Starting the week above the $30,000 level, Bitcoin has noticeably created a buzz. Bloomberg analysts, after evaluating historical data, predict that Bitcoin may rise even more in the near term.
The Data from the Past Five Years Points to Optimism
Analysts state that with the new demands coming from Bitcoin ETFs, the market has gained upward momentum. According to compiled data, in the past five years, weekly gains of at least this magnitude have signaled an average increase of 10% in Bitcoin for the following month.
At this very moment, as investors await the approval of the first Bitcoin ETFs in the U.S., Bitcoin has risen by 9.8% in the last seven days. This marks the most significant weekly increase since June. Moreover, Bitcoin has recovered by 87% this year.
Expectations of ETF Approval Leads to Market Rise
Analyst Tony Sycamore emphasizes that expectations are mounting for Bitcoin ETFs to be approved by the end of the year. He notes that this situation will have a positive impact on Bitcoin and could lead to increased participation by institutional investors in the sector.
Furthermore, Sycamore states that comments from the FED, suggesting no need for a rate hike following their tightening policies, have also reflected positively on Bitcoin.
Bloomberg Intelligence analysts Elliott Stein and James Seyffart concur with this view. The expert analysts mentioned that the approval of spot Bitcoin ETFs seems inevitable and some of them might get accepted.