Bitcoin recently reached over the $35,000 mark after a prolonged period and attained its highest value in 18 months. With the current trading price hovering around $34,500, investors are grappling with a crucial question: should they consider selling their Bitcoin or acquire more? Here's the lowdown: some market experts suggest that now might be the right time to divest your BTC holdings. They argue that the surge in Bitcoin prices may be transitory, possibly fueled by rumors surrounding the approval of a spot Bitcoin ETF. Conversely, other experts believe that Bitcoin is poised to march toward its all-time high and scale new peaks. It's plausible that the SEC may greenlight spot Bitcoin ETF proposals from other companies like BlackRock in the days ahead, further driving BTC prices higher.
Bitcoin, the world's most renowned cryptocurrency, recently surpassed the $34,000 level after a protracted period, marking a valuation of $34,532. This surge piqued the interest of global investors who are now optimistic about the possibility of Bitcoin's price rally continuing. But what triggered this upswing in Bitcoin prices? The Depository Trust & Clearing Corp (DTCC) played a pivotal role by adding the ticker of BlackRock's proposed spot Bitcoin ETF to its website. Although the DTCC later removed BlackRock's proposed spot Bitcoin ETF from its site, leading to a minor dip in BTC prices, word swiftly circulated among investors that the SEC might be considering approval for BlackRock's spot Bitcoin ETF, which could potentially lead to further price increases.
If you are a short-term trader, this could be the ideal time to lock in profits from your Bitcoin holdings and wait for a potential dip. On the other hand, if you're a long-term investor, it might be wise to hold onto your Bitcoin and anticipate further price surges.
Also Read; Who is Bitcoin Inventor Satoshi Nakamoto? It’s Not Hal
