Bitcoin Price Prediction: Falls Below $72,000 Amid ETF Buzz and Regulatory Scrutiny; Is It a Buy Now?

cryptonews.com:

Bitcoin’s price ascends to $71,800, marking a 4% rise on Tuesday, spotlighting the Bitcoin price prediction debate. Amidst growing consumer trust and market dynamics, only a fraction anticipates Bitcoin reaching $75,000 by year’s end. Factors like the surge in ETF interest, the “bitcoin halving,” and regulatory shifts shape this outlook, hinting at a potential upward trajectory for Bitcoin’s valuation in the evolving cryptocurrency landscape.

A recent Deutsche Bank study indicates growing consumer confidence in Bitcoin, with 52% of respondents viewing cryptocurrencies as important for future transactions.

Despite this, skepticism remains, as only 10% believe Bitcoin will hit $75,000 by year-end, while 30% foresee a price drop. Factors influencing Bitcoin’s price include:

Crypto survey shows less consumer scepticism, but a third expect bitcoin price fall https://t.co/BSZhytYwTd pic.twitter.com/SXrc5rRUTN

— Reuters (@Reuters) April 8, 2024

This shift in perception suggests a more optimistic outlook for Bitcoin’s market trajectory, potentially driving its value upward as cryptocurrency acceptance widens.

The SEC has deferred its verdict on allowing spot Bitcoin ETF options trading on the NYSE, affecting proposals from Bitwise and Grayscale. The decision, initially expected soon, has been postponed to May 29, extending the review period.

Options trading enables investors to speculate on Bitcoin’s price fluctuations. Grayscale’s CEO advocates for the approval, citing the SEC’s history of greenlighting Bitcoin-related ETFs and suggesting that options for spot Bitcoin ETFs could bolster market stability.

This delay may temporarily dampen investor enthusiasm, influencing Bitcoin’s price as the market awaits regulatory clarity on