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To the delight of Bitcoin enthusiasts, the flagship cryptocurrency has not only seen a price surge but is very close to entering the $60k price region. Bitcoin has been in a bullish momentum for the last few days as the possibility of BTC ETFs grabbed the attention of a large audience.
A few days ago, the price did drop slightly after it was revealed that the approval of Bitcoin ETFs by the SEC might take a little time. However, as this news took a turn, so did the price of Bitcoin.
According to analysts, the approval of Bitcoin ETF in the United States of America is practically confirmed. This certainly gave a boost to the price of BTC, which is now trading at $59,493 (at the time of writing). It also briefly entered the $60,000 price region and is likely to reclaim it soon.
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Possible Trajectory of Bitcoin’s Price
It was quite evident that most of the major investors were interested in buying the largest digital asset due to the possibility of the first BTC ETFs being approved. When it was hinted that the approval might be delayed until next year, a slight price correction was seen for the flagship digital currency.
However, news related to Bitcoin ETF has once again affected the price of BTC. It has been reported that the Securities and Exchange Commission (SEC) in the USA is not against the launch of futures-based BTC exchange-traded funds in the country.
This positively affected the price of Bitcoin and caused it to briefly cross the $60,000 price mark as shown in the graph by CoinGecko below.
Now, according to reports, the very first ETF called the Bitcoin Strategy ETF is anticipated to start trading next week.
Eric Balchunas, the ETF analyst has stated that the chances of SEC approving the ETFs is around 90%. However, he would still wait for the ETF to trade on an exchange for real before he closes his case.
The crypto industry has been planning to launch a Bitcoin ETF since 2013. Therefore, the approval of a BTC ETF now would be a huge milestone for the blockchain and the overall industry.
Could a Further Price Surge be Expected?
The approval of the first Bitcoin ETF is an outstanding development for the flagship cryptocurrency and has already boosted its price. The proper launch of the ETFs is anticipated to take the price of the crypto asset even higher.
Bitcoin is facing some resistance where it currently stands. However, according to analysis, if it breaks through the $59k region the price of BTC is likely to reach an all-time high.
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