to Break Above $37,000: The Impact of Anticipated Bitcoin ETF and Recovery from Terra Crisis
Date: 2023-11-09 Author: Dima Zakharov Categories: BUSINESS
Bitcoin Growth and its Connection to the Anticipated Bitcoin ETF.
On Thursday, Bitcoin (BTC) reached a level of $36,856, marking the highest price since May 2022. This raises the question: can Bitcoin break through the $37,000 level today? This is a significant event, eagerly anticipated by many investors.
Bitcoin's price is closely linked to expectations regarding the launch of a Bitcoin ETF in the United States. The U.S. Securities and Exchange Commission (SEC) may approve several Bitcoin exchange-traded funds (ETFs) as early as mid-January. This event could serve as a significant catalyst for Bitcoin's growth and further investment.
The Psychological Factor and Recovery after the Terra Crisis.
It is important to note that Bitcoin's rise to $36,856 following the Terra project crisis and the bankruptcy of the FTX exchange indicates that investors have overcome the psychological pressure they experienced last year. This confirms confidence in the cryptocurrency and its potential.
Market Volatility and the Role of the Bitcoin ETF.
Rumors of the imminent launch of a Bitcoin ETF have become a primary catalyst for market volatility. This event is significant not only for investors but also for the entire cryptocurrency community. In the event of ETF approval, it could provide additional legitimacy to Bitcoin and attract new participants to the market.
Bitcoin's Prospects in the Next 24 Hours.
According to Josh Gilbert, a strategist at the investment company eToro, with increased support for the leading cryptocurrency over the next 24 hours, Bitcoin could rise above the $37,000 level. This prediction could stimulate interest in the cryptocurrency and promote active trading.
