After a selloff to $35K, Bitcoin price has bounced back and is currently priced at $37.5K. It is up 5.3% in the last 24 hours and 31% in the last month, indicating a strong long-term bullishness.
Meanwhile, the Bitcoin ETF token shows the potential for even more upside after surging over $800,000 in its presale. Will this token explode with ETF approvals potentially imminent?
Bitcoin is surging, but analysts are divided on its next move
Despite its relative strength over the past month, many analysts are being cautious in their predictions about which direction BTC could go in the short term.
The widespread belief is that it will enter a bull rally by 2024, with the Bitcoin halving and ETF approval expected to significantly increase its price. However, its path towards these events remains uncertain.
Crypto researcher Jimmy Boss took to CoinMarketCap’s social feed to voice his bullish sentiment for Bitcoin. According to the analysis, the recent surge is “the beginning of Bitcoin’s uptrend.”
The post said that the pump has erased the earlier decline, turning Bitcoin from neutral to bullish.
Ex-commentator The Bitcoin Therapist also expressed optimism about Bitcoin’s bullishness. A recent tweet said, “It’s already taken back everything from the last 24 hours,” and “This bull market is about to go crazy.”
However, other analysts are skeptical about Bitcoin’s price ahead of the halving in April 2024.
Dr Profit pointed to market euphoria, which is reflected in the excessive exposure of leveraged longs.
If Bitcoin’s price declines, it could lead to long liquidations, which would lead to a sharp flash crash given the market’s over-optimism.
This observation is in line with prominent trader Rect Capital’s long-standing view that Bitcoin could see a deep retracement before the halving.
Based on Rect Capital’s thesis, there is currently a 150-day window left where Bitcoin could see a strong decline.
However, a major reason for Bitcoin’s recent surge is that it recently made a new all-time high (ATH) against the Turkish Lira. This reflects the importance of Bitcoin as a store of value in curbing inflation, which has become rampant globally in recent years.
Yet, analysts are even more bullish on a new presale project, the Bitcoin ETF Token. Since it is currently in presale, it will enter the price search once it is launched. Given the ongoing Bitcoin ETF hype, this could lead to a huge upside potential.
Deflationary Stake-to-Earn Bitcoin ETF Token Offers 318% APY and Raises $800,000 in Presale
The Bitcoin ETF token is a new project focused on the upcoming Bitcoin ETF approval, which is expected to be approved by January, according to JPMorgan.
The project consists of three cornerstone mechanisms: staking, burning, and news.
Its staking mechanism offers 318% APY, but potential investors should act fast to secure the best yield as it will reduce as the staking pool grows. As well as rewarding the community, the staking mechanism of the Bitcoin ETF token will incentivize long-term holding and reduce its salable supply, equating to a higher price.
Meanwhile, its burning mechanism will burn 5% of the total supply at five major Bitcoin ETF milestones, leading to shortages when hype is at its highest. It also includes a 5% burn tax on each transaction, which makes the token deflationary and increases its value slowly over time.
Finally, it features a news feed that will update its community on the latest Bitcoin ETF events. This will keep the community engaged and open the door to further expansion of the ecosystem.
Its mix of utility, strong tokenomics, and timely trend capture has propelled it to raise over $800K in presale and fuel massively bullish forecasts from analysts. According to Jacob Bury, the project could grow 10x after its launch on exchanges.
Meanwhile, YouTuber Crypto Boy has predicted 100x gains. If true, this would multiply a $1,000 investment to a staggering $1,000,000.
Go to Bitcoin ETF Token Presale
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