Bitcoin (BTC) briefly surpassed $35,000 towards the end of the U.S. trading day before experiencing a drop. However, as Asia opens, it is showing a 12% increase and is on its way back to $35,000.
In a note, Bernstein credits the rally that pushed bitcoin past the critical resistance point of $31,000 to BlackRock listing its bitcoin ETF on the Depository Trust & Clearing Corporation database under the ticker $IBTC.
According to Jack Tan from Woo Network, bitcoin is currently in an ‘anti-gravity’ phase and could potentially reach $75,000 in the coming months. Tan believes that the sudden spike is just a preview of what will happen if ETFs are approved. He also mentioned that the impact on BTC price has already been priced in since it reached the $25,000 level in February. Additionally, altcoins are behaving more like tech stocks and lack the flight to safety mechanism of bitcoin. Tan expects them to underperform bitcoin and ether, with the latter eventually catching up.
David Lo, head of financial products at Bybit, added that bitcoin has been the main recipient of positive catalysts, resulting in its dominance reaching its highest point since early 2021. However, there may be some selling pressure on GBTC as the discount narrows.
Quinn Thompson from Maple Finance sees bitcoin as the modern equivalent of gold, serving as a safe haven for investors during economic uncertainties. Thompson echoes BlackRock CEO Larry Fink’s description of the recent crypto rally as a “flight to quality” amid global challenges.
“Fink’s ‘flight to quality’ comment aligns with Paul Tudor Jones’ recent remarks. Two decades ago, gold fulfilled this purpose, but now it’s bitcoin. And he wouldn’t be publicly expressing these opinions if the SEC was going to reject his ETF application,” said Thompson during a CoinDesk TV interview.
