Bitcoin Price Surges Following Fake News About ETF Approval
According to an analyst, Bitcoin’s price recently experienced a surge due to fake news about the approval of a BTC ETF. This event is said to have far-reaching consequences in the crypto market. In a video analysis by Crypto Banter, the impact of this fake news and the lessons to be learned were discussed.
The Impact of Fake News
A tweet containing false information about the BTC ETF approval was posted and deleted by Cointelegraph, causing a spike in Bitcoin purchases and liquidation of short positions. While Cointelegraph blamed an intern for posting unverified information, the host believes it was a coordinated effort for market manipulation.
Potential Benefits for Bitcoin
Despite the negative implications of fake news, there are potential benefits for Bitcoin. It revealed that the market has not yet priced in real SEC approval of a Bitcoin ETF. When legitimate approval occurs, which is expected within the next 85 days, Bitcoin could surge to $35,000-$40,000.
Positive Signals and Dress Rehearsal
The incident prompted BlackRock CEO Larry Fink to discuss crypto’s potential as a “flight to quality” asset during times of global instability. This is seen as a bullish signal. Additionally, traders had a “dress rehearsal” for the impact of real SEC approval, providing confirmation that there are 85 days left to accumulate Bitcoin before prices skyrocket.
Bitcoin as Digital Gold
The host predicts that when ETF approval finally happens, it will ignite Bitcoin’s role as digital gold. Drawing parallels with the gold market before and after ETF approval in the 1970s, he foresees a prolonged bull run with Bitcoin reaching prices of $100,000 and beyond.
Hot Take: Bitcoin’s Price Surge Due to Fake ETF Approval News
Fake news about the approval of a Bitcoin ETF caused a surge in Bitcoin’s price. While this incident may have negative implications, it also revealed that the market has not yet priced in real SEC approval. This presents an opportunity for Bitcoin to surge to $35,000-$40,000 when legitimate approval occurs. The incident also garnered positive attention from BlackRock CEO Larry Fink, who praised crypto as a “flight to quality” asset. Traders had a chance to experience the impact of real SEC approval through this dress rehearsal, confirming that there are 85 days left to accumulate Bitcoin before prices skyrocket. Ultimately, when ETF approval is granted, Bitcoin could enter a prolonged bull run and reach prices of $100,000 and beyond.
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