Bitcoin (BTC) is riding a wave of positive momentum, sparking speculation on whether the arrival of Spot Ethereum ETFs could propel the leading cryptocurrency back to $70,000. The long-awaited investment vehicles are confirmed for a Tuesday launch, raising questions about their potential impact on the broader crypto market.
Currently priced at just 8% below the coveted $70,000 mark, Bitcoin(BTC) has seen a significant uptick in recent days. CoinMarketCap data reveals a price increase of over 7% within the last week. This follows Bitcoin’s brush with its all-time high of $73,000 in March of this year.
Analysts anticipate a positive correlation between the launch of Ethereum ETFs and Bitcoin’s price trajectory. Kraken executive Thomas Perfumo echoed this sentiment in a Bloomberg interview earlier this month. He described the ETF arrival as a “rising tide lifts all boats” scenario, highlighting its potential to attract significant “capital flows” to the cryptocurrency sector.
This positive outlook could translate into continued gains for Bitcoin, with some experts predicting a surge towards the $70,000 target. The token briefly touched the $68,000 mark on Monday, potentially setting the stage for further ascension.
However, the market experienced a brief tremor on Sunday. Following US President Joe Biden’s withdrawal from the 2024 election race, Coinglass reported a liquidation of $159 million in Bitcoin(BTC) futures contracts. Despite this temporary setback, Bitcoin has staged a notable comeback, regaining its current price point.
Industry experts like BRN Analyst Valentin Fournier believe ongoing market volatility could culminate in a price surge. In a Decrypt interview, Fournier stated, “If this trend persists, Bitcoin could cross $70,000 tomorrow with the launch of Ethereum ETFs.” While a parabolic surge seems unlikely, Fournier suggests that positive ETF inflows could extend the rally beyond initial projections.
The prevailing macroeconomic climate is also expected to play a role in Bitcoin’s price movement. While some analysts caution against reaching the heights seen in March, a positive response to the ETF launch remains a possibility. The possibility of Bitcoin reaching $70,000 cannot be entirely discounted; however, the sustainability of that price point remains a key question for traders.
