TL;DR
- The Depository Trust and Clearing Corporation (DTCC) briefly listed a spot Bitcoin ETF ticker symbol iBTC – BlackRock’s BTC ETF, leading to a BTC price surge to $35K.
- Market participants perceive the listing as a sign that the approval chances for a spot Bitcoin ETF have increased.
- Crypto analyst Pentoshi speculated that if a BTC ETF is approved, the Bitcoin price could potentially reach $180K in the next 5 years, though its long-term downside could be around $19-$20K.
The topic of a spot Bitcoin ETF approval has been all everyone talked about this week, and not without a good reason.
As CryptoPotato reported, BTC’s price soared to $35K earlier this week, reaching levels not seen in a long time. The reason for it was that the website of the Depository Trust and Clearing Corporation (DTCC) suddenly showed a listing of a spot Bitcoin ETF carrying the ticker symbol iBTC – BlackRock’s BTC ETF.
Not that long after, however, the ticker was removed. The prices slid a little bit, but it was nothing too concerning. And a few hours later, the ticker appeared once again.
The listing of this ticker itself doesn’t mean a lot, but market participants are taking it as a sign that the approval chance for a spot Bitcoin ETF grew higher, hence the surge.
Now, a very popular crypto analyst – Pentoshi – took the opportunity to speculate on the potential upside for BTC in the next years, assuming an approved BTC ETF.
Bitcoin Price to $180K in 5 Years?
It’s important to note that Pentoshi said that “nobody knows what will happen AFTER, not BlackRock (…) Literally nobody.”
However, the analyst said:
What we do know is that ETF experts believe there is a 90% chance of approval, and that Bitcoin isn’t going anywhere. It has a fixed supply in a world of infinte printing.
Going forward, Pentoshi said that “the long-term downside could be $19-$20K, and the upside could be $180K in the next 5 or so years. Just a guess.”
Markets are inherently bullish and full of hope. At the end of the day, I’d rather have some long-term exposure than no exposure. It’s such a favorable asset to own long term. Don’t get so caught up in the noise short term. There’s a lot of long-term tailwinds.
Meanwhile, if you’re interested in checking other BTC price predictions, take a look at our recent video:
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