379
views

TA: Why BTC Price Will Hit 100k if ETF Futures are Approved

Bitcoin has been the subject of a great deal of scrutiny recently, as has been the entire crypto market. Analysts are looking to see the BTC price break at least the $50,000 mark. Also, they hope that it would eventually get enough momentum to hit its all-time high and make bigger plays.

Considering that $50,000 is indeed in play, many have been looking towards the possibility of Bitcoin hitting $100,000. The asset is still going through a bit of a bearish cycle. Also, it is becoming more apparent that a huge announcement or adoption will be what will help Bitcoin to grow.

The hope had been that El Salvador’s Bitcoin adoption will spur a jump in the asset’s price, but the excitement for that was short-lived. So, the bearish cycle continues. However, a new hope is coming to the market. – the possible approval of exchange-traded funds (ETFs).

ETFs and Their Potential for Adoption

An exchange-traded fund is a basket of securities that helps to track the performance of an underlying asset. One can buy and sell ETFs on traditional stock exchanges. Also, they offer an interesting way for investors to get into a market.

For years, several financial institutions have applied with the Securities and Exchange Commission (SEC) to launch Bitcoin ETFs. Companies like VanEck, Bitwise Asset Management, and others have sought to launch these products. This way, they hope to improve investor access to the cryptocurrency. However, the SEC has either denied these applications or the applicants themselves have withdrawn their applications due to frustration.

Despite the agency’s behavior, companies remain committed to the launch of Bitcoin ETFs. Interestingly, Mike McGlone, a commodity strategist at Bloomberg, reported that approval for a Bitcoin ETF might  come as early as next month.

In an interview, McGlone explained that Canada already has a competitive advantage over the United States when it comes to Bitcoin ETFs, with the former already approving several ETFs earlier this year. He pointed out that the United States’ policymakers are tired of losing out in this market, and that an ETF approval could come in October.

McGlone highlighted that the approval would most likely be a futures-backed product, thus opening a legitimization window for investors to move into the crypto market. The strategist also pointed to a Bloomberg report that predicted Bitcoin hitting $100,000 once ETFs are approved.

Interestingly, Lark Davis, a crypto YouTuber, also pointed out on Twitter that Bitcoin could still very well hit $100,000 by the end of the year. ETFs are coming, as Davis explained, and a price surge could follow.

Will Bitcoin Really Hit $100,000?

With analysis and crypto enthusiasts hailing the approval of Bitcoin ETFs, it is worth considering whether this news could indeed be a catalyst for a move to $100,000

Currently, it seems too early to say. As explained, Bitcoin has been going through a bearish cycle and it will take a great deal to let off. At a current price of $42,167, Bitcoin is trading well below many of its indicators.

The asset is trailing its moving average metrics, ranging from the 10-day moving average of $45,386 to the 200-day moving average of $45,834. The only metric that is trailing Bitcoin’s current price is its 100-day moving average, which is at $40,995. Short and long-term investors who see these metrics will be left underwhelmed as it seems like Bitcoin is still reeling from its price drops.

Bitcoin’s relative strength index also stands at 41.34. Considering that it is the leading cryptocurrency, this metric is incredibly low. It shows that investors are selling off for now as the coin’s price isn’t delivering any gains.

trade view
Source: Trade View

History is also not really on Bitcoin’s side in the race to hit $100,000 this year. This time last year, Bitcoin traded at $10,885 – it went on to hit a high of $29,353 by the end of the year, marking an increase of 169.6 percent.

With Bitcoin currently trading at $42,167, a multiplier will result in a possible price peg of $71,542.

Trade View
Source: Trade View

However, there could be some additional news that will propel Bitcoin to even bigger highs. Last year’s gain was due to increased institutional adoption for Bitcoin, with several large firms committing funds to Bitcoin. At the same time, top payment processor PayPal announced that it would also start supporting cryptocurrencies.

Bitcoin live price
Btc
Bitcoin
$19.265,89
price
0.715%
price change
BUY NOW

The same thing could happen in 2021 – a barrage of adoption news that will send the coin’s price rising. Twitter added crypto support for its Tip Jar feature recently. More news like this – as well as approval for crypto ETFs – could see Bitcoin’s price surging.

