Uphold’s Head of Research Dr. Martin Hiesboeck predicts that Bitcoin price will surpass the $200K mark very soon. In an X post, asserting a great institutional demand, Dr Martin drops a hint that the recent Bitcoin bull market is nowhere close to the upcoming one.
Bitcoin recently broke the $44K mark in response to the approaching spot Bitcoin ETF approval date. Microstrategy and other big players acquiring huge sums of Bitcoin shows a high institutional engagement which directly correlates with Dr Martin’s scope.
John Deaton Reacting On Bitcoin Price Prediction
XRP lawyer John Deaton is again advocating Bitcoin and the whole crypto market. Reacting to Dr. Martin’s X post, Deaton shared an “eye” emoji. By this, Deaton might be indicating investors to monitor Bitcoin price movement closely. Bitcoin is a highly volatile asset and any movement could break the $45K barrier moving closer to $50K.
Deaton recently revealed that he has staked most of his crypto funds in Bitcoin. Adding a sequel to the same, Deaton took a dig at his financial advisor who once called him a fool for owning Bitcoin and crypto, now advises his clients to own 1-5% in spot Bitcoin ETF.
The comment came after the recent listing of fidelity into DTCC. Additionally, Deaton argued that if spot BTC ETF is approved in January before the halving, commercial investors will enter the market.
Dr. Martin also shared the commitments of traders (CoT) chart showing the variance in Bitcoin’s price and the CoT asset manager’s net position on BTC.
According to the Bitcoin CoT data recorded till November 28, Bitcoin has experienced an increasing number of commercial investments. The larger spikes that came in November have shown that institutional investors have mostly shown interest between the $36,000 and $38,000 price bands.
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Spot BTC ETF Approval Awaits
Discussions between the US Securities and Exchange Commission and asset managers wishing to list spot Bitcoin ETFs have progressed to important technical issues, indicating the agency may soon approve the products, according to industry experts.
Thirteen corporations have outstanding applications with the Securities and Exchange Commission (SEC), including Grayscale Investments, BlackRock, Invesco, and ARK Investments.
In recent developments, Fidelity Investments has successfully placed its spot Bitcoin Exchange-Traded Fund (ETF) on the Depository Trust and Clearing Corporation (DTCC) under the ticker FBTC. This is a significant move towards an official approval of the Bitcoin ETF and an optimistic announcement that can further embrace the Bitcoin market.
At the press time, Bitcoin (BTC) price was trading at $43,229.12, with a 24-hour trading volume of $28 billion. This indicates a 1.56 % decrease in the last 24 hours and a 13.16% increase in the last seven days.
Also Read: Former Binance CEO CZ Should Remain In US, Judge Rules
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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