- Bitcoin market price was $28,554 at the time of writing.
- Total crypto market capitalization has slipped 1.82% in the past 24 hours.
Bitcoin (BTC) broke the 3 week-long choppy momentum with a 4% drop in two days. One analyst is bullish on the largest cryptocurrency by market capitalization.
BTC Could Attain $100K Mark Soon
Thomas Lee, co-founder of equity research firm Fundstrat, said during a CNBC chat show, Squawk Box, that BTC could reach near $150K if Bitcoin ETFs are approved. Furthermore halving is another opportunity if the Securities and Exchange Commission (SEC) does not pass the approval.
The king cryptocurrency marked its all-time high near $70K during the crypto boom in late 2021. Even if it does not reach Lee’s anticipated range, it is going to be six figures, he believes. It is really a big claim by the crypto enthusiasts.
Recently, a BTC wallet dormant since 2010, was activated. Data shows the owner transferred a whopping 1,005 Bitcoins to another address. It is unclear if this transaction was made between two different persons. It is possible that the wallet’s owner owns the receiver account as well.
According to on-chain data provider CryptoQuant, unspent transaction output (UTXO) profitability is near 80%. This indicates that a sell-off is probable. If that happens, BTC might see a further decline in its price. On the other hand, it could be a positive sign too.
Our analysis shows that while Bitcoin price is in an uptrend, it has given bearish vibes. Of course, consistency in the trend could elevate the support. Presently, the resistance level is around $31K and the support level is near $28K. The downfall in the crowned crypto asset’s value is also affecting the rest of the market. Total crypto market capitalization shed 1.82% in the past 24 hours.
Bitcoin ETFs May Not Be Transformational For the Market
A lot of big names including BlackRock, Valkyrie, Fidelity Investments submitted applications for Bitcoin ETFs. They are still under SEC’s review. An approval could give exposure to new users.
According to a report published by financial services firm JPMorgan (as reported by media agency Bloomberg) Bitcoin ETF might not bring any drastic change in the asset price. Nikolaos Panigirtzoglou, strategist at JPMorgan, argues that “even though there’s broader optimism a physically backed fund could get regulatory blessing, any approval won’t be transformational for the sector.”
Jacobi Asset Management, an European ETF issuer has successfully listed Europe’s first Bitcoin ETF on Netherlands-based stock exchange, Euronext Amsterdam, under the ticker BCOIN. Flow Traders, a trading firm and, Fidelity Digital Assets, the crypto service arm of Fidelity Investments, will provide the fund’s custody.