Will October Be a Hurdle or a Blessing in Disguise for Bitcoin(BTC) Price?

Written by: Elena R

October 4, 2021

The news of SEC postponing its decision on Bitcoin ETFs has been a bummer for enthusiasts. Meanwhile, netizens have vivid opinions on crypto ETFs. With the Taproot upgrade arriving in November, and the ETF’s coming in the year-end. October seems to be left out.

However, any news related to massive adoption and acceptance will be fruitful to the space in October. It is worth mentioning that October has begun with a healthy inning. And has raised the market out of extreme fear, on the fear and greed index. The first weekend appears to be pretty bullish but ended with many extracting profits. And hence dragging the BTC price below certain levels. 

SEC Postpones the Deadlines for Four Bitcoin ETF’s

The U.S Securities and Exchange Commission has postponed the deadlines for four Bitcoin ETF applications. Over concerns of lack of transparency, manipulation in the market, and liquidity crisis. Consecutively, Gary Gensler has more belief in Bitcoin futures ETF. 

The postponement of four Bitcoin ETFs includes Valkyrie, Kryptoin, Wisdom Tree, and Global X. The delay roughly ranges from 45 to 60 days. The new deadline for Valkyrie is on December 8th, Kryptoin is on December 24th, WisdomTree is on December 11th, and for Global X it is on November 21st. These are among many other Bitcoin ETFs awaiting approval.

Meanwhile, Canada is a step ahead, as it has officially given approval to four bitcoin ETFs. Popular analyst mentions the launch of the first multi-crypto ETF in North America. The fund will be holding both Bitcoin and Ethereum.

On the other hand, netizens have an array of opinions on crypto ETFs. While some expect the ETFs to follow after regulations. Some believe this will be a price correction to the pump. Few opine with it being a manipulation. Few with ‘buy the rumour, sell the news’. And others believe buying crypto ETFs to be funding someone else to buy and hold digital coins. While one can directly own and hodl the coin.

Also Read: Is This SEC’s New Desperate Attempt to Prove XRP a Security??

Bitcoin Price Is on Its Way to $100k

The popular analyst expects the star coin to hit $100k this Q4. Learning from past traces of the coin. BTC has rallied over 300% during the Q4 of 2013 and 2017. And expectations of BTC following similar traits are high among enthusiasts. Several professionals, who have seen numerous bull runs believe the Q4 to be supreme.

Summing up, the implementation of Bitcoin ETFs and the consequences seem to be dependent on market sentiments. However, we can expect a positive trend if the implementations are in the favor of the market. Moreover, Taproot might uplift the Bitcoin(BTC) prices as well. And the ever-growing adoption will bring impetus to the rally.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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