Bullish Momentum: Bitcoin Surpasses $30,000, Sparking Institutional Interest and ETF Speculation

The price of Bitcoin, the biggest cryptocurrency in the world by market cap, has unexpectedly risen, surpassing $30,000 for the first time since April 19.

Legendary trader John Bollinger was alerted to the significant rise and commented on the crypto currency’s momentum by saying, “The first pattern failed, but the second one didn’t.” According to Bollinger’s analysis, Bitcoin might continue to trend higher.

The discussion around the stock’s volatility was furthered by Dave the Wave. In his tweet, he provided an analysis of BTC’s monthly moving average convergence divergence (MACD), which after nearly two years showed a positive recross.

Dave the Wave’s study supports Bollinger’s forecast for the probable future expansion of cryptocurrencies, despite the complexity of these patterns.

Has Bitcoin ETF Paved Way For More Investors In Crypto?

The market for investing in cryptocurrencies has seen a lot of activity. The two biggest names in finance, BlackRock and Invesco, have taken steps toward filing exchange-traded funds (ETFs).

In particular, BlackRock this week submitted an application for what might end up becoming the first-ever spot Bitcoin ETF in the United States.

BlackRock, a $10 trillion investment behemoth, might ask for permission to launch a BTC ETF because it wants to back its PoS fork.

BlackRock might implement its hypothetical proof-of-stake network, which showcases environmental friendliness and legal compliance, due to the potential dominance of BlackRock in the BTC market.

Chris Blec, a crypto influencer, tweeted this notion to his 48,700 followers. BlackRock might have an interest in heavily sponsoring BTC development to achieve this domination. 

Blackrock:

* Runs first and largest BTC ETF
* Becomes wildly successful
* Heavily funds Bitcoin development
* Proposes “regulatory & eco friendly” PoS fork
* Loses community opinion but adopts fork as “Bitcoin” anyway (as do most govts)
* PoW fork just for pirates & El Salvador

— Chris Blec (@ChrisBlec) June 16, 2023

The authorities will then allow BlackRock to embrace the new network as the only “legitimate” BTC standard, even if it cannot convince the community of the advantages of Bitcoin 2.0 on proof of stake.

The BlockRock filing states that its team reserves the right to determine which network is the only one that is appropriate. The fact that it need not necessarily be the most valuable fork of the biggest blockchain is also specified.

At the time of press, Bitcoin is trading on Bitstamp for $30,115. The future of Bitcoin appears bright thanks to upbeat evaluations from industry insiders like Bollinger and Dave the Wave and rising institutional interest in Bitcoin ETFs.

However, events that take place in the upcoming months will show whether these signs will result in a long-term positive trend for Bitcoin.

Related Reading | Crypto Exchange Gemini To Expand Asia-Pacific Operations