K33 Research: BTC's Path to All-Time Highs May Accelerate with Potential Bitcoin Spot ETF Launch

WikiBit 2023-12-07 14:46

K33 Research: BTC's Recovery to Historical Highs Could Accelerate Significantly with the Potential Launch of a Bitcoin Spot ETF

K33 Research's Senior Analyst Vetle Lunde and Vice President Anders Helseth state that the current Bitcoin downtrend has persisted for 755 days and is approximately 36% below the historical high set in November 2021 (around $69,000). In comparison, it took 1,178 days to recover to the high point after the 2013 cycle and 1,092 days after the 2017 cycle. This time around, the speed at which Bitcoin may recover to its peak could be faster.

One key factor is the anticipated approval of a U.S. Bitcoin spot ETF, which is expected to continue serving as a driving force. Previous cycles did not witness the institutional demand entering the market as it is today. The U.S. ETF is set to receive its final ruling within 36 days, and the market indicates significant demand building up ahead of its expected launch. Therefore, the current uptrend is considered genuine and convincing.

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