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The Depository Trust and Clearing Corporation (DTCC) briefly displayed a spot Bitcoin ETF under the ticker symbol iBTC – BlackRock's BTC ETF on its website, causing a rapid surge in Bitcoin's price to $35,000.
This sudden listing has stirred extensive discussions throughout the week, and there's a good reason for it. Bitcoin's value soared to $35,000 earlier in the week, a level it hadn't reached in quite some time. The reason behind this price increase was the unexpected appearance of a listing for a spot Bitcoin ETF with the symbol iBTC – associated with BlackRock's BTC ETF – on the DTCC website.
Shortly thereafter, the listing was removed, causing a slight dip in prices, but this wasn't a cause for major concern. Interestingly, the ticker reappeared a few hours later.
Although the listing of this ticker alone doesn't signify a great deal, market participants are interpreting it as an indication that the chances of approval for a spot Bitcoin ETF have become more favorable, hence the sudden surge in price.
Now, a well-known crypto analyst by the name of Pentoshi has taken this opportunity to speculate on the potential future of BTC, assuming the approval of a BTC ETF.
Could Bitcoin Reach $180,000 in the Next 5 Years?
It's essential to emphasize that Pentoshi stated, "nobody knows what will happen AFTER, not BlackRock [...] Literally nobody."
However, the analyst elaborated:
What we can ascertain is that ETF experts currently estimate a 90% likelihood of approval, and Bitcoin's resilience in a world marked by limitless printing.
Looking ahead, Pentoshi suggested that "the long-term downside might be in the range of $19,000 to $20,000, with the potential for an upside of around $180,000 over the next five years or so. It's purely speculative."
Markets inherently exude bullishness and optimism. Ultimately, it's more preferable to maintain some long-term exposure than none at all. Bitcoin proves to be a favorable asset for long-term ownership, so it's wise not to become overly fixated on short-term fluctuations. There are numerous long-term factors working in its favor.