![Will Bitcoin ever trade below ,000 again? Will Bitcoin ever trade below ,000 again?](https://i0.wp.com/images.cointelegraph.com/images/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDYvYTk5OTc2ZmItYjdlNy00ZWViLWI0MzAtZmU0YzUzNmIyZTFlLmpwZWc=.jpg?fit=%2C&ssl=1)
In the latest edition of Market Report, analyst and author Marcel Pechman crunches some data to come to a conclusion on whether Bitcoin (BTC) will trade at $27,000. Some analysts have attributed bitcoin’s recent 21.5% rally to the filing of a spot bitcoin exchange-traded fund (ETF) from BlackRock, but other events could also be driving the cryptocurrency’s gains.
Pechman claimed that the cryptocurrency regulatory environment in the U.S. has improved after a period of enforcement action by regulators against exchanges allegedly acting as unregistered securities brokers. More recently, the SEC has faced opposition from Congress and the Federal Reserve. This shows how conflicted the U.S. government’s views on cryptocurrency regulation are.
(embed) https://www.youtube.com/watch?v=-8bdPs0Wji8(/embed)
Pechman showed how Bitcoin futures and margin markets are showing renewed confidence amid rising prices. There is usually some distrust as traders anticipate a pullback after gains of 20% or more. Therefore, Bitcoin bulls should now have the upper hand to maintain the $27,000 Bitcoin price support.
Next, Pechman took issue with ARK Investment Management’s request for a spot bitcoin ETF, which is reportedly the first pending SEC approval. Pechman emphasized that ETFs have been a distant dream for the past six or seven years, and nothing has changed with complaints from regulators.
Additionally, the regulator’s assertion regarding stablecoins is definitely worth considering, as this has also heavily impacted price formation on exchanges serving U.S.-based customers. Still, Pechman advises against shorting trillion-dollar money managers.
U.S. spot bitcoin ETFs could attract $20 billion in market capitalization within a few years, according to Pechman’s estimates. So if you believe an ETF will be approved in the next year or so, it makes sense to buy Bitcoin now.
Finally, the show discusses the reasons why miners are adding equipment ahead of the 2024 Bitcoin halving. do not miss it!Exclusive broadcast of market reports Cointelegraph Markets & Research YouTube Channel.
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