232
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 However, the SEC has either denied these applications or the applicants themselves have withdrawn their applications due to frustration.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
$29.034
price
0.51095%
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

Terra 2.0 Airdrop is Live: Here’s What You Need to Know

Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…

Marhaba DeFi Network Introduces Halal Certification for NFTs

A strategy to penetrate the $3 trillion Islamic market.   Marhaba (MRHB), a Muslim-centered DeFi platform, is launching the world’s first Sharia-backed NFTs certification.  The system involves a process where NFTs projects will be submitted to a Sharia administrative board. This panel will review the artwork’s compliance with Sharia Modesty and ethical code. Halal NFTs receive a Blockchain minted certificate curated by Sharia Experts LTD, an Islamic advisory platform for web3 projects.  Mohammed Naquib, the founder of Marhaba, explained how…

India Leads 26 Other Countries in Terms of Play-to-Earn Adoption

According to a recent NFT research, India ranks first among 26 countries on the basis of play-to-earn (P2E) gaming adoption. Indian Players Outnumber Hong Kong's and UAE's As per the survey, approximately 34% of respondents in India have experience with play-to-earn games. To be clear, play-to-earn games are blockchain-based games in which players receive incentives with real-world value. Since the outbreak of the pandemic and the rise of the work-from-home culture in India, the popularity of P2E games has soared.…

Cynthia Lummis Drops Reveal Date for Landmark Crypto Legislation

Senator Cynthia Lummis (R-WY) has given a specific date for when her long-awaited crypto regulator bill will be unveiled. The legislation will help to sort cryptocurrencies under appropriate regulatory labels and federal jurisdictions. According to a tweet from the senator on Friday, the final version of her bill will be released on Tuesday, June 7th. Lummis has spent months working on the bill alongside Senator Kirsten Gillibrand (D-NY), announcing it as early December 2021. The bill will reportedly provide sweeping…

Cardano Founder Lobbies for Favorable Laws in Washington

Cardano Founder Charles Hoskinson has shared details of a week-long trip to Washington D.C, where he met with US lawmakers to discuss crypto-related policies. In a Youtube video, Hoskinson related his conversations which he says are another step towards changing how regulatory entities view the crypto industry. Crypto Policies in Need of Major Work Charles Hoskinson has reportedly spent the past few days mulling over the best course for regulation. In fairness, Hoskinson has always pushed clarity in government interactions…

Terra Holders Approve Proposal to Burn 1B UST from Community Pool

Terraform Labs has announced plans to burn 1.3B UST from the community pool following a successful governance vote. After the "Rebirth of Terra" passed some days ago - the burn proposal is the latest in Terra's ultimate revival plan.  Terra will Absorb the UST Supply On Thursday, the burn idea, proposal 1747, passed with staggering support from the Terra community. 99.3% of participants in the vote (154.579 million) pushed for TFL to destroy a huge part of the UST supply. …

How Can You Determine the Rarity of an NFT?

The rarity of a non-fungible token (NFT) is one of the most often debated topics on the internet. The rarity of an NFT is one of the most critical elements in determining its value. Understanding how rarity works is a significant advantage for anyone investing in the NFT market. How can traders learn to measure this feature for any digital asset? Our guide today will share more insight on this critical aspect. Is It Possible to Measure Rarity? There has…

Twitter Agrees to Pay $150 million Fine for Invading Users’ Privacy

Twitter has consented to pay a $150 million sanction to the US Department of Justice (DOJ) and the Federal Trade Commission (FTC). The payment is a settlement for an invasion of privacy charge by the US government. The complainant maintained that Twitter had released users' private information to help advert companies target customers. The Breach Explained Per a complaint on Thursday, the Social Media behemoth allegedly retrieved customers' cell numbers and email info under false pretenses. According to the charge, …

Most NoCoiners Simply Don’t Understand Bitcoin, Finds Block Study

Jack Dorsey’s financial company Block has unveiled a survey from January examining top reasons that people don’t buy Bitcoin. The top reason, cited by 51% of respondents, was that they simply don’t understand it well enough. Conducted in partnership with Wakefield Research, the study surveyed 9500 people across 14 different countries. Besides the lack of knowledge, other common reasons for avoiding Bitcoin included cybersecurity risks (32%) and price volatility (30%). Among those that refused to buy Bitcoin despite sufficient knowledge,…

Federal Reserve Vice Chair Backs CBDC Issuance, Despite Republican Backlash

Lael Brainard – vice chairwoman of the Federal Reserve – showed support for a US CBDC at the House Financial Services Committee hearing on Thursday. She believes one could bring more efficiency to the financial system, but Republicans are staunchly opposed. Potential Need for a CBDC In advance of the hearing, Brainard issued a written statement discussing the pros and cons of a CBDC in the United States. When framing her argument, she first acknowledged the recent instability of private…