Following the erroneous report that the US Securities and Exchange Commission (SEC) had accepted BlackRock’s iShares Bitcoin spot ETF proposal, Bitcoin (BTC) underwent a rapid fall yesterday. In response to the news, Bitcoin fell as much as 8%; however, it has since bullishly recovered these losses, which leading expert Michael van de Poppe described as “positively surprising.”
It’s also unexpected how quickly such significant false news can be corrected. The most valuable cryptocurrency is currently trading for $28,417.91, up 2.23% over the last 24 hours in what looks to be one of its most resounding rallies in the previous week. This pattern has simultaneously contributed to the continuing altcoin rebound and prompted a fresh round of positive predictions for the cryptocurrency.
Van de Poppe stated that despite the present situation, he still believes that the recent events will create a “buy the dip” season. He believes that the currency should correct to a price between $27,300 and $27,700 at which point there should be sufficient demand.
https://x.com/CryptoMichNL/status/1714212139693379605?s=20
At least in the near term, the latest spike suggests that BTC purchasers are more upbeat and interested in “buying the news.”
Bitcoin spot ETF excitement
Many people have commented favourably on the surge that followed the fake news, and other market professionals have noted that the brief spike is a predictor of what would happen if the SEC ultimately authorises a Bitcoin spot ETF.
Top banking and investment organisations are vying for approval of their proposals for Bitcoin spot ETFs. In addition, Bitwise, BlackRock, Invesco, and WisdomTree are vying for the product. According to Bernstein analysts, there is a very good chance that a BTC ETF will be approved.
