Analyst Surprised by Bitcoin (BTC) Surpassing $28K Following ETF ‘Debacle’

Bitcoin (BTC) faced a sudden decline yesterday following misleading reports that the iShares Bitcoin spot ETF application from BlackRock had been approved by the U.S. Securities and Exchange Commission (SEC). The cryptocurrency dropped as much as 8% on this news but has since rebounded, a recovery that has led top analyst Michael van de Poppe to express his positive surprise.

Currently, Bitcoin is trading at approximately $28,417.91, reflecting a 2.23% increase over the last 24 hours. This surge marks one of the most significant recoveries in recent days, contributing to a broader recovery in altcoins and reigniting interest in the cryptocurrency market.

Despite the recent fluctuations, van de Poppe anticipates that the events of the past day will create a “buy the dip” opportunity. He predicts that Bitcoin may correct to between $27,300 and $27,700, at which point he believes buyer interest will be enough to stabilize prices.

This recent uptick suggests that BTC investors are embracing a more optimistic outlook, particularly in light of recent developments.

### Bitcoin Spot ETF Anticipation
The brief rally triggered by the false news has led to a wave of positive commentary from market experts, who argue that such a response is a harbinger of what may occur if the SEC ultimately approves a Bitcoin spot ETF.

Numerous leading investment firms are vying for approval of their Bitcoin spot ETF applications, alongside BlackRock, with notable competitors including Invesco, WisdomTree, and Bitwise. Bernstein analysts have indicated that the likelihood of securing approval for a Bitcoin ETF is significantly high.