Crypto experts are reacting to the recent Bitcoin price development that has changed the dynamics of the crypto market. Coin Edition asked experts about their opinions, and they believe the recent surge is precipitated by events surrounding the expected spot Bitcoin ETF, as many users are taking strategic investment positions ahead of potential approval.
Bitcoin reached a yearly high on Tuesday, October 24, one week after a piece of false news about Bitcoin ETF approval. The recent rally has pushed BTC above significant resistance and into a price region that has left several users wondering what the future holds.
Responding to Coin Edition’s query, Julius de Kempenaer, senior technical analyst at StockCharts.com, thought, above anything else, that the latest BTC rally results from sellers’ exhaustion above $31,000. However, Kempenaer noted that some viral ETF news may have also contributed to the rally.
According to the technical analyst, from a technical perspective, the biggest hurdle has been cleared, and there is now a lot of upside potential for Bitcoin. He claimed that the rally will continue even if the ETF applications get denied, as the current forces of supply and demand would suppress any potential setback.
Shane Rodgers, CEO of PDX Global, shared a similar perspective with Kempenaer regarding the force behind the latest rally. Rodgers thought it was the outcome of retail and institutional excitement about the expected ETF approval. He stated that this initial surge represented the beginning of a pre-halving bull run, even though the halving effect only applies to retail investors.
The PDX chief executive thought an expectation of lower interest rates in the second quarter of 2024 also contributed to the Bitcoin rally. However, he added that the Bitcoin price will fall temporarily if the ETF application is denied. He predicted the price could drop by up to 30% before resuming its upside trajectory.
Graeme Moore, head of tokenization at the Polymesh Association, agreed with the other experts that the recent spike was triggered by ETF expectations. Moore thinks many Bitcoin users are trying to front-run the event and take strategic market positions.
However, he noted that the more important thing for the price today is the culmination of the blow-ups and lawsuits from the 2020-2021 period, giving investors confidence that the worst is finally behind us and that brighter days are ahead.
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