Crypto Analyst: BTC Upcoming Spike Will Be Caused by Excitement Around Bitcoin Spot ETF

Bits Logics Team . 26th Nov 2023
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  • Michael van de Poppe anticipates a BTC spike, fueled by excitement around the approval of the Bitcoin Spot ETF.
  • Despite a 1.37% dip in the last 24 hours, BTC maintains resilience, trading at $37,287.77.
  • ETH experiences a 1.13% daily fall but shines with a 4.14% weekly spike, priced at $2,054.30.

In a recent tweet, renowned crypto analyst Michael van de Poppe predicted a forthcoming surge in Bitcoin’s prominence, attributing it to the growing excitement surrounding the potential approval of the Bitcoin Spot ETF.

Despite a 1.37% dip in the past 24 hours, Bitcoin is holding strong at $37,287.77. Notably, the weekly chart indicates a resilient 1.84% increase, maintaining its position in the green area. The trading volume for BTC has spiked by a double-digit of 11.83%, marking its value at $12,021,832,207 over the one day period.

Van de Poppe suggests that after Bitcoin’s spotlight, the focus will shift to altcoins, with Ethereum leading the pack. The leader of altcoins, Ethereum (ETH), was changing hands at $2,054.30 after witnessing a modest 1.13% decline in the last 24 hours. However, the weekly chart reflects a noteworthy 4.14% surge, making the altcoin leader still in the green area. Ethereum’s trading volume has also experienced a boost, rising by 7.67% to $7,158,417,65 over the one day period.

In the midst of market fluctuations and crypto analyst’s analysis being shared across social media platforms, van de Poppe has also reminded the crypto community by advising investors to remain “patient” as the cryptocurrency landscape continues to evolve. 

The crypto community eagerly awaits developments in the Bitcoin ETF approval process and the subsequent potential impact on market dynamics. It should be noted that BTC and several altcoins experienced surges after trade analysts speculated it might have been due to ETF approval.