Bitcoin Bounces Back — Dogecoin, Ethereum Rise As Spot ETF Hopes Get Revived: Analyst Predicts Eventual Rebound To $57K For King Crypto
Portfolio Pulse from Shivdeep Dhaliwal
Bitcoin recovered to over $44,000, with the global cryptocurrency market cap rising to $1.66 trillion. Grayscale and VanEck reignited hopes for a U.S. Spot ETF approval with new filings. The Crypto Fear & Greed Index indicated 'Greed' at a value of 72. Analysts predict a bullish run for Bitcoin and Ethereum, with potential price targets of $48,000 and $57,000 for Bitcoin. Ethereum's non-exchange whales are accumulating, suggesting positive sentiment.
January 05, 2024 | 3:12 am
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POSITIVE IMPACT
Bitcoin's recovery and the potential approval of a Spot ETF could lead to increased institutional inflow and a bullish run, with analysts predicting a rebound to $57,000.
The recovery of Bitcoin's price and the anticipation of a Spot ETF approval are significant factors that could attract more institutional investors, driving up the price of BTCUSD in the short term.
CONFIDENCE 70
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Ethereum is expected to benefit from a bullish run in the crypto market, with non-exchange whales accumulating and the potential for a Spot ETF approval.
The accumulation of Ethereum by non-exchange whales and the possibility of a Spot ETF approval for Bitcoin, which is seen as a bullish catalyst for Ethereum as well, suggest a positive short-term impact on ETHUSD.
CONFIDENCE 70
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
Grayscale's filing for a Form 8-A registration with the SEC has revived hopes for a Spot ETF approval, potentially increasing investor interest and inflows into GBTC.
The filing by Grayscale is a direct action that could lead to increased investor confidence and anticipation of regulatory approval, which is likely to have a positive impact on GBTC's price in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90