In a recent tweet, renowned crypto analyst Michaël van de Poppe ignited a wave of anticipation within the cryptocurrency community, predicting a substantial surge in the Bitcoin (BTC) price. This prediction comes following the approval of several spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
The analyst noted that the range has been defined, with Bitcoin reaching $48K. He suggested the possibility of revisiting this level due to the deal flow associated with ETF approval for Bitcoin. Van de Poppe expressed enthusiasm about the opportunities presented by dips at the $36-$40K range.
Moreover, he speculated that there is a chance for the Bitcoin price to reach the $300-$600K range in the current market cycle. As expected, the tweet from Michaël van de Poppe successfully captured the attention of investors and enthusiasts within the cryptocurrency community.
As of the latest available data, the current price of Bitcoin stands at $46,286, representing a 1.78% increase in the last 24 hours and a significant 9.72% rise over the past 30 days. The 24-hour trading volume of Bitcoin has surged by 34.58%, reaching a substantial $51,726,787,995.
Potential ETF approval impact
The notable surge in interest in Bitcoin comes in the wake of a groundbreaking development on Jan. 10, where the SEC officially approved various spot Bitcoin ETFs. Among the approved trusts are industry giants such as the Grayscale Bitcoin Trust, the Hashdex Bitcoin ETF and Bitwise Bitcoin ETF, signaling a significant regulatory milestone for the cryptocurrency market.
Despite the approval of these ETFs, Bitcoin's price has, interestingly, remained relatively stable. However, the crypto community is now looking to Michaël van de Poppe's Bitcoin price prediction as a potential catalyst for a substantial rally in the coming days and weeks.
Analysts and experts have been closely monitoring regulatory developments surrounding Bitcoin ETFs, considering them as critical factors that could influence the overall sentiment and trajectory of the cryptocurrency market. The approval of these ETFs is expected to bring more institutional investors into the market, potentially leading to increased demand and, consequently, a surge in Bitcoin's price.