While Bitcoin, the leading cryptocurrency, rose to $ 30,000 with the rise last night, there was also activity in altcoins.
Behind this rise are rumors that the SEC will approve a spot Bitcoin ETF in the coming months.
While this rise in Bitcoin delights investors, the questions of which direction the BTC will take came to the fore.
At this point, analysts evaluated the possible future movements of BTC.
Speaking to Bloomberg, analysts from K33 Research said that the SEC's decision on ARK Invest's application on August 13 is important, saying that low volatility in Bitcoin indicates that an explosion is imminent.
“The upcoming ETF decisions may end the cooling in the market. The decision from the SEC, regardless of delay, rejection or approval, will end the low volatility of Bitcoin.
This decision could ignite market volatility and Bitcoin could be closer to bursting from an unusually low volatility period.”
Apart from K33 Resrach analysts, Tony Sycamore, market analyst at Australian financial services company IG Australia Pty, also evaluated Bitcoin.
Stating that we have entered a positive period in Bitcoin, Tony Sycamore said, “A positive picture is formed in Bitcoin and technical indicators show that a sharp upward movement towards $ 34,000 may come.” said.
Lastly, speaking to Bloomberg Live, Terrence Yang, managing director of Swan Bitcoin, stated that the Bitcoin price is already quite low. Considering the cash that will flow to e-commerce, it is clear that the price is very low right now.” said.
*Not investment advice.
