Bitcoin Cash

Bitcoin ETF

Bitcoin

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 <p class="paragraph">The cryptocurrency community is bullish as the SEC’s <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> of a spot Bitcoin ETF seems likely in 2024. Financial behemoths, including BlackRock through iShares, Fidelity, and Ark Invest, are in the race to launch the first ETFs.</p>
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 <p class="paragraph">In the latter half of 2023, the market witnessed multiple price surges in Bitcoin (BTC) following rumors about the imminent approval of a spot Bitcoin ETF, which were subsequently debunked. This pattern has bred anxiety among investors, with fears of a classic “buy the rumor, sell the news event.”</p>
 <p class="paragraph">On the other hand, <em>CrediBULL</em> <em>Crypto</em>, a cryptocurrency commentator on X (formerly Twitter), predicted a different market response. He stated that both the anticipation and the actual <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> would result in purchasing enthusiasm, labeling it a “buy the <a rel="noopener noreferrer nofollow" title="rumor" href="https://thebittimes.com/tag/rumor.html">rumor</a>, buy the news <a rel="noopener noreferrer nofollow" title="event" href="https://thebittimes.com/tag/event.html">event</a>.”</p>
 <p class="paragraph">Supporting this bullish outlook, another user argued against the likelihood of a sell-off post-approval, pointing out that ETFs must purchase Bitcoin with cash and cannot repurpose existing Bitcoin holdings.</p>
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 <p class="paragraph">The intense competition to become the ETF with the most liquidity could lead to a scenario where these large players expedite buying, similar to retail investors, in a fear-of-missing-out (FOMO) situation.</p>
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    <p lang="en" dir="ltr">Won't be sell the news:<br><br>1) ETFs will be buy with cash only. They can't use existing BTC to put them into an ETF, they need to buy new ones<br><br>2) The first ETF with the most liquidity will win. They all want to win and get a lot of customers.<br><br>-&gt; They will fomo in like retail imo</p>— Cront (@CrontBTC) December 22, 2023
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 <h2 class="wp-block-heading" id="h-spot-bitcoin-technical-analysis-indicators-in-anticipation-of-an-etf-approval">Spot Bitcoin technical analysis indicators in anticipation of an ETF approval</h2>
 <p class="paragraph">Fueling the conversation, a chart shared by <em>TechDev</em> shows bullish technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> indicators.</p>
 <p class="paragraph">Notably, Bitcoin’s 2-month On-Balance-Volume (OBV) reached new highs, suggesting a new all-time high (ATH) could manifest within two months for BTC. The analyst also expects a price peak six to ten months after the forecasted ATH.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="677" src="https://cdn.thebittimes.com/images/2023/12/24/9f00c5ae4c861b612a82ede61b5b1e61.webp" alt class="wp-image-144990" srcset="https://cdn.thebittimes.com/images/2023/12/24/9f00c5ae4c861b612a82ede61b5b1e61.webp 1024w, https://cdn.thebittimes.com/images/2023/12/24/9f00c5ae4c861b612a82ede61b5b1e61.webp 300w, https://cdn.thebittimes.com/images/2023/12/24/9f00c5ae4c861b612a82ede61b5b1e61.webp 768w, https://cdn.thebittimes.com/images/2023/12/24/9f00c5ae4c861b612a82ede61b5b1e61.webp 1536w, https://cdn.thebittimes.com/images/2023/12/24/9f00c5ae4c861b612a82ede61b5b1e61.webp 1649w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin (BTC) 2-month On-Balance Volume (OBV). Source: <em>TechDev</em>
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 <p class="paragraph">The approval of a spot Bitcoin ETF is expected to have a notable impact on Bitcoin’s price or valuation. Such a financial product would enable a broader investor base to gain Bitcoin exposure through traditional securities accounts. Potentially, this would enhance the legitimacy and stability of cryptocurrency as an asset class.</p>
 <p class="paragraph">However, the cryptocurrency market is known for its volatility and unpredictability. Investors should exercise caution due to the inherent risks associated with cryptocurrency investments and speculation.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/expert-bitcoin-spot-etf-approval-to-be-buy-the-rumor-buy-the-news-event-tbt74626.html">https://thebittimes.com/expert-bitcoin-spot-etf-approval-to-be-buy-the-rumor-buy-the-news-event-tbt74626.html</a></p>

Expert: Bitcoin spot ETF approval to be ‘buy the rumor, buy the news event’

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