BTC Price to Hit $50k Soon as Traders Rush to Buy Up Bitcoin ETF ($BTCETF) Token After Successful $2.5 Million Raise
Tuesday, December 5, 2023 – Crypto markets are flourishing as Bitcoin hammers-up to an 18-month high, and with BTC on course to hit $50k soon, investors are racing to participate in the Bitcoin ETF ($BTCETF) token presale.
The Bitcoin ETF Token presale has smashed the monumental milestone of $2.5 million, with total funding at $2,607,655 raised so far – with more than 50% of presale allocated tokens now sold in just weeks.
Huge growth has been fuelled by mounting excitement around the anticipated approval of a swathe of spot Bitcoin ETFs, in what has been branded ‘the most hotly anticipated launch ever’ by Merkle Tree CIO Ryan McMillin.
What does this mean? Without having read them — it just means that the wheel is still turning. Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man hours on/between both sides.
— James Seyffart (@JSeyff) December 4, 2023
Crypto analysts have explained that these moves stem from intense deliberation and discussion between filers and regulators, and this suggests that the applications are progressing toward finalization.
Indeed, BlackRock’s amended filing comes hot on the tail of the news that the firm has already received $100k in seed funding to launch the spot Bitcoin ETF from an unknown investor.
This transaction occurred on October 27, 2023 – giving BlackRock’s iShares Bitcoin Trust ETF an initial share value of $25.
Bitcoin Price Hammers Past $40,000 In Push to 18-Month High
Bullish market sentiment surrounding the spot Bitcoin ETF news has fuelled Bitcoin’s trip above $40k, which saw the top cryptocurrency hammer up to $42,288 on December 4, 2023.
Substantial gains come amid significant growth for the Bitcoin network, which has seen an increase in transactions in recent weeks.
In November, for the first time in several years, Bitcoin recorded more transaction fees than Ethereum – this was driven by an explosion in Bitcoin alternatives, predominantly Bitcoin ordinals.
Indeed, surging demand for Bitcoin ordinal tokens using the BRC-20 token standard has hit a new all-time high, with $367 million in transactions through the month of November.
(STX in Blue, ORDI in Orange)
This shows the insatiable demand for Bitcoin-linked projects, with tokens such as Bitcoin Layer-2 scaling solution Stacks (STX) and first-ever BRC-20 token Ordinal (ORDI) both undertaking dramatic 70% price increases.
Bitcoin Price Prediction: Traders Wrestle With Bullish Bitcoin Market Sentiment
However, the recent Bitcoin price pump has sounded the alarm bells for some market participants as the key RSI indicator has shifted to a strong ‘overbought’ signal.
Crypto analytics firm Santiment suggests this could imply a need for a small localized retracement move, noting a cool-down in the RSI would leave BTC poised for a run at $50k.
📊 #Bitcoin's #RSI, a highly reputable technical indicator just added to @santimentfeed, measures the speed & magnitude of price changes. After reaching $42K today, $BTC may need a brief cooldown. If RSI stays below 65, $50K quickly becomes more realistic. https://t.co/YP5yhkvaIz pic.twitter.com/IGa3SgV2h2
— Santiment (@santimentfeed) December 4, 2023
And this sentiment is reflected by popular traders across the crypto community, with market participants now waiting to see if Bitcoin can establish support and consolidate above $40,000 over the coming weeks.
Classic wick on the markets.
For #Bitcoin, I'd like to see it stay above $36-38K. If that is happening, then $47K-50K pre-Spot ETF approval is definitely possible and that should be the short-term top.#Altcoins to run massively in Q1 2024.
— Michaël van de Poppe (@CryptoMichNL) December 4, 2023
Looking on-chain, a glance at Net Unrealized Profit Loss (NUPL) highlights the emerging shift in market sentiment from anxious optimism towards hopeful belief.
This NUPL signal typically precedes halving events, as seen in 2017 and 2019, and reinforces the view of a further push-up to $50k on the short timeframe.
All of this stands to suggest that the new Bitcoin ETF Token is perfectly poised to launch into explosive market conditions, setting the stage for an absolute frenzy in Bitcoin-linked tokens.
Best Positioned Altcoin For Bitcoin ETF Pump? $BTCETF Token
Indeed, beyond simply taking aim at the biggest narrative in crypto – $BTCETF has a major utility: Bitcoin ETF news alerts.
The token’s dApp offers traders a live feed of the latest Bitcoin spot ETF information and news, with sophisticated technology tracking applications in real-time at the SEC, and high-speed bots monitoring social media for the latest breaking ETF news.
But a simple feed of spot Bitcoin ETF news only highlights a fraction of Bitcoin ETF Token’s potential, with easy access to real-time update alerts offering sharp traders the opportunity to make market-beating returns stress-free; being amongst the first to hear about privileged Bitcoin ETF news.
This could enable traders to position themselves appropriately during seismic Bitcoin market movements, making Bitcoin ETF Token a critical component in every BTC trader’s toolbox this winter.
Time is Running Out: Don’t Miss Your Opportunity to Take Position With $BTCETF Token
— BTCETF_Token (@BTCETF_Token) December 5, 2023
Yet, despite the alluring potential of this promising Bitcoin-linked project, time is rapidly running out in the $BTCETF presale, with just 20 hours left until the end of presale stage 7.
When the counter times out, the presale will shift into presale stage 8 – increasing the purchase price of $BTCETF tokens to $0.0064, so don’t miss out – ensure that you take position quickly to secure the best entry price.
And that is without considering the potential for 10x token value accrual driven by demand from traders for access to the ETF news dApp and the ever-present demand for Bitcoin alternatives.
So with markets showing a real appetite for BRC-20 ordinal tokens and Bitcoin alternatives, don’t miss your chance to get in early ahead of the next major Bitcoin ETF rally.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.