Blackrock Filed for a BITCOIN Trust not ETF! SPX at 52 Week High

Bitcoin enthusiasts have reason to be slightly bullish given recent developments in the market. While BlackRock's decision to file for a bitcoin trust instead of an ETF might initially disappoint some, it's important to recognize that the trust and the ETF have similarities, as many people rightly point out.

Although there are technical differences, particularly regarding regulatory approvals, the ultimate outcome for investors remains similar. Consider GBTC, a trust that currently exists—while you can't redeem directly from the fund, it appears that BlackRock's trust may offer redemption options. This potential advancement could be a significant win for investors, providing them with greater flexibility and opportunities to capitalize on their investments.

However, the real game-changer would be the introduction and approval of a true Bitcoin Spot ETF by the SEC. Such an ETF would bring about unprecedented possibilities for investors, opening up avenues for seamless and widespread participation in the bitcoin market. The approval of a Bitcoin Spot ETF would not only enhance accessibility but also contribute to the overall mainstream adoption of cryptocurrencies, solidifying Bitcoin's position as a legitimate asset class.

Therefore, while the current filing by BlackRock may not be the long-awaited ETF, it still represents a step forward in the right direction. The possibility of a Bitcoin Spot ETF being put forward and approved by the SEC remains an exciting prospect that could fuel further growth and market interest in Bitcoin.

Given the information provided, including the filing by BlackRock and the recent 52-week high reached by the SPX (S&P 500 index), there are potential factors that could contribute to a technical rebound in Bitcoin's falling wedge pattern. The positive market sentiment surrounding the SPX reaching a new high suggests a general bullish trend, which may spill over into other asset classes, including cryptocurrencies.

A falling wedge pattern typically indicates a period of consolidation and potential reversal, making it a favorable setup for a rebound.

The $23,000 price target remains unchanged.

Looking forward to read your opinion about it!

Trade closed: target reached:

BTC Price Target Reached!