Analysts foresee a potential breakout as Bitcoin (BTC) grabs the positive market sentiment generated from BlackRock’s spot BTC ETF filing. This comes as the BTC price has remained above $30,000 despite a slight correction in the crypto market over the past few days.
A notable crypto market analyst, Aksel Kabir, predicts a significant price surge for the number one crypto asset is imminent. According to Kabir, BTC will hit a target price of $34,000 after conquering the short-term resistance at $31,000.
Kabir based his analysis on the head and shoulders (H&S) pattern. It indicated a strong bullish sentiment in the market, which could see BTC reaching the $34,000 target after the breakout from the channel.
Would The ETF Hype Further Push Bitcoin Price?
The anticipated Bull Run comes amid heightened investor optimism due to BTC-based ETF filings by BlackRock, WisdomTree, and Invesco. The ETF filing created a positive buzz in the market, leading to a price rally for BTC and other cryptocurrencies. BTC’s price soared above $31,400, a one-year high due to the increased investor sentiment driven by the events.
A more promising outlook for Bitcoin proponents is the announcement of the 2x Bitcoin ETF from Volatility Shares. On June 23, a leading assets manager, Volatility Shares, filed a form 8-A with the SEC. The filing stated the company plans to launch a Bitcoin-based investment product.
According to a June 23 tweet, Volatility Shares wants to launch a 2x Bitcoin ETF dubbed BITX on Tuesday, June 27. But the registration had not become effective at the time of announcement. This ETF offering would offer investors a 2x leveraged exposure to Bitcoin.
Being the first-of-its-kind, Volatility Shares’ 2x Bitcoin ETF added more fuel to the raging optimism among investors. It also led to speculations about whether the SEC has relaxed its aggressive pursuit of crypto. The reason is that the regulator had not explicitly denied Volatility Shares’ application.
Nevertheless, the overall crypto market outlook is conflicting today. As of the time of writing, the global crypto market capitalization is down by 1.13%. Moreover, Bitcoin and Ethereum prices have registered a 24-hour decline of 1.07% and 1.88%, respectively. BTC is currently selling for $30,326, and other altcoins are also moving in a negative trend.
Deaton Thinks BTC Might Reach $300,000
Meanwhile, pro-XRP lawyer John Deaton asked an interesting question concerning Bitcoin in a June 24 tweet. The lawyer asked his 276,000 followers whether they believed BTC would reach half the gold market cap someday. Deaton said BTC’s value would reach $300,000 (10 times the current price) if it reached half the gold market cap.
Deaton explained that he picked half of gold’s market cap to demonstrate his belief that the current price is an attractive entry point for long-term investors. The lawyer said that BlackRock’s CEO Larry Fink changing his mind about Bitcoin after witnessing over 600,000 inquiries about Bitcoin says a lot.