After Bitcoin reaches a new historic high of $ 63,000, experts draw new market speculations.
In an interview with NewsBTC, on Tuesday (13), the co-founder of the Zap Protocol said that the BTC will reach the mark of US $ 70 thousand later this month. That is, the largest cryptocurrency in market value may exceed R $ 400 thousand.
Nick Spanos believes that two factors may make the new high feasible. First, the Coinbase listing on Nasdaq and then the growing institutional interest in a Bitcoin ETF.
Coinbase Listing
There are those who see Coinbase’s listing on Nasdaq as a lever for the appreciation of the cryptocurrency market. This view is shared by the data startup executive.
Spanos says that the value of Bitcoin will increase after the sale of shares in the exchange. He adds that the public offering will attract traditional investors.
“Coinbase’s public offering is particularly exciting for investors in the mainstream market. […] They will have a more direct opportunity to buy the shares of a company that plays a central role in Bitcoin, ”he said.
In addition, the analyst predicts that by the end of April the digital currency will increase by more than 11%. At the time of writing this article, BTC is quoted at US $ 62,981.50, about R $ 360,222.69.
Rising funds
The second favorable scenario for Bitcoin appreciation, according to Spanos, is the institutional interest in Bitcoin funds listed on the stock exchange. In other words, the long-awaited ETFs.
There is already a demand for a Bitcoin ETF in the cryptocurrency market. Approval is seen by analysts as a bridge for institutional investors.
However, despite the will of the market, companies in the United States are still unable to have their orders approved.
To date, the U.S. Securities and Exchange Commission (SEC) has not approved any cryptocurrency-linked ETF.
With the appointment of Gary Gensler to the position of chairman of the regulatory body, it is estimated that this scenario will change. The commissioner has shown, on other occasions, to have an open view on digital assets.
In this perspective, Mike Novogratz, CEO of Galaxy Digital, believes that the regulator will approve the first Bitcoin fund later this year.
Optimistic technical indicators
In addition to the Spanos forecast, technical analyzes also point to a new maxim. Graphics indicate an advance to the area of R $ 400.3 thousand or more.
Among the indicators, there is the Ascending Triangle. This signals a continuation of bullishness for the digital currency.
A break above the triangle, above $ 62,700, is expected to be sustained.
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