2023-7-5 19:30 |
Recently, investor sentiment has improved, pushing Bitcoin’s (BTC) price to a year high amid a spree of spot ETF applications by top US-based asset managers. Since the ETF buzz, the crypto asset has been fighting to sustain new-found support while claiming higher positions.
Amid this development, several analysts predicted a massive price surge for the world’s largest cryptocurrency by market capitalization. A top analyst, managing partner, and founder of Fairlead Strategies, Katie Stockton, dropped a bold price prediction for BTC.
Stockton’s Bullish Bitcoin Price PredictionThe analyst made this forecast during an appearance on the latest episode of CNBC’s Squawk Box television program. According to Stockton, Bitcoin’s price could spike to $36,000. Stockton cited Bitcoin’s recent breakout, which preceded a similar trend in stock prices, as a signal for more potential rallies.
Related Reading: Top 5 Crypto Presales That Are Fast Selling Out in Q3 2023
She drew attention to a decline in the volatility index, which she believes foretells an uptrend for BTC and the equity market. The analyst’s prediction comes as the crypto market rides high tides of volatility with surging asset prices despite the global economic meltdown.
BTC’s price showed resilience despite occasional market turmoil and bearish sentiments. Over the past weeks, the asset conquered the $25,000 consolidation level, pushing over $30,000 in the wake of the spot BTC ETF buzz.
Stockton also spoke about the equity market’s performance, comparing Bitcoin’s correlation with stocks. S&P 500’s price breakout in mid-May and the overall momentum on the NASDAQ market match BTC’s price movement. The move reaffirms the correlation between the crypto and traditional financial markets.
BTC Regains Momentum For More RalliesBTC exhibited an uptrend over the past 30 days despite some slight pullbacks. The asset’s market outlook rapidly shifted from June 15, when the world’s largest asset manager, BlackRock, filed for a spot Bitcoin ETF approval. Bitcoin’s price climbed from $25,000, breaking above the $30,000 level to $31,000 before meeting a slight correction.
Though the market sentiment stalled for a few days, it renewed again as investor optimism for the spot ETF rose. This was after the asset manager resubmitted its application based on the SEC’s directive.
In response to a question about the odds of the SEC approving BlackRock’s spot Bitcoin ETF proposal, a Bloomberg investment analyst, Balchunas, said there is a 50% likelihood for approval. His fellow Bloomberg analyst, James Seyffart, expressed more optimism by leaning toward a 51% likelihood.
Nevertheless, an SEC-approved spot Bitcoin ETF would increase institutional interest in Bitcoin and push its price to new highs.
After falling off the $31,000 price level a few days after the ETF hype, Bitcoin has observed a renewed momentum. As of the time of writing, BTC trades at $31,022, with a 24-hour price increase of 1.05% and a seven-day gain of 0.62%.
Bitcoin could be gearing up for more rallies in the coming days, though, as the asset price has crossed the 200 Exponential Moving Average, suggesting a strong uptrend.
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