- Bitcoin (BTC) price rose sharply to $35k, its highest price since May 2022.
- The skyrocketing prices came as new speculation about a spot Bitcoin ETF approval hit the market.
- Analysts say BTC could break to $40k or higher.
Bitcoin price skyrocketed early Tuesday to hit highs of $35k for the first time in 17 months. The BTC price’s sudden surge began late Monday when fresh news hit the market regarding the imminent approval of a spot Bitcoin ETF.
Bitcoin skyrockets to $35k
Unlike the previous ETF-triggered spike that faded just as quickly after it was the news was proved to be fake, this time BTC/USD smashed past the robust resistance at $32,800. The pump above this hurdle invalidated a bearish signal as the bellwether crypto asset to above $35k for the first time since early May, 2022.
Analysts are predicting further gains to $40k if bulls hold prices above the $31k level. This outlook could indicate strength for bulls and set up BTC for another explosive rally should the SEC make the formal announcement of a spot ETF approval.
Crypto analyst Michael van de Poppe commented in a post on X:
“#Bitcoin did hold above $30,200 and started breaking the yearly high. Quite surprised with this strength, but that’s what you get pre-ETF approval. As long as we stay above $31K, everything is all right and we’ll see $40K this year. Times are good. Buy the dips.”
Another analyst, the YouTuber Crypto Rover, says a breakout for BTC above the resistance line of a key triangle pattern could see it rally to highs of $48k.
The price target of this #Bitcoin breakout is $48,000 🚀 pic.twitter.com/rtaD637Jhm
— Crypto Rover (@rovercrc) October 24, 2023
Latest on spot Bitcoin ETF approval
As noted above, BTC price went vertical on fresh expectations of a spot Bitcoin ETF approval by the US Securities and Exchange Commission (SEC). On Monday, iShares Bitcoin Trust, which is by the $9 trillion asset manager BlackRock, was listed on the Depository Trust and Clearing Corporation (DTCC) website, highlighted with the ticker $IBTC.
Eric Balchunas, a senior ETF analyst at Bloomberg says this is all “part of the process of bringing ETF to market.”
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
While the SEC has yet to official approve any proposal, speculation is that this listing gives a nod to the potential approval. Also notable has been the SEC’s acknowledgement of the Grayscale filing for conversion of its GBTC to a spot Bitcoin ETF, paving the way for a possible listing.