With the leading cryptocurrency performing well last week, all eyes are on if Bitcoin can capitalize on the arrival of Spot Ethereum ETFs. The investment products are confirmed to launch Tuesday. Could that serve as the catalyst for Bitcoin returning to the $70,000 mark?
The asset is currently just 8% away from that notable price point. Over the last seven days, the crypto has increased by more than 7%, according to CoinMarketCap. Bitcoin last surpassed the crucial $70,000 mark in March of this year, reaching an all-time high of $73,000.
Also Read: Ethereum ETF: BlackRock Reveals 0.25% Fee in Updated Filings
Can Ethereum ETF Lead Bitcoin Back to $70,000?
Speaking to Bloomberg earlier this month, Kraken executive Thomas Perfumo called the ETH ETF arrival a “rising tides lifts all boast story.” He reiterated that the investment product is “a big deal,” while noting it is set to bring both attention and “capital flows,” to the asset class.
That could be good news for the leading crypto. Indeed, Bitcoin may continue its positive performance when the Ethereum ETFs debut, as it looks to target $70,000. Although it has retreated slightly, the token reached the $68,000 mark on Monday. That could set the tone for a continued increase.
The token did fall some on Sunday. US President Joe Biden’s announcement of his withdrawal from the 2024 election led to $159 million being liquidated in futures contracts, according to Coinglass. However, that didn’t stop Bitcoin from facing a notable comeback to its current price.
Also Read: Donald Trump’s $844K Bitcoin Roundtable: Worth It?
BRN Analyst Valentin Fournier believes market volatility will lead to a price surge. “If this trend persists, Bitcoin could cross $70,000 tomorrow with the launch of Ethereum ETFs,” the analyst told Decrypt. “Although a parabolic acceleration for Bitcoin seems unlikely at this time, positive ETF inflows could sustain the rally longer than previously expected.”
The ongoing macroeconomic factors could also play a role. Although BTC is not expected to reach the heights it had hit in March, it is still expected to react positively. A surge to $70,000 should not be ruled out by traders. Yet, how long it lasts at that level is the most important question.