The cryptocurrency market jumped at the excitement of the potential for a Bitcoin spot ETF approval. With that expected to happen soon, analysts have given their bullish predictions for two Bitcoin forks, Bitcoin Cash and Bitcoin Spark.
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Bitcoin Spot ETF Expected To Boost the Crypto Industry
Crypto analysts and investors alike have expressed their bullish sentiments about a potential spot ETF approval. Coinbase has predicted that a Bitcoin spot ETF will help the industry to hit the ground running.
Market analysts believe that the introduction of the ETF will stabilize the market and support the price of Bitcoin. According to Coinbase’s COO, it will contribute to industry stability. The news has already boosted the sector; for the first time in more than a year, the price of Bitcoin has risen beyond $35,000.
The first ETF approval date has not been announced, but the price prognosis for Bitcoin is still optimistic. Analysts predict that by 2024, the price of Bitcoin will have increased to a record high.
How High Can the Bitcoin Cash Price Go?
Bitcoin Cash (BCH) was one of the first forks of the original Bitcoin codes. Although BCH hasn’t enjoyed as much mainstream success as BTC, the Bitcoin Cash price movement has mimicked Bitcoin’s. As a result, analysts have predicted that the BCH price will rise on the ETF approval.
In the last two months, the price of BCH has been on a price increase. The price of Bitcoin Cash rebounded off the $180 resistance in mid-September and increased as high as $286 in late October. Unfortunately, BCH retraced back to $238 in November.
Despite its recent downtrend, analysts have remained bullish about the launch. They predicted that the price performance of Bitcoin Cash would improve on the launch of the spot ETF. First, BCH will need to break above the $250 and $300 in the coming weeks.
The Bitcoin Upgrade: How High Can Bitcoin Spark Go?
Bitcoin Spark has made headlines for being a Bitcoin hard fork, adding remarkable upgrades to the original network. Bitcoin Spark has created a unique network that has solved the long-standing problem of Bitcoin – smart contract functionality.
The integration of smart contract capability into this new hard fork enhances the security and stability of the Bitcoin system. On the Bitcoin Spark network, developers can create and implement decentralized apps (dApps) because of its integrated smart contract functionality.
To meet the demands of dApps, the network has developed Proof of Process, a faster and more effective consensus mechanism. Investor interest has increased because of this latest fork, which combines DeFi with the dependability of Bitcoin. Because of this, Bitcoin Spark is now the greatest new cryptocurrency to purchase.
Bitcoin Spark also launched a crypto presale to give investors a chance to get into Bitcoin early. The project just entered its ninth ICO stage, where the BTCS trades at $3.50 per token. As the spot ETF launches, the price forecast for BTCS is that it could rally above $45.
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