Bitcoin (BTC) broke above $38,000 for the first time since May 2022. This came after two weeks of struggle at this level.
BTC climbed up to $ 38,400 in the evening hours today and is trading at $ 37,740 with the decline it experienced at the time of writing this article.
Digital asset ETF analyst Laurent Kssis said:
“With the BTC ETF lurking, which could receive 19b4 approval (not s1 approval) on January 11, there will be a new layer of volatility in the market.”
Kssis also explained that the Bitcoin ETF, due to its trading ease and cost-effectiveness, will attract greater turnover from institutional investors in volumes not currently seen on crypto exchanges, as they are currently not allowed to trade on these unregulated exchanges by compliance departments.
Kssis predicts that Bitcoin could rise to $40,000 over the weekend:
“Once the Bitcoin ETF is approved, the volatility of BTC will be quite high during these periods, creating additional risks for investors and opportunities for arbitrageurs. “We wouldn't be surprised if we see $40,000 broken this weekend.”
*This is not investment advice.