May 29, 2024

Bitcoin’s (BTC) price has surged to its highest point in almost 18 months amid growing speculation around BTC exchange-traded fund (ETF) approval. According to reports, the speculations preceded a 10% price surge on Monday, October 23, marking the best performance in almost a year.  

The rally continued with Bitcoin adding another 6% on Tuesday, October 24, reaching $35,198, a level not seen in nearly a year and six months. Notably, the positive sentiment around the token reflects on the general crypto market, as several other asset prices are also rising.

ETF Speculation Supposedly Raises BTC Price

The main reason behind Bitcoin’s price growth is the anticipation of its spot ETF approval by the United States Securities and Exchange Commission (SEC). Interestingly, the ETF approval will raise Bitcoin’s significance to fund investors, boosting the demand for the crypto asset.

While the approval has yet to materialize, advocates of a spot Bitcoin ETF remain optimistic, noting that the move will pave the way for more investments in the virtual currency.

This is particularly true for institutions and individuals who have long been cautious about entering this market.

Their optimism hinges on the belief that accessing Bitcoin through the stock market could raise the influx of capital into the crypto sector. Steen Jakobsen, Chief Investment Officer at Saxo, emphasized the importance of adoption, stating that the value placed on any digital currency is directly proportional to its number of users.

As a result, the spot ETF would expose Bitcoin to a broader audience while enhancing its liquidity. Meanwhile, Bitcoin’s price is $34,543, with a 24-hour price change of 12.70%. The second-largest virtual currency, Ethereum, has also surged to its highest level since August.

Furthermore, cryptocurrency-related stocks like the renowned Bitcoin holder MicroStrategy and U.S. exchange Coinbase Global saw significant gains in after-hours trading.

The Possibility of Spot Bitcoin ETF Approval

Among the several firms with pending applications for Bitcoin ETFs is BlackRock, a major United States financial institution. Notably, there was high speculation about their potential approval, mainly due to the introduction of Blackrock’s iShares, a spot BTC ETF, on the clearing house DTCC’s list.

However, the firm has yet to reveal the timing and reason for the listing. Meanwhile, the expectation of the ETF approval heightened this month due to several reports, including Reuters.

Reuters highlighted the wrong step by the SEC to reject an ETF application from crypto firm Grayscale Investments.

Geoffrey Kendrick, the head of digital assets research at Standard Chartered, pointed out that the courts’ pressure on the SEC increases the possibility of an ETF approval. Notably, BlackRock denied reports claiming that its ETF had already received approval.

Bitcoin Price Outlook

While the daily price chart displays more chances for continuous growth, the token may retrace over the next 24 hours. This is evident from the hourly price chart, showing a halt in Bitcoin’s price surge, as a red candle has already formed after a series of green ones.

Although a retracement is possible, the support levels at the 50-day and 200-day moving averages could prevent significant price declines to previous lows.

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