The price of BTC “is about to rise to US$90,000”-5 things to watch for Bitcoin this week

Bitcoin (Bitcoin) Entering a new week, determined to maintain $60,000 as support-although the new all-time high did not last.

After a typical Sunday decline, the bulls regained control and managed to keep BTC/USD at lows below $60,000.

However, so far, since the historical highs in April and October have not been retested, investors are eager to see where Bitcoin can go.

Expectations are still high-up to 300,000 US dollars in the next few months, and even the continuation of the bull market will continue until 2022.

Cointelegraph considered five factors to consider when plotting BTC price trends in the next few days.

Bitcoin’s “relentless spot bids”

As the US stock futures remained unchanged before the opening, the global market showed a cool picture.

Inflation continues to be affected, and even the Fed admits that it may remain at a higher level for a longer period of time. The separate debate over the taxation of unrealized gains has also caused heated debate in the cryptocurrency circle.

However, with the exception of soaring commodities, the situation triggered by Bitcoin prices is even cooler, because decoupling from macro trends has long been a feature of BTC/USD.

Prior to the launch of the third Bitcoin Futures Exchange Traded Fund (ETF) on Monday, there was growing attention to the threats posed by gold and traditional ETFs and Bitcoin.

Charles Edwards, CEO of the investment company Capriole, said: “If CME’s open positions jump to the number one position in the world within a few days this week, it’s not a barometer of the interest of large-scale institutions. I don’t know what a barometer is.” Comment last week.

“This is the changing of the guard ceremony.”

Bitcoin futures open interest chart.Source: Charles Edwards/Twitter

Edwards Said before Futures-based ETFs will provide “relentless spot bids” for Bitcoin, thereby eliminating concerns about the overall effectiveness of the tool.

Ki Young Ju, CEO of the on-chain analytics company CryptoQuant, added that from the perspective of futures trading volume, every challenge of $60,000 is accompanied by a large number of purchases.

Tracking the 2017 bull market

In a classic way, as Bitcoin climbed above $62,000, the weak Sunday of the week turned into a bullish Monday.

It fell 10% from its all-time high of $67,100 last week, and the April high of $64,900 provided almost no support.

However, as bearish calls began to surface, Bitcoin was not in the mood to abandon its new trading area-even if the analysis believes that even $50,000 will still constitute a solid price movement.

The weekly closing failed to challenge the big buying wall of just under $60,000, which further eased the pressure.

“So far, everything is fine,” Cointelegraph writer Michaël van de Poppe Summarize In his latest update on Monday morning.

“Bitcoin is about to reach $90,000.”

The timetable for this goal has been extended this month-for Van der Pope, this should only happen later in the first quarter of next year, by comparison Six-digit estimate The time frame is much shorter.

At the same time, it is expected to reach around US$63,000 by the end of October, leaving uncharted territory in the last two months of 2021.

For popular analyst TechDev, Bitcoin is still repeating 2017 price movements with almost incredible accuracy. This also shows that the price level is much higher before the end of the year-consistent with the peak of the outbreak in December 2017.

VanEck ETF is ready for release on Monday

Another week, another reason to be optimistic about institutional investment is that Bitcoin saw another exchange-traded fund (ETF) go online.

This Monday, It’s VanEck’s turnSince it has been trying to bring Bitcoin ETF products to the market for many years, it is almost a household name in the cryptocurrency circle.

Like last week’s product, VanEck’s Bitcoin Strategy ETF (XBTF) will have a Bitcoin futures basis, increasing competition before the initial regulatory decision on physical ETFs next month.

XBTF will charge a 0.65% management fee and will start trading as the third Bitcoin futures ETF in the US market.

VanEck also plans to launch a physical ETF, and the US Securities and Exchange Commission (SEC) will decide its fate on November 14.

As Cointelegraph reported, despite disagreements on the overall utility of futures-based ETFs, ProShares’ groundbreaking debut in the United States almost Unprecedented Absorbed last week.

The second one, from Valkyrie, is Softer.

“We think Bitcoin is expected to be traded like gold,” Bloomberg senior commodity strategist Mike McGlone who is still bullish Comment On the release day of the latter.

He mentioned that when gold first attracted its own US ETF in the early 2000s, it was accompanied by a self-made transition.

At that time, like ProShares, the first gold ETF SPDR Gold Trust (GLD) raised more than $1 billion in the first three days of transactions in November 2004.

Bitcoin ETF approval schedule.Source: Arcane Research

No major exchange sell-off

As Cointelegraph ReportAs the macro trend of decreasing Bitcoin supply slows down, exchanges are the focus of attention under current market conditions.

During a bull market, the large amount of BTC flowing into the exchange often heralds the price point at which the public plans to sell—and therefore may be the highest price point.

More broadly, however, the number of bitcoins held on exchanges has been declining-this situation has accelerated since the price collapse in May.

According to the latest data, it now appears that Binance has diverged from other major platforms this month, seeing BTC flowing into its order book, while most of the remaining platforms continue to reduce reserves.

BTC/USD overall hit a record high, leading to a slight increase in BTC trading levels, but from the overall downward trend, this is insignificant.

Exchange BTC reserve chart. Source: Bybt

As we all know, Hodler has little interest in selling past historical highs in such a short period of time, and institutional buyers are not expected to plan to snap up immediately after gaining exposure.

Buying orders on derivatives exchanges have been particularly active in the past week.

Emotions are welcomed and cleaned up

The cryptocurrency market sentiment has changed again, but unlike earlier this month, investors have become more and more cautious.

related: Top 5 cryptocurrencies worth watching this week: BTC, SOL, AVAX, ALGO, AXS

according to Crypto Fear and Greed Index, The unsustainable optimism in “Uptober” is no longer the sentiment of Bitcoin or altcoins.

After reaching “extreme greed” last week, the index fell along with the price trend of BTC. As of Monday, the index was at 72/100-just indicating “greed”.

This level has formed a cluster at different times in the past three months, reinforcing the feeling of emotional “reset” when Bitcoin is still at $60,000.

Given that the top of the classic cycle corresponds to a Fear and Greed score of 95/100 or higher, this means that further price increases—if slow enough—may last longer.

Crypto Fear and Greed Index as of October 25. Source: TradingView