Price and Analysis: Why is Bitcoin Price Skyrocketing to $35,000?
Tags: blockchain, cryptocurrency, beginners
Published: 2023-10-30 14:55:59

**Today is the special day when Bitcoin could say goodbye to low volatility and become the king of liquidating short positions. The last time this happened to Bitcoin was three months ago, in April. That’s why when BlackRock’s CEO Larry Fink called bitcoin’s initial rise to $30,000 a flight to quality, many on Wall Street were surprised. They claimed it’s a risk on crypto asset, but bitcoin’s response in March to the banking crisis and its performance more recently have given some credence to the suggestion that this is a quality asset.

According to Forbes latest article:
“A U.S. federal appeals court recently formalized a victory for Grayscale Investments in its quest to launch a spot bitcoin ETF, despite objections from the U.S. Securities and Exchange Commission. The SEC has been historically cautious about permitting ETFs that invest directly in bitcoin, citing concerns like market manipulation and fraud. However, analysts believe the court ruling, coupled with strong applications from industry leaders, might finally make the SEC budge.”
Anyway, it made the Bitcoin budge, and now we can see this view:

Now, we can see the dynamic growth that started yesterday, but the layer of advanced and popular traders claimed one by one that the “party” of Bitcoin hasn’t even started, and we all have to expect more from Bitcoin.
The founder of MN Trading, Michaël van de Poppe posted encouraging narratives about the possible $40,000 for Bitcoin this year.
“Quite surprised with this strength, but that’s what you get pre-ETF approval. As long as we stay above $31K, everything is all right and we’ll see $40K this year. Times are good. Buy the dips.”


The popular crypto trader in Twitter — Titan of Crypto, published the own price predictions according to the chart patterns.
“Bitcoin $43,200 could be next ! BTC price is actually breaking out from 2 important levels I told you about. The $31.8k and the $33.7k. Monitor this last level closely. If Bitcoin manages to close the weekly candle above it, that would teleport BTC to $43.2k in a blink of an eye.”

Source: Ichimoku Analysis
CrediBULL Crypto is continuing to make the spoilers for the next weeks for Bitcoin.
“You think these last couple of days have been crazy? It’s nothing compared to what we will see in the coming weeks. The biggest moves occur as RSI pushes into overbought territory on higher timeframes, starting with the weekly. We’re just getting warmed up.”

Source: CrediBULL Crypto Twitter
Michael Saylor decided not to present the Bitcoin analytics and the price predictions based on his research but made them through hints that totally demonstrate that he waited for this moment for so long:

Source: Twitter

Source: Twitter
At the present moment, there are 3 objective reasons of Bitcoin pump:
1. BlackRock’s Spot Bitcoin ETF Approval
According to Bitcoinist analysis, the primary driver behind the surge seems to be the growing anticipation surrounding the possible green light for a Spot Bitcoin ETF. The epicenter of this surge is the potential approval of BlackRock’s spot Bitcoin ETF. This sentiment was further amplified by an image making rounds on X, highlighting the BlackRock iShares Bitcoin Trust’s listing on the Depository Trust & Clearing Corporation (DTCC) with the ticker IBTC. Adding depth to these rumors, Bloomberg’s Eric Balchunas commented:
“The iShares Bitcoin Trust has been listed on the DTCC. And the ticker will be $IBTC. Again all part of the process of bringing an ETF to market.”
However, James Seyffart from Bloomberg threw in a note of caution by mentioning, “There is no set time. Could literally be days, or months or years theoretically.”
2. Grayscale Court Victory Over SEC in Spot Bitcoin ETF Case Made Final
Based on the CoinDesk information — the D.C. Circuit Court of Appeals closed the books on a dispute between the U.S. Securities and Exchange Commission (SEC) and Grayscale, with a final ruling that effectively orders the agency to scrap its rejection of the asset manager’s spot bitcoin ETF application.
“The Grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC to an ETF,” spokeswoman Jennifer Rosenthal said in a statement after Monday’s conclusion of the case. “GBTC is operationally ready, and we intend to move as expeditiously as possible on behalf of our investors.”
3. Bitcoin Short Sellers Are Squeezed
Jake Simmons in his analytical article for Bitcoinist is also suggested this point for being a possible reason. A large portion of the market was caught on the wrong foot. Short seller got rekt. Coinglass’s data reveals that a whopping $161 million in BTC futures shorts were liquidated just yesterday, with an additional $35 million already today. Drawing attention to this trend, Julio Moreno, CryptoQuant’s head of research, pointed out:
The surge in Bitcoin’s price has been primarily fueled by short sellers having to cover. As prices soared past $31K, we observed a notable drop in Open Interest. It’s intriguing to see a rally that doesn’t primarily start with everyone going long.
For now, the Bitcoin Total Liquidation for 24 hours amounts:

Source: Coinglass
The crypto society hasn't been so active for a long time. The fact is that the crypto news such as partnerships, hackers attacks, launches of the new features will never get so much attention as Bitcoin pump always gets. This is the gold of the digital era and we can’t deny that not only material state of ourselves but also emotional depends on the price of Bitcoin. That’s why the trading psychology so much attention is being paid.
Disclaimer*: the all trading and technical analyses don’t constitute trading advice or a solicitation to buy or sell any financial instrument. Please, make your own research.**