Analysts discuss whether Bitcoin rally induced by Spot ETF will stick or not.
Spot ETF-induced Bitcoin rally isn’t guaranteed to stick: Analysts

The Impact of a Spot Bitcoin ETF on Market Prices

The approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) may lead to an increase in the price of Bitcoin, but some analysts worry that it won’t be enough to bring the markets out of their winter freeze.

On October 24th, Bitcoin experienced its largest single-day rally in over a year, with a 14% surge due to news that the ticker of BlackRock’s spot Bitcoin ETF – IBTC – had been listed on the Depository Trust & Clearing Corporation (DTCC) website, which was viewed as a positive step towards the fund’s approval.

This surge was even larger than the one on October 16th, when Cointelegraph mistakenly reported that a spot Bitcoin ETF had been approved.

TheFlowHorse, a pseudonymous trader with 184,000 followers on X, told Cointelegraph that these two market blips could be seen as a hint of Bitcoin’s price action if a spot Bitcoin ETF is approved.

Impact of Bitcoin ETF on Investors

TheFlowHorse commented that if the Bitcoin ETF is approved, investors will likely witness a move of similar or even greater magnitude. However, TheFlowHorse also pointed out that the prices may retrace after the approval since many investors will try to capitalize on the news.

“You’re going to have a ton of crowding… and that’s ultimately an inefficient move. The inefficient moves get refilled and retrace to some degree,” he said in regards to how web 3.0 will impact business.

TheFlowHorse’s advice to those looking to invest in web 3.0 is to consider carefully the implications of such a move before taking any action. He also suggested looking into how to create web 3.0 website, how to make a web 3.0 website, and how to get on web 3.0, as well as whether metaverse and web 3.0 are the same, and how to get a job in web 3.0.

Impact of Web 3.0 on Bitcoin

Tony Sycamore, an analyst at IG International, expressed his opinion that Bitcoin will surge to new yearly highs following the approval of BlackRock’s ETF. Rachael Lucas, a technical analyst at Australian crypto exchange BTC Markets, also shared her view that this approval could be a catalyst for the traditional finance sector.

Sycamore noted that there is a chance for the rally to remain, however, given the current interest rates, a full-scale trend reversal for Bitcoin seems unlikely. Tina Teng, an analyst at CMC Markets, advised to be cautious, as there is no guarantee of a full trend reversal.

Teng concluded that macro changes will have a major impact on the crypto markets, and that an upside trend is usually seen during a Fed rate cut cycle.

The likelihood and timing of a Bitcoin ETF approval are still uncertain. While it is unlikely, ETF analysts have suggested that the United States Securities and Exchange Commission Chair Gary Gensler could be waiting until the very last minute to deny the pending applications.

JPMorgan analysts noted in an Oct. 17 investment note that an approval could come within the next few months, however, Bloomberg ETF analysts James Seyffart and Eric Balchunas estimate the chances of an approval by Jan. 10 next year at 90%.

Investors are keen to know how to invest in Web 3.0, how it will impact businesses, and how to create and build Web 3.0 websites. Gary Vee has also been a major proponent of Web 3.0 and its potential. It is important to note that Metaverse and Web 3.0 are not the same, and there are various ways to get a job in Web 3.0.

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