Bitcoin’s new all-time highs are “a matter of time” after ETF approval

After that, optimism borders on euphoria in the cryptocurrency market the appearance of a number of documents indicating the eventual approval of Valkyrie’s Bitcoin ETF (BTC) application by the US Securities and Exchange Commission before the end of the month.

Data from Cointelegraph Markets Pro and TradingView shows that BTC price action spiked in the early hours of trading on Friday, with the bulls managing to soar to an intraday high of $ 61,880. This is the first time BTC has passed the $ 60,000 mark since mid-April.

1-day chart of the BTC / USDT pair. Source: TradingView

Here’s what traders and analysts are saying about the future of Bitcoin now that the price is back above $ 60,000 and the long-awaited BTC ETF is set to come true.

At the edge of a massive separation

Bitcoin’s new all-time highs are “a matter of time” after ETF approval
Bitcoin’s new all-time highs are “a matter of time” after ETF approval

According to the cryptocurrency analyst and pseudonymous Twitter user Rekt Capital, Friday’s move results in Bitcoin trading just below a major resistance level, which is the last barrier that stands in its way of breaking new ground.

From this perspective If BTC can hit a weekly close above this level, there is the potential for an “exponential rise” as pricing is not hampered by pre-established resistance zones. while the bulls will attempt to meet $ 100,000 price predictions.

Analysts say the cryptocurrency markets are maturing

Konstantin Shulga, CEO and co-founder of Finery Markets, provided insight into the long-term development of the cryptocurrency ecosystem and noted that “cryptocurrency markets follow the same path of maturation as other traditional asset classes”.

According to Shulga, the sector is beginning to grow to “reach a new level of institutional mass adoption that no company can ignore”, and approval of an ETF is likely to lead to more institutional and private entries “From investors who were previously concerned about infrastructure / regulatory risks.”

Schulga added:

“This will lead to more volume and arbitrage opportunities for the underlying instruments. I expect that October and November will see both price and volume all-time highs.”

New all-time highs will arrive “in a matter of time”

Cryptocurrency traders and pseudonymous Twitter users, Pentoshi offered a more technical perspective on recent price action from Post the chart below, which describes the key areas of support and resistance.

3-day chart of the BTC / USD pair. Source: Twitter

According to Pentoshi, Bitcoin has “hit the macro low higher than it peaked” and has started making lower lows and highs. and now it seems to be forming “a new trend of ups and downs”.

Pentoshi said:

“It is only a matter of time before all-time highs are reached with this structure.”

The total market capitalization of the cryptocurrency is currently $ 2.443 trillion and Bitcoin’s dominance index is 46.4%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade move involves risks, you will need to do your own research when making a decision.

Similar Posts