The price of Bitcoin is showing signs of strength as it trades above $30,200, holding key support and breaking this year’s highs. According to MN Trading founder Michaël van de Poppe, Bitcoin’s resilience can be attributed to optimistic sentiment ahead of a potential US ETF approval.
In a tweet, Van de Poppe expressed surprise at Bitcoin’s ability to stay above $30,200 despite recent volatility. He believes the anticipation of SEC approval for a Bitcoin exchange-traded fund (ETF) is fueling bullish momentum.
An ETF would allow mainstream investors easy exposure to Bitcoin through brokerage accounts. The SEC has rejected numerous Bitcoin ETF applications in the past but rising adoption makes approval likely in coming months according to many analysts.
As long as Bitcoin maintains support at $31,000, van de Poppe sees a clear path to $40,000 this year. He advises traders to “buy the dips” during any pullbacks as optimism builds.
Other experts also point to the ETF narrative as a major boon for Bitcoin prices. Improving fundamentals like growing institutional participation appear to be bolstering Bitcoin’s standing with regulators.
Of course, SEC approval is not guaranteed and progress could hit snags. But with tailwinds gathering, Bitcoin bulls feel the stage is set for continued gains through year-end. As long as $30K holds firm, the road to new highs looks increasingly clear.
For cryptocurrency advocates, Bitcoin’s revival offers validation of its enduring value proposition and ability to thrive long-term. However, more risk-averse investors may prefer waiting for concrete regulatory clarity before exposing portfolios.
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