TL;DR
The topic of a spot Bitcoin ETF approval has been all everyone talked about this week, and not without a good reason.
As CryptoPotato reported, BTC’s price soared to $35K earlier this week, reaching levels not seen in a long time. The reason for it was that the website of the Depository Trust and Clearing Corporation (DTCC) suddenly showed a listing of a spot Bitcoin ETF carrying the ticker symbol iBTC – BlackRock’s BTC ETF.
Not that long after, however, the ticker was removed. The prices slid a little bit, but it was nothing too concerning. And a few hours later, the ticker appeared once again.
The listing of this ticker itself doesn’t mean a lot, but market participants are taking it as a sign that the approval chance for a spot Bitcoin ETF grew higher, hence the surge.
Now, a very popular crypto analyst – Pentoshi – took the opportunity to speculate on the potential upside for BTC in the next years, assuming an approved BTC ETF.
It’s important to note that Pentoshi said that “nobody knows what will happen AFTER, not BlackRock […] Literally nobody.”
However, the analyst said:
What we do know is that ETF experts believe there is a 90% chance of approval, and that Bitcoin isn’t going anywhere. It has a fixed supply in a world of infinte printing.
Going forward, Pentoshi said that “the long-term downside could be $19-$20K, and the upside could be $180K in the next 5 or so years. Just a guess.”
Markets are inherently bullish and full of hope. At the end of the day, I’d rather have some long-term exposure than no exposure. It’s such a favorable asset to own long term. Don’t get so caught up in the noise short term. There’s a lot of long-term tailwinds.
Meanwhile, if you’re interested in checking other BTC price predictions, take a look at our recent video:
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