The Bitcoin price is mounting a strong recovery after the Israel-Iran conflict saw crypto prices crash last week.
After trading as low as $61,500 last Saturday, BTC has rallied by 8% to reach $66,800 on Monday. The largest cryptocurrency saw an uptick after the Hong Kong Securities and Futures Commission approved spot Bitcoin ETFs early on Monday.
One of the issuers Huaxia Fund also reported that the SFC has approved spot Ethereum ETFs as well in Hong Kong. In response, the Ethereum price has rallied by 12% from its last week’s low to trade at $3,250.
Breaking: China Asset Management, Bosera Capital, HashKey Capital Limited, etc. announced that their applications for Bitcoin and Ethereum spot ETFs have been approved by the Hong Kong Securities and Futures Commission, allowing investors to directly use Bitcoin and Ethereum to… pic.twitter.com/R6VC9okbG7
— Wu Blockchain (@WuBlockchain) April 15, 2024
Meanwhile, in light of the upcoming Bitcoin Halving, new BTC-related altcoins such as Bitcoin Minetrix are also in high demand ahead of its April initial exchange offering.
Bitcoin Price Recovers – How High Can It Go?
The impact of spot Bitcoin ETFs cannot be denied, especially when it is Hong Kong approving the assets. As experts have highlighted, the Hong Kong Stock Exchange is one of the world’s largest securities markets by valuation.
More importantly, smart-money traders are viewing this move by the SFC as a growing acceptance of Bitcoin in China, even though Hong Kong claims to be a separate entity.
Since launching on Jan 10, U.S. 🇺🇸 ETFs, even including all GBTC sales, have amassed 222,000 #Bitcoin in just 65 trading days—that's 3,415 BTC daily!
— Thomas | heyapollo.com (@thomas_fahrer) April 15, 2024
Now Hong Kong ðŸ‡ðŸ‡° ETFs join the game, just as the weak hands have folded and miners have half as much to sell.
GAME ON. 🚀 pic.twitter.com/v9MfUrITi6
After all, mainland Chinese investors can lawfully purchase these spot Bitcoin ETFs. Singapore-based firm Matrixport recently claimed that Chinese investors could unlock over $25 billion in demand through these ETFs.
This move marks a monumental shift in China’s stance regarding Bitcoin, considering that the Asian economic superpower banned virtual assets trading in 2021.
Now, experts see an oncoming battle between the US and China over the finite Bitcoin supply. Considering that the periodic halving events will continue to decrease the BTC supply, analysts believe that the Bitcoin price could reach $1 million in the long term.
Popular crypto analyst Willy Woo reveals that the new ETFs could lead to $90k being the next bear market bottom for Bitcoin and $650k the bull market top.
Is $80k Next For BTC?
The Bitcoin price could hit a new all-time high – potentially even $80k – before the end of April.
#bitcoin forming pattern to 80K$
— Crypto GVR (@GVRCALLS) April 15, 2024
Let’s see how it goes pic.twitter.com/CXthtjfrBv
However, it would need to breach three crucial resistances for this. Firstly, it would need to reclaim the 4-hour 200 Exponential Moving Average, which is currently at $66,900. BTC has typically traded above this in 2024, until the latest crypto crash.
Secondly, the Bitcoin price would need to secure a weekly close above the 2021 cycle high of $69,000.
Finally, it would need to breach through the $72k mark to break its range-bound pattern. BTC has been trading between $60k and $72k for quite a while now, with several retests of the range-high failing to materialize into anything reliable.
A breakout above $72k paves the path for a new all-time high, followed by an upside move to $80k.
Bitcoin Minetrix Presale Ends In 10 Days
While the impact of the Bitcoin halving may not be visible on BTC for a few months, the hype surrounding low-cap BTC-related altcoins is skyrocketing.
For instance, the new cryptocurrency Bitcoin Minetrix has recently hit the
$13 million milestone in its presale, signalling strong demand for its cloud mining utility.
BTCMTX is now on stage 38 of 39 in its presale, scheduled to end on April 25, so just ten days remain to buy.
Bitcoin Minetrix democratizes the crypto mining space – it mines BTC on behalf of its users, later distributing the collected rewards proportionately. Users simply need to buy and stake $BTCMTX tokens – no technical expertise or massive capital investment is required.
This stake-to-earn cloud mining approach challenges the monopoly of wealthy corporations in the space and makes mining rewards accessible to small-scale retail investors. It also introduces a high degree of transparency, as compared to other early cloud mining platforms that suffered from centralisation risks and scams.
Owing to its real-world utility, popular trading YouTubers such as Michael Wrubel and Jacob Bury are bullish on Bitcoin Minetrix, backing it to potentially deliver 10x returns.
