You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-targets-april-2022-peak-as-etf-approval-looms/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Targets April 2022 Peak as ETF Approval Looms</a> 
<a href="https://en.coin-turk.com/experienced-analyst-warns-of-bearish-signal-for-bitcoin-no-relief-until-critical-threshold-is-crossed/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> price is targeting the peak of April 2022, which is $48,189, and is currently above $46,300. The SEC is very likely to approve the Spot Bitcoin ETF on Wednesday. Subsequently, we will see simultaneous ETF listings on Thursday or Friday. The big week has started.
<h3 style="text-align: justify" id="significant-developments-in-cryptocurrencies">Significant Developments in Cryptocurrencies</h3>
BTC is currently continuing to push its peak higher, reaching up to $46,818. It will probably see an even higher peak by the time this article is finished. The increasing excitement is due to the ETF approval we have been warning about for weeks. After BlackRock filed for an ETF in mid-June, we talked about this being the likely outcome when BTC had not yet passed $30,000. The expected has happened.
Casey Wagner wrote the following regarding the current situation;
<blockquote>
 “The SEC is unlikely to vote on Bitcoin ETFs. If that were the case, they would need to schedule a meeting on their public calendars, and there is nothing until Thursday. The BTC futures approval and previous spot rejection were given ‘by delegated authority’.”
</blockquote>
Material Indicators wrote today;
<blockquote>
 “ETF speculators will not be happy if there is no approval today, but the street rumor is that Wednesday is very likely the day. This means you should be prepared for another potential drop. Whales want to shake out weak hands and buy in lower.”
</blockquote>
The problem is that whales had about 1.5 years to buy from weak hands. The king cryptocurrency experienced its peak of overselling in November 2022 and fell to $15,500.
<h2 style="text-align: justify" id="will-bitcoin-climb-higher">Will Bitcoin Climb Higher?</h2>
Today, new positions worth $1 billion were opened in futures. After the ETF approval, we will likely see billion-dollar volumes on the first listing day. Trillion-dollar asset managers and billion-dollar funds have gathered massive demand. ETF issuers wanting to make a show on the first day are in fierce competition.
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-299782 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/BTCUSDT_2024-01-08_21-55-16.png" alt="" width="1201" height="554">
If things go as expected and we see billion-dollar inflows, this means BTC price might peak by Friday evening. We may see a price correction afterwards, there could be speculative drops, but as billions of dollars continue to flow into Bitcoin, how will investors be motivated to sell?
Spot Bitcoin ETFs, unlike futures ETFs, require the holding of physical BTC in reserves. This means that as institutional and accredited investors buy, the supply on exchanges should shrink and the price should increase due to supply scarcity. For now, the path ahead seems clear. Of course, cryptocurrencies are full of surprises and no one can see the future.
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-targets-april-2022-peak-as-etf-approval-looms/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Targets April 2022 Peak as ETF Approval Looms</a></h5>

Bitcoin Targets April 2022 Peak as ETF Approval Looms

Table of Contents

COINTURK NEWS

Other articles published on Jan 8, 2024

US Economic Calendar Meets Crypto: Key Week for CPI Forecast and Bitcoin ETF Decisions

Crypto Wallet Adoption Surges: A Deep Dive into the Growth of Major Altcoins

Web3 Sports Fantasy Manager Maincard.io is Breaking into Esports with Big-Name Partnerships (8 Jan)

Cardano’s Bullish Momentum: Key Metrics Hint at Price Surge

Ministry of Interior, Immigration Service launches digital portal for passport booking, renewal, ...

Former DCG advisor Larry Summers on list of Jeffrey Epstein’s ‘Harvard friends’

Join our free newsletter for daily crypto updates!