While the reports of BlackRock’s spot Bitcoin ETF approval turned out to be false, the market’s reaction to the news showcased the bullish potential of the SEC’s green light. The “Fake ETF Candle” – as it is now being referred to – saw the Bitcoin price surge 10% in a matter of minutes, past the $30k price mark.
Even as the misinformation came to light, BTC continued to display strength after an initial correction. Since then, the largest cryptocurrency breached the $30k resistance again and even wicked above the highs of the fake news pump. The Bitcoin price today is trading near $29,700, up 11% over the past week.
Experts believe that the buying pressure on Bitcoin is a result of crypto investors front running an ETF approval. According to JPMorgan, a spot Bitcoin ETF approval is imminent and the SEC will likely green light multiple applications at the same time to negate the “first mover’s advantage.”
A BTC bull rally will also likely benefit the Bitcoin Minetrix token – a new cryptocurrency that is making it easier for ordinary investors to mine Bitcoin and earn passive rewards. The Bitcoin Minetrix presale has raised close to $2 million in just over three weeks.
Experts Give Bullish Bitcoin Price Prediction After JPMorgan’s Optimism On ETFs
According to JPMorgan’s report, the approval from the SEC will likely come before January 10th – the final deadline for Ark Invest’s spot Bitcoin ETF application. The report highlights that the SEC’s decision to not appeal its loss to Grayscale is a decidedly positive sign that a BTC ETF could be coming any day.
JPMorgan is not the only top institution to be optimistic on this issue – Bernstein analysts also stated that the SEC could approve multiple ETF applications in “early 2024”. Similarly, Cathie Wood, the CEO of ARK Invest, also revealed in a recent interview that the SEC’s behaviour on the issue of crypto ETF is changing and that the top financial watchdog has been engaging with her company at an increasingly higher rate.
In fact, Mike Novogratz of Galaxy Digital believes that the Bitcoin ETF could be approved before the end of 2023 itself. Eric Balchunas, a senior ETF Analyst for Bloomberg also echoed similar sentiments, highlighting that there has been an increase in activity from the issuers themselves.
Bitcoin and Fidelity both recently filed an updated version of their spot Bitcoin ETF applications, while Grayscale has filed an S3 application for $GBTC.
Experts believe that these predictions are serving to build up anticipation in investors, which could lead to soaring crypto prices. Michael van de Poppe of MN Trading believes that the crypto market could already be in a bull run and the Bitcoin price could hit $40,000 before the end of the year. Indeed, Bitcoin has breached its bull market support band while BTC Dominance is breaking above 52%.
According to @CryptoFaibik’s Bitcoin price prediction, a breach of the $31k S/R level could see BTC surge past $38k by mid-December.
With Fed Chair Jerome Powell hinting at the end of Federal Reserve’s monetary tightening, a spot Bitcoin ETF approval from the SEC could trigger the next Bitcoin bull cycle.
While outlooks for Bitcoin turn bullish, another BItcoin-inspired token called Bitcoin Minetrix is also making waves across the community.
Experts Also Bullish On New Cloud Mining Token Bitcoin Minetrix, Presale Approaches $2 Million
The new Bitcoin Minetrix project is turning heads as it is launching a decentralized cloud mining platform that allows investors to earn passive BTC mining rewards by staking the $BTCMTX token. The token has seen impressive demand in its presale, having already raised close to $2 million in just over 3 weeks.
The crypto mining industry turns heavily profitable during a bull run as the value of BTC rewards soar in value. However, ordinary investors are unable to tap into the profits due to the high cost of investment and technical expertise required to run a competitive mining operation.
Instead with Bitcoin Minetrix’s stake-to-mine approach, investors can purchase $BTCMTX tokens and stake them to receive non-transferable mining credits. These credits can be burned for a percentage of the yield or cloud mining time, both options leading to passive BTC rewards.
With BTC prices expected to skyrocket during next year’s bull run, the accumulated BTC rewards could potentially turn into a sizable income for the stakers.
Investors don’t even have to wait for the launch of the cloud mining platform – they can stake their tokens in the presale itself and earn staking rewards, currently at an APY of over 300%. This allows retail investors to keep earning passive income even during a bear market.
According to popular trader Jacob Bury, who has close to 23k subscribers on YouTube, Bitcoin Minetrix’s cloud mining utility could be in high demand during the next crypto bull run. Consequently, he predicts the $BTCMTX tokens to display a 10x price growth after its launch.
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