Bitcoin Price Breakout at $35,000 Heralds Start of Biggest Bull Run Ever As Bitcoin Minetrix Blasts Past $2 Million – 2,000x Incoming
Tuesday, October 24th, 2023 – The Bitcoin price breakout at $35,000 heralds the start of what could be the biggest bull run ever for the top cryptocurrency, and cloud mining upstart Bitcoin Minetrix is set to be a major beneficiary after amassing $2.19 million from alpha-seeking crypto investors.
Even before the latest court moves, which saw the US Court of Appeals DC Circuit issue a mandate instructing the Securities and Exchange Commission (SEC) to review its decision to refuse the conversion of the Grayscale Bitcoin Trust into an exchange-traded fund (ETF), bullish forecasts were coming thick and fast.
The last time the Bitcoin price traded above $35k was on May 7, 2022, 17 months ago.
The road ahead has opened up for the highly-anticipated Bitcoin halving bull run, helped in no small part by the positive news flow on the chances of a spot Bitcoin ETF being approved.
Although there is a binary risk in the current market setup because much hangs on whether the SEC does or does not approve a spot Bitcoin ETF, the probability of a rejection is narrowing markedly.
Analysts at Bloomberg Intelligence reckon there is a 90% chance of the ARK and 21Shares spot Bitcoin ETF application being approved. They come to this conclusion due to the “constructive conversation” they see in the latest update to the filing, which the analysts say only happens when an approval is in the works.
A decision on the ARK 21Shares application is expected as soon as January 10. Add to that the judge yesterday formally instructing the SEC to revisit the Grayscale application, and it would be almost scandalous for Gary Gensler’s SEC not to move forward with approvals.
In the latest development, the iShares Bitcoin Trust (the BlackRock spot Bitcoin ETF
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