Can Bitcoin ETF rumors keep BTC rallying? Certainly not, and that makes the Sell-the-news prominent; here’s why? The Bitcoin price is on the cusp of surging to new yearly highs, setting the stage for a potential all-time high (ATH) shortly. Long-term forecasts for BTC are remarkably optimistic, reflected in traders maintaining their long positions.
Recent increases in trading volume, after a period of lower activity, hint at potential upcoming volatility. These factors collectively add to the potential for Bitcoin to breach $40,000, possibly by the end of October or early November.
BTC is hovering just below $36,000, with 38.2% Fibonacci ratios indicating a challenge. At the same time, the Relative Strength Index (RSI) crossed 70 in 2021, which flags an “overbought” condition, warranting caution for potential rapid rallies. The price consolidates around $34,500 after hitting a 2023 high of $35,000.
The market surge is fueled by expectations of the first US exchange-traded funds (ETFs) directly investing in Bitcoin gaining approval. Bloomberg analysts predict a potential “sell-the-news” event post-approval, as the markets may have priced it in. If you are waiting for a bull run post-approval of ETF, then you must know this:
The pivotal question now revolves around whether the actual greenlighting of these ETFs will trigger a wave of profit-taking among investors. Hayden Hughes, co-founder of Alpha Impact’s social trading platform, foresees a potential “sell-the-news event if it’s approved,” underscoring the cautious sentiment among market participants.
Despite Bitcoin’s rally, global stock markets confront rising long-term Treasury yields and geopolitical uncertainty. Bitcoin’s unique value proposition as a digital store of wealth and inflation hedge is shown by its outperformance of traditional assets. Due to spot ETF clearance, Bitcoin and crypto stocks like Coinbase and MicroStrategy have risen, but these gains may not last. Regulatory approval doesn’t guarantee lasting price increases.
Based on bullish sentiments. Deribit, the largest cryptocurrency options exchange, reveals a notable surge in bullish bets on Bitcoin, with a sizeable accumulation of positions speculating on a price rise to $40,000 by year-end. Notably, the projection signifies a substantial 16% jump from current levels, reflecting many traders’ confidence in Bitcoin’s near-term potential.
Bitcoin’s recent rally is shifting attention away from Gold, signaling a transformative shift in the dynamic between the two assets. Bloomberg’s Senior Macro Strategist, Mike McGlone, notes that the traditional 10x crypto-to-gold valuation metric may change soon. As Bitcoin steps into the mainstream financial forte, the imminent approval of US spot Bitcoin ETFs is anticipated to solidify its position further, potentially chipping away at Gold’s historical supremacy as a store of value.
Can Bitcoin reach $42,000 with ETF launch? Or will the sell news slow its growth? Tell us.
Cardano’s price action has swiftly changed over the past few days, pointing towards a change…
Bitcoin is back in beast mode. After weeks of sharp price swings, the world’s largest…
Bitcoin is showing bullish signs as it climbs back above the important $100k mark. Trade…
A viral post on X by crypto analyst Deso has raised serious questions about the…
U.S.-listed pharma infrastructure firm Wellgistics is integrating XRP for both payments and reserves, backed by…
Dogecoin made history by proving that a meme can move markets. It didn’t launch with…
