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The market data is provided by the HitBTC[1] exchange.
If an asset class doesn’t fall much on adverse news but rallies on good news, it is an indication that the trend is bullish. Various reasons are attributed to Bitcoin’s most recent 40 percent rally from the lows, but the most quoted one was the possibility of a Bitcoin (BTC[2]) exchange-traded fund (ETF) within the next few weeks.
However, in the past three days, the US Securities and Exchange Commission (SEC) postponed[3] one proposal and shot down[4] another.
While there are other ETF proposals pending with the SEC, the rejection of the Winklevoss twins’ Bitcoin ETF dampens sentiment. The extent of decline following this news will give us an idea whether the trend has turned positive or if the pullback from the lows was only a bear market rally.
The Bitcoin bulls are upbeat on the coin’s future prospects. Mark Yusko, CEO and chief investment officer of Morgan Creek Capital Management, has a target of $25,000[5] by end of this year. He believes that the rally will continue and that Bitcoin could reach $500,000 by the end of 2024.
Similarly, Alexis Ohanian, a co-founder of the social media platform Reddit and a VC firm Initialized Capital had recently reiterated his year-end target[6] of $20,000 on Bitcoin and $1,500 on Ethereum.
While we are also bullish, we are much more conservative in
