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TL;DR
- The Depository Trust and Clearing Corporation (DTCC) momentarily displayed a spot Bitcoin ETF ticker symbol iBTC – associated with BlackRock’s BTC ETF, resulting in a BTC price increase to $35K.
- Market participants view the listing as an indication that the likelihood of a spot Bitcoin ETF approval has risen.
- Crypto analyst Pentoshi suggested that if a BTC ETF receives approval, the Bitcoin price might reach $180K in the next five years, although its long-term downside could be around $19-$20K.
The discussion surrounding the approval of a spot Bitcoin ETF has dominated conversations this week, and for valid reasons.
As reported by CryptoPotato, BTC’s price surged to $35K earlier this week, achieving levels not observed in quite some time. This was triggered by the Depository Trust and Clearing Corporation (DTCC) website unexpectedly listing a spot Bitcoin ETF with the ticker symbol iBTC – BlackRock’s BTC ETF.
Shortly thereafter, however, the ticker was taken down. Prices dipped slightly, but the decline was not alarming. A few hours later, the ticker reappeared.
The mere listing of this ticker does not carry significant weight, yet market participants interpret it as a signal that the chances for a spot Bitcoin ETF approval have improved, which contributed to the price surge.
Now, a well-known crypto analyst – Pentoshi – has taken this opportunity to speculate on the potential future value of BTC, assuming a BTC ETF is approved.
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Bitcoin Price to $180K in 5 Years?
It is crucial to highlight that Pentoshi remarked that “nobody knows what will happen AFTER, not BlackRock […] Literally nobody.”
Nonetheless, the analyst stated:
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 infinite printing.
Looking ahead, Pentoshi mentioned that “the long-term downside could be $19-$20K, and the upside could be $180K in the next five 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 exploring additional BTC price forecasts, check out our recent video:
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