Bitcoin Price Prediction: Bitwise Launches BTC ETF Ad As Investors Rush To Buy This Bitcoin-ETF Themed Coin Before It Sells Out

ByLockridge Okoth

Updated: 19 December 2023

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Bitcoin price is up 5% in the last 24 hours to trade for $42,931 as of 11:55 p.m. EST time, while trading volume is up 40%.

It comes on the back of positive developments in the spot BTC exchange-traded funds (ETFs) narrative after Bitwise, the world’s largest crypto fund manager, released a new commercial featuring actor Jonathan Goldsmith to promote its upcoming spot Bitcoin ETF.

A word to the wise, from a man of few words. #bitcoinisinteresting https://t.co/wantGiAIqJ pic.twitter.com/x5MPbElEev

— Bitwise (@BitwiseInvest) December 18, 2023

The advertisement shows growing confidence among leading fund managers that the Securities and Exchange Commission (SEC) is about to approve spot Bitcoin ETFs.

Bloomberg Intelligence ETF analysts Eric Balchunas said the ad was ”early shots fired in the Bitcoin ETF marketing war.”

Early shots fired in the Bitcoin ETF marketing war. Good ad IMO. Short, sweet, avoids using ticker (which you can’t do) but yet you know def know it’s a bitcoin ETF, and who doesn’t like that guy? https://t.co/bA0BUPEOkI

— Eric Balchunas (@EricBalchunas) December 18, 2023

Ark Invest, 21Shares, BlackRock Bend The Knee To SEC Cash Redemption Demand

Elsewhere, Ark Invest and 21Shares have conformed to the financial regulator’s request that BTC ETFs provide redemption by cash, according to the firms’ S-1 amendments.

Update: Another S-1 amendment for a spot #Bitcoin ETF. This one from @ARKInvest & @21Shares. $ARKB pic.twitter.com/1gB7jW1bQE

— James Seyffart (@JSeyff) December 18, 2023

More interestingly, BlackRock has also capitulated, as indicated in their S-1 amendment, caving in to the SEC’s demands to exclude in-kind creations and redemptions from their spot bitcoin ETF.

Blackrock also accepting SEC’s edict on cash creations it seems. pic.twitter.com/PiwufR1zSA

— James Seyffart (@JSeyff) December 18, 2023

The move comes after the SEC’s firm stand, in what ETF specialist Eric Balchunas described as evidence that the commission was saying, “cash creates or you will wait.”

Valkyrie also doing cash-only (with hope of in-kind approval down road). More evidence SEC is saying: Cash Create or You Will Wait https://t.co/HRCtNBpKXq

— Eric Balchunas (@EricBalchunas) December 14, 2023

Meanwhile, Bitcoin price action of the four-hour timeframe has consolidated into a double bottom pattern. This is a bullish technical formation whose target objective is measured from the height of the bottom to the neckline and then superimposed at the breakout point.

Bitcoin Price Prognosis As Spot BTC Marketing Wars Kick Off

Bitcoin price is trading with a bullish bias, completing a double bottom pattern with prospects for more gains. Increased buying pressure could see BTC price shatter the neckline to make a 7% climb to the forecasted $46,677 level, the target objective of the double bottom pattern.

The Relative Strength Index (RSI) is northbound, pointing to rising momentum. The Awesome Oscillator (AO) is also showing green histogram bars, same case for the Moving Average Convergence Divergence (MACD), accentuating the bullish thesis.

On the flipside, a rejection from the neckline could see Bitcoin price drop, slipping below the $42,000 psychological level. In the dire case, the downtrend could see BTC revisit the bottom of the chart at $40,580.

Meanwhile, investors are flocking to Bitcoin ETF Token amid anticipation for the imminent launch of spot Bitcoin ETFs in the US. According to analysts, the project could 10X at launch amid intensifying euphoria about BTC ETFs.

Promising Alternative To Bitcoin

BTCETF, which powers the Bitcoin ETF Token ecosystem, is a new player in the crypto market, rewarding token holders as Bitcoin ETFs are approved. The roadmap for Bitcoin ETF Token is linked to real-life Bitcoin events.

The much-anticipated debut of a #Bitcoin #ETF by @BlackRock might reshape the #Crypto landscape, drawing in institutional interest and sparking a fresh chapter in the market. 🌟📊

The last phase of #BitcoinETF is currently in full swing!

Keep an eye out for further news! 📰 pic.twitter.com/trfcw39aoU

— BTCETF_Token (@BTCETF_Token) December 18, 2023

Bitcoin ETF Token project is still in the presale stage, now boasting a remarkable $5.053 million out of a target objective of $5.059 million. Each BTCETF token is now selling for $0.0068. Buy Bitcoin ETF Token at the lowest possible price to ensure you are a hodler before the first Bitcoin ETFs are approved!

https://twitter.com/BTCETF_Token/status/1735694513497157774

BTCETF tokens are burned and staking rewards are increased as every Bitcoin ETF milestone is reached.

Delving into the details of #BTCETF, as it prepares for the impending #Bitcoin #ETF wave and introduces rewarding staking initiatives, bolstering network strength and stability. 🔍 pic.twitter.com/oyQUSdnUBl

— BTCETF_Token (@BTCETF_Token) December 17, 2023

Visit Bitcoin ETF Token website to buy BTCETF in the presale here.