Bitcoin Price Prediction
The price of bitcoin has climbed by 35% in the last two weeks as investors gain confidence in the Securities and Exchange Commission’s intentions for the many bitcoin ETF applications currently under consideration. However, market expectations for a Bitcoin ETF to be postponed until 2022 are driving the BTC/USD lower.
Bitcoin, the most popular cryptocurrency, plummeted to a new low of 53,909 on Tuesday. Fundamentals are driving the negative attitude, and this time it’s Todd Rosenbluth of CFRA Research.
Crypto-asset traders may have to wait longer for a Bitcoin futures exchange-traded vehicle, as per Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA.
While a Bitcoin futures product is anticipated to be the first crypto ETF to receive regulatory approval, Rosenbluth cautioned on CNBC’s “ETF Edge” on October 12 that the current confused regulatory situation could cause more delays.
Well over 20 crypto asset-based exchange-traded vehicles have been denied approval by the Securities and Exchange Commission. Instead than kicking the can down the road on numerous occasions, the products that have been submitted.
The launch of a Bitcoin ETF is likely to be postponed until 2022.
To prevent a “first-mover advantage,” the experts hypothesised that authorities may be waiting for all of these items to meet their objectives before authorising them all at the same time in order to avoid a “first-mover advantage.”
“It’s feasible — in fact, we believe it’s likely — that a Bitcoin futures ETF will be delayed until 2022, until the regulatory landscape is clearer.”
Jan van Eck, CEO of Van Eck Associates, has a position on exchange-traded funds (ETFs).
The SEC is most worried about price differences among BTC and futures, the potential for funds to blossom too large, and testing the limits on how many contracts they can possess, as per Van Eck Associates CEO Jan van Eck. The SEC is also concerned about the risk of cross-border investment, as per Van Eck Associates CEO Jan van Eck.
BTC/USD Intraday Technical Levels
Pivot Point: 55594.7
BTC/USD – Technical Outlook
At the 56355 level, the prominent cryptocurrency BTC/USD is trading with a bullish trend. The pivot point mark of 55,868 was recently crossed above. Bitcoin has the ability to reach 57,827 on the upside.
Bitcoin has risen above 50 exponential moving averages on the two-hourly timescales, sustaining the BTC/USD at 55,868. A bearish breakdown below the 55,868 level might lead to selling all the way down to the 54,035 support level. Because the RSI supports an upward trend, the prospects of a bullish trend over the 55,868 mark remain high.
As we can see, the RSI and Stochastic are above 50; Bitcoin is trading in a buy zone. However, the formation of recent Doji and Shooting star candles below 57,233 demonstrates weakness in a bullish trend. Thus, the BTC/USD’s bearish bias dominates below 55,600 resistance and vice versa. All the best!