The Impact of Bitcoin ETF Approval: What to Expect
After the recent approval of Bitcoin ETF applications, there are several possible consequences to consider. In the short term, we saw a pump in the BTC price followed by a correction. However, the long-term effect of this approval is significant and underrated.
1) Bitcoin Price Action
While many expected a sustained pump in the BTC price after the approval, it only lasted for one day. The current price is around $42,720, indicating that the spot ETF was already priced in.
2) Ethereum in the Spotlights
An Ethereum spot ETF could be the next big thing. Ethereum experienced a significant pump on January 10th and may continue to rise with speculation around a spot ETF. A 3-4x increase in ETH price this year is possible.
3) Altcoin Season
A potential altcoin season may be on the horizon. As Ethereum rises, altcoins tend to follow suit. While Bitcoin will regain attention with its halving in 94 days, there may be opportunities for altcoins to perform well in the meantime.
4) Bitcoin Gets the Bull Run Ball Rolling
The Bitcoin halving and increasing institutional interest will likely contribute to an upward trend in BTC price. With a limited supply of 21 million BTC and estimates of 25-30% lost or inaccessible, scarcity will drive prices higher.
Hot Take: The Bull Run Begins
The approval of Bitcoin ETFs marks an important moment for institutions entering the crypto market. With positive market sentiment, upcoming events like the halving, and increasing demand for Bitcoin, the stage is set for a full-fledged bull run.
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