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The Bear Take on Bitcoin’s Pump

Analyst Jack gives a cautious read on up-only crypto market sentiment
The Bear Take on Bitcoin’s Pump
Jack Inabinet Jack Inabinet
Oct 31, 2023 • 4 min read
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Bitcoin has rallied 40% off its local bottom from mid-September, and with the imminent approval of a spot BTC ETF now being priced in, Crypto Twitter is ecstatic! 🥳

Indicative of the market's bullish expectations for spot BTC ETF, crypto investment firm Galaxy released a report projecting that approval will spawn $14B of Bitcoin buy pressure and should spike BTC price by 74% within the first year after launch!

But while the brave souls remaining in crypto have positioned themselves for new highs, external capital is required to take us there, and the mere approval of a spot BTC ETF is no guarantee that flows will follow.

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Jack Inabinet

Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.

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