News View Non-AMP

Bitcoin’s Bull Run: ETF Rumors Drive Surge Amid Market Moves

Published by
Elena R

Bitcoin, the pioneering cryptocurrency, surged past the $44,000 mark, hitting levels unseen in over 18 months, fueled by mounting anticipation surrounding the potential approval of a new Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC) in early 2024. The cryptocurrency’s value has skyrocketed by a staggering 160% this year, predominantly driven by growing expectations of SEC greenlighting the ETF.

Scott Galloway, featured on the Prof G Show, expressed optimism about the ETF’s approval, likening it to a user-friendly gateway for investors, drawing parallels to purchasing stocks on widely accessible platforms like Schwab.com and Robinhood. He foresees this ETF contributing to an expanded market and heightened demand, potentially bolstering the ongoing rally in Bitcoin’s value.

However, Galloway cautioned against interpreting this surge as a fundamental shift in value, highlighting the persistent speculative nature of the cryptocurrency market. He correlated the recent surge to the introduction of ETFs by major asset managers such as BlackRock, citing past instances where endorsements, notably from SoftBank, influenced market dynamics.

Analyst Ali pointed out a trend among significant Bitcoin holders increasing their holdings post a recent price drop, indicating wealthy investors capitalizing on the dip to acquire more. As per the analysis a strong support zone for Bitcoin between $37,150 and $38,360, backed by 1.52 million addresses holding 534,000 Bitcoin. Additionally, the potential resistance levels at $43,850 and $46,400 could impede Bitcoin’s upward trajectory.

The recent release of the US Consumer Price Index (CPI) showing a 3.1% increase in November led to a 1.21% drop in Bitcoin prices, settling at $41,166. Ethereum, following suit, experienced a 1.20% decline, resting at $2,180, signaling a prevailing negative sentiment across the market.

Amidst these fluctuations, market observers are closely monitoring the potential SEC approval of the Bitcoin ETF, the behavior of significant holders, and key support and resistance levels, as these factors continue to shape the trajectory of Bitcoin and the broader cryptocurrency market.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Bitcoin Crash Incoming? Why Experts Say $65K Is Possible

Bitcoin is under pressure, dropping to $81K as market uncertainty rises. After hitting $88K earlier…

April 4, 2025

Ethereum Price Prediction 2025, 2026 – 2030: ETH Bull Run to Start in May?

Story Highlights The Ethereum price today is . ETH price with a potential surge could…

April 4, 2025

Which Crypto Will Attract Massive Gains in Q2 2025: Cardano (ADA) or Ripple (XRP)?

After a free fall, the crypto markets are trying hard to recover and sustain themselves…

April 4, 2025

China’s Retaliatory Tariffs Shake Global Markets, Bitcoin Dips To $82K

Global markets are on edge as China slams the U.S. with a 34% tariff, sending…

April 4, 2025

Bitcoin Price Prediction 2025, 2026 – 2030: Is $100k Arriving Anytime Soon?

Story Highlights The Bitcoin price today is . The BTC price could hit a maximum…

April 4, 2025

Ripple News Today: CEO Brad Garlinghouse Teases Big Updates at XRPL Apex 2025

Ripple CEO has hinted at an exciting event set to take place in June. He…

April 4, 2025