Bitcoin Price Prediction as the Coin Recovers to $25.6k Following BlackRock’s Filing for Spot Bitcoin ETF

Updated: 16 June 2023

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Less than two full days ago, on Wednesday evening, the Bitcoin price suddenly crashed from $26k, breaking all supports it had established over the past three months. The drop continued on Thursday, June 15th, taking BTC to lows last seen in March of this year.

However, as the day progressed, the world’s largest cryptocurrency started seeing a sharp recovery just after hitting the three-month low at $24,842. The recovery sparked interest among day traders, and it took BTC up to $25,694 before the price got rejected by a resistance at $25.6k.

Fortunately, the coin found a support at $25.4k, which allowed it to stabilize and bounce back up. Meanwhile, the resistance at $25.6k managed to hold, preventing BTC from crossing this level again. At the time of writing, Bitcoin has been stuck between the two levels — $25.4k and $25.6k for nearly 12 hours, rapidly bouncing up and down.

What do the experts say?

Experts are keeping a close eye on the coin, noting that it is currently in the correction phase and getting ready for a breakout. If this happens, they expect it to drop to the support at $25k, and after that, they expect a reaction from the market.

Following that, the experts believe that further drop is to be expected, which will lead the coin to break the previous low of $24.8k.

While this is a grim short-term outlook, the experts still believe there is a reason to hope and that it will be time to seek out bullish patterns after the new low is achieved. BTC will rise from there, according to some predictions.

Others are more bullish in the short term, noting that the current price behavior shows that BTC has not retested higher levels so far, indicating a chance for a sharp upward move. The bad news is that the coin still sees low volume.

Further, even if the coin does spike up suddenly, there is still a chance it will see new lows in the near future. The experts were sure to stress that this will not be the start of another mega-bull run, as it is not expected to arrive before the next halving.

BlackRock’s new filing shocks the crypto world

Bitcoin’s sudden price recovery did not come on its own. Instead, it was fueled by an unexpected move by BlackRock — the world’s largest asset manager, which manages around $10 trillion. The firm surprised everyone with its Thursday filing to the US Securities and Exchange Commission (SEC), which requested permission to launch the first publicly traded spot Bitcoin exchange-traded fund (ETF) in the US.

Furthermore, the company picked Coinbase Custody Trust Co. as the custodian for Bitcoin. This was an extremely unexpected move, especially given that the US SEC recently filed a lawsuit against Coinbase in addition to the one filed against Binance.US.

The ETF, if approved, will be listed on Nasdaq. However, while the mov brought some optimism to the Bitcoin market, many do not expect regulatory approval. Various entities have been trying to get the SEC to approve a Bitcoin ETF for years, and to this day, the regulator did not approve such a request.

Bitcoin ETFs can be found in multiple markets outside of the United States, but in the US, the securities regulator still stands in the way of such a product. Bloomberg’s senior ETF analyst, Eric Balchunas, commented that the filing is a “shocker.” He also added that the SEC has given no signs at all that it would be willing to approve an ETF. However, he also noted that BlackRock is “very connected, so maybe they know something.”

Couple thoughts: 1. This is shocker (the filing, not partnership w coinbase) 2. There’s been no signs at all SEC willing to approve, but BlackRock is very connected co so maybe they know something? 3. Could be big win for ARK who has live spot filing that’s ahead of them in line.

— Eric Balchunas (@EricBalchunas) June 15, 2023

Wall Street Memes presale closing in at $8m raised

While the short-term price of Bitcoin remains uncertain, investors are turning to different assets that they feel provide a safer opportunity. One example is Wall Street Memes (WSM), which is in the middle of a presale right now, and is about to hit $8 million in raised assets.

WSM is a new meme coin inspired by a subreddit called WallStreetBets, which consists of amateur investors who made a name for themselves in early 2021. At the time, institutional investors were shorting the stocks of several companies, seeking to profit and not caring that they will destroy those firms in the process.

Amateur investors stood in the firms’ defense with a mass purchase of their shares, ruining institutional plans and causing them to lose a lot of money.

Wall Street Memes aims to immortalize this move with a new meme coin currently on offer for $0.0292. The current phase of the presale will last for another two and a half days, before the price jumps to $0.0295 per unit. Investors interested in buying the token now can do so in exchange for ETH, USDT, or via credit and debit cards.

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