Crypto trading specialist Michaël van de Poppe pointed out that Bitcoin held steady above $30,200 and surpassed its yearly high. He expressed his surprise but noted that this surge could be linked to the expected ETF approval. As long as Bitcoin remains above $31,000, he believes the future looks bright, with a potential $40,000 price target. His advice to followers is to consider buying during price dips.
Additionally, a pseudonymous crypto analyst known as CoinsKid shared a United States Dollar Index (DXY) chart indicating a descending triangle formation in the USD. This bearish sign for the dollar could further strengthen the crypto market. The DXY and Bitcoin often have a negative correlation, meaning a weaker dollar often leads to a stronger Bitcoin.
The recent Bitcoin price increase coincided with the news of the iShares Bitcoin Trust’s listing on the Depository Trust & Clearing Corporation (DTCC), which plays a vital role in clearing NASDAQ trades. This development is seen as a step closer to a spot Bitcoin ETF. The iShares Bitcoin Trust’s ETF product now has a CUSIP number (46438F101) and an “IBTC” ticker, indicating progress in the ETF approval process.
At the time of this writing, Bitcoin is trading at $34,038, showing an 11.46% increase in the last 24 hours, a 19.67% gain over the past week, and a 28.15% increase in the past month.
In conclusion, Bitcoin’s remarkable growth is likely to continue, driven not only by technical analysis indicators but also by the imminent approval of the spot Bitcoin ETF. All signs suggest a bright future for the cryptocurrency.
