Within the newest episode of The Market Report, analyst and writer Marcel Pechman analyzes some knowledge to conclude if Bitcoin (BTC) will ever commerce at $27,000. Some analysts attribute Bitcoin’s latest 21.5% good points to BlackRock’s spot submitting of a Bitcoin exchange-traded fund (ETF), however different occasions could have fueled cryptocurrency good points as effectively.

Pechman claims that the regulatory surroundings for cryptocurrencies in america has improved after regulators took enforcement motion towards exchanges that allegedly acted as unregistered securities brokers. Extra just lately, the US Securities and Trade Commission has confronted opposition from Congress and the Federal Reserve. This exhibits how conflicting the US authorities’s views on crypto regulation are.

Pechman exhibits how Bitcoin futures and margin markets are displaying confidence being restored regardless of the worth rally. A level of suspicion is often to be anticipated as merchants anticipate a pullback after a 20% or higher rise. Consequently, the bitcoin bulls ought to now have the higher hand to maintain the $27,000 bitcoin value help level.

Subsequent, Pechman asks a query about ARK Funding Administration’s spot bitcoin ETF submitting, which is claimed to be the primary one up for SEC approval. Pechman emphasizes that the ETF has been a dream for six or seven years and the regulator’s complaints haven’t modified.

Moreover, the regulator’s claims about stablecoins are positively value contemplating as additionally they have a major influence on pricing on exchanges serving U.S. clients. Nonetheless, Pechman advises towards betting towards trillion-dollar cash administration firms.

Pechman estimates that the US spot bitcoin ETF may appeal to a $20 billion market cap inside a number of years. As such, it is sensible to purchase Bitcoin now in the event you count on the ETF to be authorised within the subsequent 12 months or so.

Lastly, the present discusses why miners are upgrading their gear forward of the Bitcoin halving in 2024. Do not miss it! The market report can be broadcast solely on Cointelegraph Markets & Analysis’s new YouTube channel.