BTC price set to surge past $50,000 as crypto traders flock to Bitcoin ETF token following $2.5 million fundraising

The Bitcoin ETF token presale has reached a milestone of $2.5 million, bringing total funds raised to date to $2,607,655. More than 50% of the current pre-sale allocation tokens have been sold in just a few weeks.

The massive growth has been fueled by rising expectations over the approval of multiple spot Bitcoin ETFs, which Merkle Tree CIO Ryan McMillin branded as ‘the most anticipated launch ever’.

In the latest news, industry giant BlackRock has filed an amended S-1 filing with the Securities and Exchange Commission (SEC). The revised submission move was made by a competing application from Bitwise.

What does this mean? Without reading them, it just means the wheels are still spinning. Both the SEC and these issuers are working hard to resolve the issues. These documents are likely the result of many conversations between both sides and a lot of man hours.

— James Seyff (@JSeyff) December 4, 2023

Crypto analysts explained that the move stems from intensive deliberations and discussions between filers and regulators, suggesting that the application is progressing towards finalization.

In fact, BlackRock’s revised filing comes hot on the heels of news that the company has already received $100,000 in seed funding to launch a spot Bitcoin ETF from an unknown investor.

The transaction took place on October 27, 2023 and gave BlackRock’s iShares Bitcoin Trust ETF an initial stock price of $25.

Bitcoin price surpasses $40,000, hitting an 18-month high.

Bullish market sentiment surrounding the spot Bitcoin ​ETF news drove Bitcoin’s price above $40,000, with the cryptocurrency’s highest price soaring to $42,288 on December 4, 2023.

The significant gains come amid significant growth in the Bitcoin network, which has seen an increase in transactions in recent weeks.

Last November, for the first time in years, Bitcoin recorded more transaction fees than Ethereum. This is largely due to the explosive growth of Bitcoin alternatives, such as Bitcoin Ordinal.

In fact, the surge in demand for Bitcoin ordinal tokens, which use the BRC-20 token standard, saw transaction volume reach an all-time high of $367 million in the month of November.

(Blue is STX, orange is ORDI)

This is insatiable for Bitcoin-connected projects, with tokens such as Bitcoin Layer 2 scaling solution Stacks (STX) and first-of-its-kind BRC-20 token Ordinal (ORDI) both achieving dramatic 70% price increases. It shows demand.

Bitcoin Price Prediction: Investors Are Grappling with Bullish Bitcoin Sentiment

However, the recent rise in Bitcoin price has set off alarm bells for some market participants as the main RSI indicator has turned into a strong ‘overbought’ signal.

Crypto analytics firm Santiment points out that a cooling in the RSI could push BTC towards $50,000, suggesting that this could signal the need for a small, localized retracement move.

📊 #Bitcoin‘S #RSIA very reputable technical indicator has just been added. @santimentfeed, which measures the speed and magnitude of price changes. After reaching $42,000 today. $BTC A short cooldown may be required. If RSI stays below 65, $50,000 becomes more realistic. https://t.co/YP5yhkvaIz pic.twitter.com/IGa3SgV2h2

— Santiment (@santimentfeed) December 4, 2023

And this sentiment has been echoed by popular traders across the cryptocurrency community, with market participants now waiting to see if Bitcoin can secure support and consolidate above $40,000 in the coming weeks.

Classic wicks on the market.

Nothing important.

for someone #Bitcoin, I would like to keep it above $36-38,000. If that happens, a $47K-50K pre-spot ETF approval is certainly possible and that should be the best in the near term.#altcoin It is scheduled to be operational on a large scale in the first quarter of 2024.

— Michael van de Poppe (@CryptoMichNL) December 4, 2023

Looking on-chain, Net Unrealized Profit Loss (NUPL) shows a shift in market sentiment from anxious optimism to hopeful belief.

This NUPL signal typically precedes halving events, as seen in 2017 and 2019, reinforcing the outlook for a further rally to $50,000 in the near term.

All of this suggests that the new Bitcoin ​​ETF token is perfectly poised to launch in explosive market conditions, setting the stage for an absolute craze for Bitcoin-related tokens.

Best altcoins to capitalize on Bitcoin ETF surge? $BTCETF token

In fact, beyond simply targeting the biggest stories in cryptocurrency, $BTCETF has a key utility: Bitcoin ETF News Alerts.

The token’s dApp provides traders with a live feed of the latest Bitcoin spot ETF information and news through the SEC’s real-time sophisticated technical tracking application and a high-speed bot that monitors social media for the latest ETF news.

However, a simple feed of spot Bitcoin ETF news highlights only a fraction of the potential of the Bitcoin ETF token, with easy access to real-time update notifications, giving keen traders the opportunity to generate market-beating returns without stress. do. One of the first to hear privileged Bitcoin ETF news.

This will allow traders to take appropriate positions during massive Bitcoin market moves, making the Bitcoin ETF token an important component in every BTC trader’s toolbox this winter.

ACT NOW: Don’t miss your opportunity to position yourself with Bitcoin ETF tokens

Stage 7 is now one day away. #Bitcoin ETF! 🕒 Pay attention! 🔍 pic.twitter.com/pZDK503K8m

— BTCETF_Token (@BTCETF_Token) December 5, 2023

However, despite the attractive potential of this promising Bitcoin-linked project, time is running out quickly in the $BTCETF presale, with only 20 hours left until the end of Phase 7 of the presale.

If the counter times out, the pre-sale will transition to pre-sale stage 8. This means that the purchase price of $BTCETF tokens will increase to $0.0064, so don’t miss out. Secure your position quickly to secure the best entry price.

And this does not take into account the potential 10x token value accrual resulting from trader demand for access to the ETF News dApp and the ever-present demand for Bitcoin alternatives.

So, with the market showing a real preference for BRC-20 ordinal tokens and Bitcoin alternatives, don’t miss your opportunity to participate early ahead of the next major Bitcoin ETF rally.

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