Stay up to date with our latest articles

More posts

Nayib Bukele Was Right: Bank of England Resumes Money Printing

El Salvador President Nayib Bukele took a victory lap on Monday after the Bank of England’s British pound rapidly depreciated against the dollar.  The institution has since resumed quantitative easing. Its action marks a clear pivot that many in the Bitcoin community predicted central banks would be forced into months in advance. Bukele’s Callout Bukele tagged the Bank of England with a triumphant “Told you,” over Twitter, scoring over 14,000 like and 2000 retweets from his followers.  His brief comment…

Study Reveals Fossil Fuels Still Power 62% of Bitcoin Mining

Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI).  Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…

Strike Close $80 Million Funding Round to Further Expand Bitcoin Payments 

Strike – a Bitcoin payments company and digital wallet provider – has closed an $80 million funding round led by Ten31.  The funds will bolster the company’s efforts to “revolutionize payments” for the payment industry’s biggest players.  According to a press release, both Washington University in St. Louis and the University of Wyoming also partook in the raise.  The funding leader, Ten31, is a Bitcoin and lightning infrastructure provider that’s invested in numerous other Bitcoin native companies like Blockware, Swan,…

indu4.0 – The Digital Marketplace for the Manufacturing Industry

indu4.0 is a digital B2B marketplace for the manufacturing industry, aiming to make the bridge between supply and demand faster, more efficient, and cost-effective. The company behind it, Indu4.0 AG, operates from Lucerne, Switzerland. It has already succeeded in integrating numerous complex industrial products and services with a sophisticated filter system in a user-friendly platform. This indu4.0 review looks closely at one of the most ambitious projects seeking to establish a blockchain presence for the behemoth-sized manufacturing industry. Read on…

Here are the Benefits of Auditing Your Smart Contract with SolidProof

Auditing a smart contract is vital to ensure that the code functions as intended. SolidProof offers a wide range of services to help with this process. The company guarantees a sound audit process and an experienced team of auditors.  Here are the benefits of auditing a smart contract with a reputable company such as SolidProof: A wide range of services: SolidProof offers a wide range of services to help with the audit process, including code review, security analysis, and more.…

Nexo Receives Cease and Desist Order From California Regulators

The crypto lending platform Nexo has been ordered by several California securities regulators to halt its crypto yield product. The state claims that the company’s interest-bearing accounts qualify as unregistered securities that require proper disclosures and legal protections. The California Department of Financial Protection and Innovation (DFPI) announced the enforcement action on Monday. The Department said its action was part of a larger investigation of companies offering crypto interest accounts.” The DFPI has undertaken aggressive enforcement efforts against unregistered interest-bearing cryptocurrency…

Hacker Carts $1M in Another Vanity Address Breach

Amidst a rise in DeFi breaches, yet another address from Ethereum vanity wallet address generator Profanity has fallen victim to an attack. A malicious actor was able to exploit a vulnerability in the tool and make off with almost $1M worth of ETH. This comes roughly a week after DEX aggregator 1Inch spotted and highlighted the weakness in Profanity-generated addresses.  Hacker Steals 732 ETH Blockchain security company Peckshield called attention to the latest attack early on Monday. The firm published…

WMA: Bitcoin Below $19,000 while XRP Surges as the Bears Maintain Control

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $928 billion. Bitcoin has decreased by nearly 4% this week. Ethereum lost almost 8% over the past seven days. XRP is up by nearly 29% this past week. Almost all altcoins are trading in the red, with few exceptions. The DeFi sector maintained the total value protocols (TVL) at around $27 billion. Crypto Trends…

Bitcoin Was Almost “Netcoin”, Domain Data Reveals

According to historical records detailing domain purchases under professional anonymity provider AnonymousSpeech, Bitcoin could have been Netcoin instead.  Nakamoto May Have Been Torn Between 2 Names The data revealed that on August 17, 2008, a day before Satoshi Nakamoto created Bitcoin.org, Netcoin.org came into existence. AnonymousSpeech is a Japanese service that allows users to purchase domain names anonymously. Twitter user @Orweinberger made a post on Friday to reveal the new findings. They reportedly discovered the information while going through all…

MicroStrategy is Building Enterprise Grade Lightning Network Wallets

The Bitcoin bullish software company MicroStrategy is building Bitcoin lightning network wallets that can be deployed to enterprises.  The company’s executive chairman and former CEO Michael Saylor shared details on the tech in a recent interview. In an uncharacteristic fashion, he also offered some short/medium-term price predictions for Bitcoin. MicroStrategy Builds on Lightning As Saylor told MarketWatch in an interview on Wednesday, the company’s wallet software will let business owners distribute Bitcoin to thousands of employees in a single afternoon. …