- Bitcoin hit a yearly high on Tuesday, October 24, a week after false news of a Bitcoin ETF approval. The recent rally has moved BTC above a significant resistance.
- PDX Global CEO, Shane Rodgers, saw retail and institutional excitement around the expected approval of the relevant ETF as the driving force behind the latest rally.
- Graeme Moore, head of tokenization at the Polymesh Association, agrees with other experts that the recent rally has been fueled by ETF expectations.
Bitcoin price started a significant upward move with the latest ETF news: Is there still upside potential? Current opinions of experts!
Can Bitcoin Continue Its Price Rally?
Cryptocurrency experts are reacting to the recent Bitcoin price developments that have altered the dynamics of the crypto market. According to COINOTAG, many experts believe that the recent surge in prices was triggered by events surrounding the expected approval of a spot Bitcoin ETF, as many users took strategic investment positions ahead of the potential approval.
Bitcoin reached the highest level of the year on Tuesday, October 24, following false news of a Bitcoin ETF approval just one week prior. This recent rally took BTC above a significant resistance level and left many wondering what the future holds.
Responding to COINOTAG’s question, Julius de Kempenaer, Senior Technical Analyst at StockCharts, believes that above all, the recent BTC rally is due to sellers above $31,000 becoming exhausted. However, Kempenaer noted that some viral ETF news might have contributed to the rally as well.
From a technical perspective, the most significant hurdle has been overcome, and there is now a lot of upside potential for Bitcoin, according to the technical analyst. He claims that current supply and demand forces will suppress any potential pullback, even if ETF applications are rejected.
Shane Rodgers, CEO of PDX Global, attributed the recent rally’s strength to the anticipated approval of the ETF, driven by retail and institutional excitement. He suggested that this beginning represents a similar bull run to the previous one, even though the halving only applied to retail investors.
The president of PDX believed that the decline in interest rates in the second quarter of 2024 also contributed to the Bitcoin rally. However, he added that if the ETF application is rejected, the Bitcoin price could temporarily drop, potentially by up to 30%, before continuing its upward trajectory.
There may be an explosion due to lawsuits
Graeme Moore, President of the Polymesh Association for Tokenization, agrees with other experts that the recent rally was triggered by ETF expectations. Moore thinks that many Bitcoin users tried to predict and take strategic market positions for this event.
However, he noted that what is more important for the price today is the accumulation from the 2020-2021 surges and lawsuits. He provided confidence to investors that the worst is behind and brighter days are ahead.
