Bitcoin Bounces Back — Dogecoin, Ethereum Rise As Spot ETF Hopes Get Revived: Analyst Predicts Eventual Rebound To $57K For King Crypto

Bitcoin rebounded over the $44,000 level on Thursday after the cryptocurrency valuations plummeted a day earlier. The global cryptocurrency market cap rose nearly 1% to $1.66 trillion at the time of publishing. 

Filings by Grayscale and VanEck once again ignited hopes for the approval of a Spot ETF by the U.S. Securities and Exchange Commission. The Grayscale Bitcoin Trust GBTC filed a Form 8-A registration with the U.S. regulator on Thursday. It was noted by Walter Bloomberg that such filings indicated an advancement of applications.

The Crypto Fear & Greed Index, a measure of emotions and sentiments, flashed Greed with a value of 72 at the time of publishing. A value of 0 on the index indicates "Extreme Fear" while 100 represents "Extreme Greed." 

Top Gainer (24-Hours)

Meanwhile, other risk assets such as stock futures were seen inching higher ahead of a key jobs report on Friday. On Thursday, the Dow closed 0.03% higher, while the tech-heavy index fell 0.56% in regular trading.

See Also: Peter Schiff Warns Those Waiting For A Bitcoin ETF Approval Rally Might Be Left Disappointed: ‘Buy The Rumor, Sell The Rumor Of The News’

Analyst Takes: OANDA analyst, Craig Erlam, said in a note, seen by Benzinga, "It’s been a very volatile day for bitcoin which was trading almost 9% lower at one stage before clawing back around half of those losses."

Erlam attributed the earlier crash in Bitcoin to a report suggesting that the SEC was likely to reject Bitcoin ETF applications.

"In reality, it would probably only delay approval rather than prevent it but it would be interesting to see how cryptos would respond considering how much the ETF has fueled the rebound," said the analyst.

Cryptocurrency trader Michaël van de Poppe said on X, formerly Twitter, "The ETF news is around the corner. Likely an approval for #Bitcoin, resulting in a positive inflow of institutions over the coming years."

Van de Poppe also construed the Bitcoin Spot ETF approval as a bullish catalyst for Ethereum, the second-largest cryptocurrency.

Market intelligence platform, Santiment, noted that Ethereum has continued to work its way "back towards its local top resistance level of $2,444" amid the crypto rebound.

"The largest $ETH non-exchange whales are accumulating at a rapid pace, while exchange whales stay low," said Santiment on X.

Meanwhile, Cryptocurrency analyst, Ali Martinez said that Bitcoin's recent price trends indicate that it is in an upward channel pattern. Should this technical formation hold, the apex cryptocurrency could reach $48,000, then drop to $34,000, and then finally see a rebound to the $57,000 mark.

Photo by Avi Rozen on Shutterstock

Read Next: Macro Guru Raoul Pal Foresees 20% Probability Of ‘Gigantic Bubble Cycle’ As Bitcoin Drops Over 5%