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The price of bitcoin has continued to push toward higher prices as the leading crypto asset has tapped a high of $61,749 per unit on Friday.

Bitcoin (BTC) has done phenomenally well during the last two weeks as October has been a good month for the leading crypto asset.

In a note sent to Bitcoin.com News, Etoro’s crypto asset analyst Simon Peters says that the spike is likely due to expectations of a bitcoin exchange-traded fund (ETF) approval.

“Today’s spike appears to have been triggered by investors’ growing confidence that US regulators will approve the launch of an ETF based on bitcoin futures contracts – but a rise past $60,000 has been looking likely for a while now after weeks of positive net inflows into bitcoin from institutional investors, a growing migration of bitcoin from short-term holders to long-term holders, and the attendant squeeze on bitcoin supply,” the Etoro crypto asset analyst added.

Mikkel Morch, the executive director and risk management at crypto/digital assets hedge fund ARK36, says the price increase is clearly due to the rumors that the U.S. Securities and Exchange Commission (SEC) is planning to approve a bitcoin ETF.

“It is clear that the recent spike inBTC’s price is directly related to the rumour that the SEC will move ahead with the US first Bitcoin ETF approval,” Morch said on Friday.