Bitcoin Price Prediction Hits $70,550 Amid ETF Speculation & LSE’s Crypto Move
During the Asian session, Bitcoin price has showcased its resilience, ascending over 1% to reach $70,550, reigniting discussions around Bitcoin price prediction. Amidst a financial landscape punctuated by anticipation for regulatory decisions and the adoption of digital currencies on traditional exchanges, Bitcoin’s value trajectory becomes a focal point.
This environment, combined with institutional investment signals and strategic market moves, underlines the crypto asset’s bullish momentum, setting the stage for future valuation explorations.
Grayscale Eyes May Approval for Ether ETFs Amid SEC Speculation
Grayscale remains hopeful about securing approval for spot Ether (ETH) ETFs in May, despite perceived communication gaps with the U.S. Securities and Exchange Commission (SEC). Chief Legal Officer Craig Salm is optimistic, drawing parallels from the firm’s experiences with Bitcoin ETFs.
3/ All of these issues were figured out and are identical when comparing spot #Bitcoin to #Ethereum ETFs. The only difference is rather than the ETF holding bitcoin, it holds ether. So in many ways, the SEC already has engaged and issuers simply have less to engage on this time.
— Craig Salm (@CraigSalm) March 25, 2024
Yet, the inclusion of staking in Ether ETFs presents a unique hurdle. While Bloomberg analysts see only a 25% chance of approval due to concerns over SEC engagement, the recent green light for Ether Futures ETFs, regulated as commodity futures, offers a glimmer of hope.
There’s no reason to sour hopes for a spot #Ethereum ETF, says @Grayscale’s @CraigSalm. https://t.co/I3QDOODl72
— Cointelegraph (@Cointelegraph) March 26, 2024
Key industry figures align with this positive outlook, awaiting the SEC’s decisive verdict by May 23, which will significantly influence Ether and Bitcoin’s market sentiment.
London Stock Exchange to Launch Bitcoin and Ether ETNs, Boosting Crypto Accessibility
The London Stock Exchange (LSE) is set to introduce a market for bitcoin and ether exchange-traded notes (ETNs) on May 28, with applications for trading starting April 8. This move, regulated by the Financial Conduct Authority (FCA), targets professional investors and follows the FCA’s March decision to allow such market segments.
Breaking : London Stock Exchange Will Start Market for Bitcoin and Ether ETNs May 28.
The stock exchange will accept applications for trading #bitcoin and ether crypto exchange traded notes from April 8. pic.twitter.com/fVXQUEICa0
— KoinX (@getkoinx) March 26, 2024
This initiative aligns with the UK’s ambition to create a crypto-friendly environment. Launching bitcoin and ether ETNs could enhance institutional cryptocurrency engagement, potentially increasing BTC’s value by making it more accessible and reputable within traditional finance.
Bitcoin Surges Past $70,000 Amid Historic Low Supply on Coinbase
Bitcoin’s price soared past $70,000 on March 25, as a resurgence in BTC accumulation led to the lowest supply on Coinbase in nine years. Coinbase’s BTC reserves dropped to 344,856 BTC by March 18, a figure not seen since 2015.
Additionally, accumulation addresses—holding over 10 BTC without selling or exchanging—saw their balances surpass 3.2 million BTC, nearing a historic peak. A significant inflow of 25,300 BTC to these addresses on March 22 suggests institutional investors anticipate further gains.
The decrease in Coinbase’s Bitcoin reserves to 344,856 BTC on March 18 signals a strong trend of investors withdrawing BTC for long-term holding, reminiscent of similar accumulation patterns observed in 2015. https://t.co/3xxejEfN0f
— Cointelegraph (@Cointelegraph) March 25, 2024
With Bitcoin exchange reserves hitting a three-year low of 1.92 million BTC on March 25, the stage is set for potential price increases driven by a tightening supply and growing institutional interest, particularly from ETFs.
This confluence of dwindling Bitcoin availability and heightened institutional buying underscores a robust bullish market outlook, possibly propelling BTC’s price even higher in the near term.
Bitcoin Price Prediction
On today’s date, Bitcoin (BTC/USD)’s pivot point holds around $69,700, indicating bullish momentum. Critical resistance levels are set at $72,368, $73,887, and $75,692, marking potential hurdles in the upward trajectory.
Conversely, support is found at $68,183, followed by lower thresholds at $66,529 and $63,917, which could stabilize any pullbacks. The Relative Strength Index (RSI) reads at 68, suggesting an approach towards overbought territory but still signaling strength in the current trend.
Bitcoin Price Prediction
The 50-day Exponential Moving Average (EMA) at $66,749 underlines a solid uptrend, reinforced by Bitcoin’s breakout from a symmetrical triangle pattern that previously capped gains around the $66,500 level.
The current technical setup projects a bullish outlook for Bitcoin, indicating further upside potential above $69,750, while a descent below this benchmark could pivot to a bearish scenario.
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