Bitcoin broke through the resistance level that kept it below $32,000. In an analysis shared with Cointelegraph in Spanish, Simon Peters, an expert analyst in crypto assets for the eToro platform, shared his opinion on the matter.
BTC/USD daily chart. F: TradingView
“After falling below $32,000 in May last year, Bitcoin has broken through this resistance level once or twice this year, but not as convincingly as now,” Peters explained. “The real test of sentiment is whether it can maintain this level.” .
According to Peters, this positive price action may have been “a preview or glimpse of what will happen if a Bitcoin ETF is approved in the US.”
For the eToro CEO, the total crypto asset market could grow by millions of dollars if a Bitcoin exchange-traded fund is approved, considering what data analysis firm CryptoQuant reported.
“The company has calculated that if issuers requesting inclusion in Bitcoin ETFs allocate just 1% of their assets under management to ETFs, about $155 billion could enter the market.” “This would make bitcoin a $900 billion asset, increasing its market value by about a third,” Peters added.
He then noted: “Cryptocurrency spring may be on the way. Morgan Stanley Wealth Management provided good news for the market, as a report on its website stated that the crypto asset bear market may be coming to an end.
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