Bitcoin’s price has been on somewhat of a rollercoaster throughout the past seven days, but it appears that bulls currently have the upper hand.
Data from Coinglass reveals that the market saw a total of $77 million worth of liquidated positions, $55 million of which were betting that the price would go down (short).
Many believe that the ongoing rally is mostly due to optimism surrounding the approval of a potential spot Bitcoin ETF by the United States Securities and Exchange Commission.
In fact, a number of positive Bitcoin price predictions have been centered around the approval of a spot BTC ETF. You can check some of them in our recent video:
As mentioned above, most of these BTC price predictions have one thing in common – they all forecast a higher price.
In a recent poll on Twitter, Coin Bureau – the account behind one of the industry’s largest YouTube channels – asked the community the opposite question:
It’s January 2024, the SEC starts rejecting these ETF applications. How much lower does Bitcoin go?
There were three options – below $30K, below $25K, and below $20K. 47.5% of the votes (close to 9,000), went toward the first choice.
Earlier in November, as CryptoPotato reported, the United States SEC delayed its decision on the Hashdex Spot Bitcoin ETF conversion.