Bitcoin Nearing All-Time High as Market Eagerly Awaits BTC ETF Approval in the US
The cryptocurrency market is in a state of near-euphoria after the release of a slew of papers that suggest the US Securities and Exchange Commission will approve Valkyrie’s Bitcoin (BTC) exchange-traded fund (ETF), application before the end of October. BTC’s price action surged early Friday, according to Coingecko data, with bulls rallying to an intraday high of $61,880. This is the foremost time BTC has exceeded $60,000 since April, according to Coingecko.
As Bitcoin’s price rises over $60,000 and the long-anticipated Bitcoin ETF seems to be on the verge of becoming an actuality, traders and experts are speculating about what happens next for the digital currency. On October 15, Bitcoin was trading slightly below a key resistance level, as per pseudonymous cryptocurrency expert and Twitter user Rekt Capital, and that’s the final thing lying in its way of bursting into unchartered region.
Since long established barrier zones will not impede market pricing, there is “exponential upside” prospect if BTC can end up finishing the week above this level, while bulls try to meet the demands for a $100,000 BTC price. Finery Markets CEO and co-founder Konstantin Shugla offered insight into the long-term future of the cryptocurrency ecosystem, stating that “rypto markets are following the same maturity path as other conventional types of investments.”
An ETF approval would likely lead to additional institutional and retail inflows from investors “who were earlier worried about infrastructure/regulation concerns,” as per Shugla. The sector’s development has already attracted a “new level of mass institutional adoption that no business can ignore any more though.”
This will increase trading volume as well as provide underlying instruments with additional arbitrage possibilities, according to Shugla. “In October and November, I anticipate both price and volume history records to be broken.” Crypto trader and pseudonymous Twitter user Pentoshi supplied the following graphic showing key support and resistance zones, which offered a more technical view on recent price movement.
— Rekt Capital (@rektcapital) October 15, 2021
$BTC key note
Has now taken out the MACRO LH from when it topped and started it's LL + LH. While forming a new trend of HH + HL
It's only a matter of time before ath's w/ this structure pic.twitter.com/sNK0VI51rH
— Pentoshi Won’t Dm You. hates Dm’s. DM's are scams (@Pentosh1) October 15, 2021
He claims that Bitcoin has “taken away the macro low high from when it peaked” and has begun to create lower lows and a lower high, and it now seems to establish “a new trend of higher highs and higher lows. With this structure, all-time highs are just a matter of time away,” Pentoshi said.
The total value of the cryptocurrency market is currently $2.443 trillion, with Bitcoin commanding 46.4% of the market share.