- Bitcoin’s recent surge past $35,000 signifies a 12% increase and an ongoing bullish trend.
- BlackRock’s Bitcoin ETF listing is credited for breaking the $31,000 resistance, hinting at institutional interest.
- Bitcoin’s role as a modern gold substitute during economic uncertainties is echoed by industry leaders.
Following a brief surge above $35,000 after the U.S. trading day, Bitcoin (BTC) is presently resuming its ascent toward the $35,000 mark, marking a 12% increase as Asian markets come online. Data indicates that Bitcoin is currently trading above $34,000, and the Bitcoin Trend Indicator reveals a noteworthy upward trend, coinciding with the imminent realization of the long-anticipated Bitcoin ETF.
Bernstein attributes the rally, which pushed Bitcoin past the critical $31,000 resistance point, to BlackRock listing its Bitcoin ETF on the Depository Trust & Clearing Corporation database with the ticker $IBTC. Recently, Jack Tan from Woo Network mentioned that Bitcoin is currently in an ‘anti-gravity’ phase and could potentially reach $75,000 in the coming months. He also noted that the sudden spike is just a preview of what might happen if ETFs are approved. Much of the expected impact on Bitcoin’s price has already been priced in since the $25,000 level back in February, as seen in the narrowing GBTC discount, which stood at 16% as of last Friday’s close.
Bitcoin is in an ‘anti-gravity’ phase and could hit $75,000 in the coming months.
Jack Tan, Woo Network
Tan also pointed out that altcoins are trading more closely in correlation with tech stocks, lacking the safety-seeking mechanism seen in Bitcoin. He anticipates that they will perform less favorably compared to Bitcoin and Ether, the latter of which he believes will eventually catch up with Bitcoin.
David Lo, Bybit’s Head of Financial Products, shared that Bitcoin has been the primary beneficiary of these positive catalysts, resulting in the highest BTC dominance since early 2021. This has led to Bitcoin gaining market share over Ethereum (ETH) and stablecoins. However, there might be some selling pressure on the horizon for GBTC as the discount gap narrows, potentially prompting those who purchased at the lows of a 40% discount to consider selling at current prices.
Quinn Thompson, who serves as the Head of Capital Markets and Growth at Maple Finance, expresses the view that Bitcoin is evolving into the contemporary counterpart of gold, serving as a safe haven for investors in times of economic uncertainty. This sentiment aligns with BlackRock CEO Larry Fink’s characterization of the recent surge in cryptocurrencies as a “flight to quality” amid the various global challenges.
Moreover, Thompson noted that Fink’s “flight to quality” statement resonates with recent comments made by Paul Tudor Jones. Two decades ago, gold fulfilled this role, but today, it’s Bitcoin that serves as the modern equivalent. According to Thompson, Fink’s discernment is astute, and he wouldn’t be openly expressing these viewpoints if he believed the SEC would reject his ETF application.
