Buyers are stuffing bitcoin in their stockings

5 views 4:57 am 0 Comments December 31, 2023

The hype train around a bitcoin ETF continues to build and that’s helped to to shrug off a recent pullback to rise back above $44,000. Until the ETF starts trading (or at least until it’s announced) I can’t see a reason to sell bitcoin. That pull is even stronger considering the huge year-to-date bitcoin gains are a reason to wait until after the turn of the year to sell (for tax reasons).

The December highs was $44,785 and that’s the next level to watch, with $45,000 next.

Bitcoin daily

As for the ETF, all indications point to an approval soon after the turn of the new year. From there it will likely be a fair horse race with all the applications approved at the same time, which should spark something of an advertising frenzy. The long history of similar products shows that it tends to be one ETF that comes to dominate the others, with the product from Blackrock likely to win out. That’s ironic given Blackrock’s position as a staple of Wall Street and the anti-money foundations of bitcoin. Such is life.