After the performance of the top cryptocurrency last week, it is now time to see if Bitcoin will be able to capitalize on Spot Ethereum’s arrival. These investment products have been confirmed. launch Tuesday. What if Bitcoin returns to the $70,000 level?
It is only 8% from this notable price. The crypto’s price has increased more than 7% in the last week, according to CoinMarketCap. Bitcoin reached its all-time highest level of $73,000 in March this year after surpassing the critical $70,000 threshold.
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Ethereum ETF: Can it lead Bitcoin to $70,000 again?
The Language of Speaking Bloomberg Thomas Perfumo of Kraken, a Kraken executive, said that the ETH ETF was arriving earlier this month. “rising tides lifts all boast story.” The investment product was reiterated by the speaker. “a big deal,” While noting that it will bring attention to both “capital flows,” Asset class is a good example.
This could be a good thing for Bitcoin. Bitcoin’s performance may be positive when Ethereum ETFs are launched, since it is aiming to reach $70,000. The token has slightly retreated, but it reached $68,000 on Monday. It could signal a further increase.
On Sunday, the token fell a little. The US president Joe Biden’s withdrawal from the election in 2024 led to $159 millions being liquidated as futures contracts. Coinglass. Bitcoin’s price has risen significantly since then, despite the fact that it was a significant drop.
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BRN analyst Valentin Fournier predicts a surge in prices due to market volatility. “If this trend persists, Bitcoin could cross $70,000 tomorrow with the launch of Ethereum ETFs,” Analyst told Decrypt. “Although a parabolic acceleration for Bitcoin seems unlikely at this time, positive ETF inflows could sustain the rally longer than previously expected.”
Macroeconomic trends could play an important role. BTC may not be expected to hit the same heights as it did in March but is expected to still respond positively. The traders should not rule out a surge up to $75,000 The most important thing is to know how long the price will stay at this level.
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Source: watcher.guru