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"Bitcoin (BTC) prices recently skyrocketed due to false news about BTC ETF approval, and according to an analyst, this is an event with unexpected and far-reaching consequences. In a video on the 18th of the month, popular cryptocurrency YouTuber Crypto Banter delved into how this false news has affected the cryptocurrency market and the lessons that can be learned.
Cryptocurrency publication Cointelegraph posted and quickly deleted a false tweet, leading to a significant increase in Bitcoin purchases and the liquidation of many short positions. While the publication attributed this tweet to an intern posting unverified information, the host believes it was likely a coordinated and deliberate act of market manipulation.
However, the host believes that in some ways, the false news may have actually benefited Bitcoin. Firstly, it indicates that the true approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission has not yet been reflected in the market. When legitimate approval occurs (likely within the next 85 days), Bitcoin could potentially surge to $35,000-40,000.
This event prompted BlackRock CEO Larry Fink to praise the potential role of cryptocurrencies as a ""quality asset"" in times of global instability on television. Fink claimed there is a ""suppressed demand"" for cryptocurrencies, which is a very optimistic signal.
The brief surge also allowed traders to do a ""dress rehearsal"" for the actual impact of the U.S. Securities and Exchange Commission's approval. The final approval deadline is in 10 years, in October 2024, and investors can now be certain that, before the ETF catalyst propels prices parabolically, they have a maximum of 85 days to accumulate Bitcoin.
The host believes that when the ETF is ultimately approved, it will ""ignite Bitcoin as the spark of digital gold."" Comparing it to the gold market of the 1970s before and after ETF approval, he predicts that Bitcoin could enter a long-term bull market and reach $100,000 or even higher." |
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Post time 25-10-2023 13:25:39
