BitcoinPrice Analysis

Bitcoin Price Nears ATH With ProShares ETF Reaching $1 Billion Trading Volume

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On October 19, the first Bitcoin exchange-traded fund (ETF) debuted on the New York Stock Exchange (NYSE), generating a lot of buzz. On its inaugural day, the ProShares Bitcoin Strategy ETF (BITO) saw over $1 billion in trading volume.

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The ETF traded nearly $280 million worth of shares in the first 20 minutes of its inception, and by the time the market closed on October 19, it had surpassed $1 billion in trading activity. From its beginning net asset value of $40, the shares of the ProShares Bitcoin ETF closed up 4.85 percent at $41.94. 

Bitcoin’s price continues to rise, eventually approaching its previous all-time high. As buying activity continues to dominate, BTC price is heading towards a new record high. 

BTC sees no resistance continuing up, and if accompanied by strong buying pressure, it may easily reclaim its previous all-time high and possibly set its sights on $66,888, the prevailing chart pattern’s topside trend line. 

Bitcoin to Explode in 2022!

Lark Davis, a well-known crypto trader, and the market analyst believes that Bitcoin (BTC) will experience a tremendous rise next year.

Davis tells his YouTube subscribers in a new video that long-term Bitcoin holders’ recent Bitcoin accumulation shows that 2022 “may be more bullish than anyone can possibly imagine.”

Davis examines a chart given by on-chain analyst Willy Woo to see how long-term holder accumulation peaks frequently anticipate price spikes. 

He says, Long-term investors, have just reached the pinnacle of their holdings.  we’re at the pinnacle of accumulation. We’re on the verge of setting a new all-time high price he added. 

When we’ve had these enormous price swings in the past, it’s always been because long-term investors were exiting the markets he opines.

“What’s interesting is that we have completely recovered from [the recent] dip. We are now entering into accumulation discovery. That indicates to me that the market is getting ready for a massive period of expansion.”

Bitcoin sentiment, according to the crypto analyst, will continue positive not just next year, but for the rest of the decade. 

Also Read : Ethereum ETF May Be Approved, but Bitcoin Spot ETF Is Far off From the Horizon!

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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