Cryptocurrency analysts called last week the best for bitcoin in 4 months

Over the past 7 days, the value of the market’s flagship has risen by 10.6%, the highest weekly figure in 4 months. Analysts attribute this to speculation around the potential launch of a spot ETF.

Thus, the price of BTC $56,532.08 Bitcoin -3.54% Market capitalization $1.11 trillion VOL. 24 hours $4.68 billion rose above $ 30,000 several times as the market reacted positively to rumors of an imminent ETF launch. At the time of publication, the digital asset is trading at $ 30,734, up 3% per day.

Data from the Coinglass analytical platform shows that the recent rise in the BTC price has been the most significant since June. At the same time, the monthly profitability of bitcoin in October, according to Coinglass, is also close to that of June. In September, BTC showed a modest increase of 3.91%, but it is still much better than the August decline of 11.29%.

The positive dynamics of the BTC price is closely related to the growing speculation around the decision of the US Securities and Exchange Commission (SEC) on the spot bitcoin ETF. At the beginning of the week, the price of the asset jumped to $ 30,000 after false reports appeared in the media that the regulator had given the green light to BlackRock’s application.

Although the news was later denied, members of the crypto community noted that the market reaction indicates a high demand for bitcoin ETFs. For this reason, analysts believe that in the first 100 days after the launch of the spot ETF, the price of bitcoin may exceed $ 42,000. Specialists of the online platform CryptoQuant recently stated that if the spot ETF is approved, the rate of the first cryptocurrency could soar to $ 73,000, and its capitalization could increase by $ 155 billion.

Experts noted that the first wave of interest from institutional investors came in 2020−2021. That was when a number of cryptocurrency investors started adding bitcoins to their balance sheets for the first time. The next wave, according to CryptoQuant analysts, may be financial institutions that provide access to bitcoin to their clients through spot ETFs.