Bitcoin price could hit $100k without US spot ETF approval, says crypto fund CIO

Alistair Milne, the chief concern serviceman of Altana integer currency fund, said Bitcoin (BTC) does not request the U.S. to o.k. a spot exchange-traded money (ETF) for its worth to scope $100,000.

In an Aug. 31 post connected X, Milne stated that a U.S. spot Bitcoin ETF was a distraction. According to him, portion an ETF support would beryllium bully for the industry, the flagship integer plus would inactive execute large without it.

Milne said:

“[A BTC ETF is] bully to have, but we didn’t request 1 to get america to $69,000 and we don’t request 1 to get to $100,000.”

Spot BTC ETF influencing terms action

Bitcoin’s terms has precocious experienced important fluctuations, breaking distant from a play of contained movement that spanned respective weeks. These terms swings tin mostly beryllium attributed to developments surrounding spot Bitcoin ETF applications earlier the U.S. Securities and Exchange Commission (SEC).

In June, erstwhile BlackRock and respective accepted fiscal institutions submitted an ETF application, the flagship integer plus experienced its astir important terms surge successful implicit a year, breaching the $30,000 mark. This rally was chiefly attributed to the heightened prospects of a spot Bitcoin ETF approval, with respective marketplace observers urging the regulator to o.k. each the applications.

Subsequently, BTC’s terms movements person intimately mirrored developments related to spot ETFs. Following an 11% dip fueled by rumors of Tesla divesting its Bitcoin holdings, the integer plus rebounded erstwhile the U.S. Appeal Court sided with Grayscale successful its ineligible conflict against the SEC.

However, this upward momentum proved short-lived arsenic it soon retraced to the $25,000 scope owed to the SEC’s determination to hold its verdict connected a litany of pending BTC ETF applications, citing the request to measure the projected regularisation changes thoroughly.

The Commission has yet to o.k. a spot BTC ETF successful the U.S. due to the fact that of concerns implicit marketplace manipulation, among different factors.

Can BTC terms scope $100k without the ETF decision?

Earlier successful the year, starring fiscal instauration Standard Chartered predicted that the apical cryptocurrency would scope $100,000 by the extremity of adjacent year.

The slope suggests that respective factors could thrust the asset’s upward trajectory, including challenges wrong the U.S. banking sector, stabilizing hazard assets pursuing the decision of the U.S. Federal Reserve’s involvement complaint hikes, and enhanced profitability wrong the crypto mining sector.

The station Bitcoin terms could deed $100k without US spot ETF approval, says crypto money CIO appeared archetypal connected CryptoSlate.