Analyst Predicts Bitcoin Could Reach $310K if Institutions Act Accordingly; Rise in Bitcoin, Ethereum, and Dogecoin Following SEC’s Criticism of BlackRock and Fidelity ETF Filings
Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, traded in the green on Sunday evening following the announcement by the Securities and Exchange Commission (SEC) that current Bitcoin ETF filings were deemed inadequate. The global crypto market capitalization increased by 0.79% over the last day, reaching $1.12 trillion.
U.S. stock futures showed little change on Sunday night, signaling a new week on Wall Street. The upcoming week is expected to be eventful, with several significant economic developments, such as the publication of June FOMC minutes, the JOLTs Job Openings report, and the release of new unemployment numbers.
Bitcoin experienced a drop from the $31,000 level after the SEC stated that spot Bitcoin ETF filings from BlackRock and Fidelity were inadequate. The cryptocurrency is currently trading around the $30,000 level, but there is a need for a fresh catalyst to spark bullish momentum above the $34,000 level, according to analyst Edward Moya from OANDA.
Bitcoin is currently going through a classic weekend liquidity sweep, according to crypto analyst Michael Van de Poppe. It is crucial for Bitcoin to maintain its price above the range of $29,800-$29,900. Van de Poppe suggests that Bitcoin should target $30,750 and rally to the range high to take liquidity above the highs.
On-chain analyst Willy Woo suggests that Bitcoin’s price could potentially surge by ten times its current value. He estimates that if asset managers allocate 5% of their assets under management into Bitcoin, the price could reach around $310,000 per coin, depending on whether it is deployed in a bearish or bullish phase of the market.
In related news, Jim Cramer, a well-known financial analyst, advised against using Binance, which provoked strong reactions from Twitter users. Binance is one of the largest cryptocurrency exchanges globally.
Overall, the crypto market showed positive movements, with major cryptocurrencies trading in the green. Traders are looking for fresh catalysts to drive Bitcoin’s price above key resistance levels. Analysts are predicting potential surges in Bitcoin’s price based on various factors, including asset manager investments and market phases.