Bitcoin is holding steady this Thursday morning at a level above $27,500displaying a shrinkage of nearly 0.60% over 24 hours. However, market dynamics changed due to a favorable judgment in Grayscale Investments lawsuit against the United States Securities and Exchange Commission (SEC) regarding Bitcoin ETFs. This legal victory drew the attention of Bloomberg analysts, who are now increasing the likelihood of an approved Bitcoin ETF. Along with this development, integrating Bitcoin into Robinhood Wallet also proves to be a valuable asset to solidify the BTC/USD pair.
This article therefore takes a look at these pivotal events and their potential impact on the future price trend of Bitcoin and the possibility of further bullish momentum after yesterday’s price spike.
Bloomberg Increases Bitcoin ETF Approval Likelihood After Grayscale Legal Victory
The United States District Circuit Court’s approval of Grayscale’s appeal to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF on August 29 has caught the attention of Bloomberg Intelligence analysts. They thus increased the probability of an exchange-traded fund (ETF) Spot Bitcoin approved by end of 2023 at 75%against the previous estimate of 65%.
This adjustment follows Grayscale’s recent legal success against the federal securities regulator, which demonstrated the decisive position taken by the United States Court of Appeals. Bloomberg analysts noted that the court’s unanimous rejection of the SEC’s arguments and the upcoming delays will likely prevent the agency from denying further approvals.
Additionally, Bloomberg’s James Seyffart predicted that one-off bitcoin ETF approvals could become a given by Q4 2024, with an approval chance now at 95%. With seven applications for spot Bitcoin ETFs awaiting initial rulings from the SEC in the next five days, it is assumed that approvals could come unexpectedly and there are no further ruling postponements. But, despite this bullish forecast, BTC is down today.
The integration of BTC into the Robinhood wallet is positive news
Robinhood Markets Inc. extended the support of its crypto wallet to Bitcoin (BTC) and Dogecoin (DOGE), thereby expanding its reach beyond the Ethereum ecosystem. The company has revealed that all Robinhood wallet users can participate in BTC and DOGE transactions, marking a break from its previous limitation to Ethereum-based assets such as ether (ETH) and Ethereum tokens.
The wallet, which is only six months old, has already gained popularity with hundreds of thousands of users in 140 countries and this should increase with these new possibilities. Responding to customer demand for increased diversity of assets across chains, Robinhood has introduced this new capability, as well as a new trading feature, initially available to “select users”, allowing trades between ether and more. of 200 different assets. The company plans to expand this feature to all users in the coming weeks.
Bitcoin Price Prediction
Bitcoin, the main cryptocurrency, is currently trading with a neutral trend. He keeps just above the $27,000 mark, supported by the 38.2% Fibonacci retracement level. However, if Bitcoin price breaks below the 38.2% Fibo levelthis could potentially expose the price of BTC at the 50% or 61.8% Fibonacci retracement levels, which are currently respectively around $26,600 or $26,300.
On the other hand, the candles close above the 38.2% Fibo level of $27,000 could trigger a buying trend up to $28,000 or even higher, around $28,900.
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