BTC Price Hit $30K, Peter Schiff Questions GBTC’s Impact on Bitcoin’s Rally

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Bitcoin has yet again surpassed the $30,000 mark, an event that has drawn mixed reactions from market analysts. Among them, renowned commentator Peter Schiff recently expressed skepticism over this rally, attributing it to news surrounding the Grayscale Bitcoin Trust (GBTC) intending to become a spot Bitcoin ETF.

The well-known financial analyst alluded that Bitcoin’s surge might not be entirely bullish, especially in the context of the Grayscale Bitcoin Trust (GBTC) planning its transformation into a spot Bitcoin ETF. With GBTC’s conversion potentially releasing a sizable amount of Bitcoin back into circulation, Schiff juxtaposed this development with other market movements, like gold’s ascent.

Bitcoin’s Current Stand

Bitcoin’s recent climb has caught the eyes of many. Currently priced at around $30,023, the crypto has seen a promising 6% growth in the last day and an impressive 12% surge over the past week.

The fluctuating nature of Bitcoin’s performance is evident in its market indicators. The weekly Relative Strength Index (RSI) seems to dance around the midline, hinting that the bulls might still have some steam left. Interestingly, the Awesome Oscillator (AO) nears the zero mean level. However, if Bitcoin’s price drops considerably, it might trigger a cascade of liquidations, potentially opening the door to a downward trend.

Should the decline ensue, the $25,000 zone could act as a cushion for Bitcoin. Yet, a deeper dive beyond this point could plummet the digital currency to a lower $20,000. On a brighter note, if market optimism and ETF-related enthusiasm continue to grow, Bitcoin could challenge the $32,000 barrier. Conquering this might further catapult the price to an ambitious $35,000.

GBTC’s Transformation

Amidst all the market speculations, the talk of the town remains Grayscale’s dispute with the Securities and Exchange Commission concerning their spot Bitcoin ETF application.

While the next steps remain hazy, industry whispers hint at the SEC possibly green-lighting new ETFs later this year or in 2024. If this materializes, Grayscale aims to evolve its Bitcoin Trust (GBTC) into an exchange-listed product, making it more accessible to a broader investor base.