Bitcoin has experienced a robust 10% surge in its price over the past week, marking its most impressive weekly performance since June. This positive momentum is widely attributed to the fervent speculation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF).
In the course of the last seven days, Bitcoin’s value flirted with the $30,000 milestone multiple times, as market sentiment responded positively to the rumors of an impending ETF green light.
As of the current moment, Bitcoin is trading at $29,688, according to Tradingview
This particular uptick in Bitcoin’s performance stands as the most notable gain in 17 weeks, dating back to the 25th week of the year, which was in June. During that period, Bitcoin witnessed a staggering surge of over 15%, only to be followed by 16 weeks of relatively subdued performance.
Notably, this surge coincides with the time when several asset management firms, including BlackRock, initiated the process of applying for spot Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC).
In addition to its weekly gains, Bitcoin’s monthly returns for October are poised to rival those of June, according to Coinglass data. After recording a modest 3.91% increase in September, marking a significant improvement over the 11.29% downturn in August, the available data indicates that this month’s returns have already reached an impressive 10.03%, coming very close to June’s 11.98% increase.
The recent bullish trend in Bitcoin’s price is intrinsically tied to the mounting speculations surrounding the SEC’s decision on the ETF. Earlier in the week, Bitcoin’s price soared above $30,000 in response to false reports of the SEC’s approval of BlackRock’s iShares spot Bitcoin ETF. Although the news was subsequently debunked, market observers contend that the market’s reaction underscores the demand for a spot Bitcoin ETF.
This price surge aligns with the findings of a K33 Research report, which posited that Bitcoin‘s value could climb to over $42,000 within the first 100 days following the approval of a spot Bitcoin ETF. Other analytics firms, like CryptoQuant, are even more optimistic, forecasting a surge beyond $50,000.