After the BTC ETF approval looks certain, Bitcoin hit a record high “It’s only a matter of time”


After a large number of documents showed that Valkyrie’s Bitcoin was finally approved, the optimism in the cryptocurrency market has approached fanaticism (Bitcoin) ETF application Before the end of the US Securities and Exchange Commission.

Data from Cointelegraph Markets Pro with Transaction view It shows that the price trend of BTC soared during the early trading hours on Friday, and the bulls successfully rebounded to an intraday high of US$61,880. This is the first time that BTC has exceeded US$60,000 since April.

BTC/USDT 1-day chart. source: Transaction view

The following is what traders and analysts think of what will happen next with Bitcoin, as the price has returned to above $60,000, and the long-awaited Bitcoin ETF looks ready to become a reality.

On the cliff of massive breakthrough

According to cryptocurrency analyst and anonymous Twitter user Rekt Capital, Bitcoin’s movement on Friday brought its trading price slightly below the main resistance level, which is the last obstacle preventing it from entering uncharted territory.

From this perspective, if the weekly closing price of BTC can be higher than this level, there is potential for “exponential rise” because price discovery will not be hindered by the previously established resistance zone, and the bulls will try to meet the $100,000 BTC price Require.

Analysts say the crypto market is maturing

Konstantin Shugla, CEO and co-founder of Finery Markets, provided insight into the long-term trajectory of the cryptocurrency ecosystem. He stated that “the crypto market is moving towards the same mature path as other traditional asset classes.”

According to Shugla, the growth of the industry is beginning to attract “a new level of large-scale institutional adoption that no company can ignore anymore”, and the approval of ETFs may lead to more institutional and retail capital inflows “from previous investors” . Pay attention to infrastructure/regulatory risks. “

Shugla said:

“This will bring more trading volume and arbitrage opportunities for basic tools. I expect October and November to set historical prices and sales records.”

related: Bitcoin exchanges above $59,000 have “almost no supply”, giving the green light to price discovery

The historical high is “just a matter of time”

Cryptocurrency trader and pseudonym Twitter user Pentoshi provided a more technical view of recent price movements. He Post The chart below outlines the main areas of support and resistance.

BTC/USD 3-day chart.Source: Twitter

According to Pentoshi, Bitcoin has now “taken macro lower highs from its top” and has begun to form lower lows and lower highs. It now appears to be forming “higher highs and higher highs”. The new trend of high and low points”.

Pentoshi said,

“It’s only a matter of time before this structure reaches a new historical high.”

The overall cryptocurrency market value is now $2.443 trillion, and Bitcoin’s dominance rate is 46.4%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.