After a treasure trove of documents that pointed to the approval of Valkyrie’s Bitcoin (BTC), exchange-traded fund application by the United States Securities Exchange Commission, optimism is bordering on euphoria within the cryptocurrency market. This was before the end the month.
Cointelegraph Markets Pro and TradingView data show that BTC price action spiked on Friday morning, with bulls able to rally to an intraday peak at $61,880. This marks the first time BTC has exceeded $60,000 since April.
BTC/USDT 1-day chart. Source: TradingView
Below are the opinions of traders and analysts about what will happen to Bitcoin once its price has returned above $60,000, and that the long-awaited Bitcoin ETF is finally a reality.
The edge of a major breakout
Rekt Capital, a pseudonymous cryptocurrency analyst who is also a Twitter user, said that Bitcoin’s Oct. 15 move was just below a major resistance level which is the last obstacle to it exploding into unknown territory.
#BTC is hovering just below the price level it needs to Weekly Candle Close above to enable further exponential upside$BTC #Crypto #Bitcoin pic.twitter.com/eGfO8uWulz
— Rekt Capital (@rektcapital) October 15, 2021
This perspective suggests that if BTC is able to achieve a weekly close above the level, there will be “exponential upside potential” as price discovery won’t be hindered by resistance zones. Bulls will try to meet calls for a $100,000 BTC market price.
According to naysts, crypto markets are maturing
Konstantin Shugla (CEO and cofounder of Finery Markets) provided insight into the long-term trajectory for the cryptocurrency ecosystem. He stated that “rypto market are following the same maturity path as traditional asset classes.”
According to Shugla, the growth in the sector is beginning to attract “a new level of mass institutional adoption that no firm can ignore anymore,” and the approval of an ETF will likely result in more institutional and retail inflows “from investors that were previously concerned with infrastructure/regulation risks.”
“This will increase volume and arbitrage opportunities in underlying instruments. Both historical pricing records and volumes records can be set in October and November, I believe.”
Related: Bitcoin is given the green light to price discovery on exchanges exceeding $59K
It is “just a matter” that new all-time highs will be achieved.
The following chart, which shows major support and resistance areas, was posted by Pentoshi, a crypto trader and pseudonymous Twitter User.
BTC/USD 3-day chart. Source: Twitter
According to Pentoshi Bitcoin has “taken out” the macro lower high it reached when it topped and is now forming lower lows and higher highs. It now appears to be forming “a new trend in higher highs or lower lows.”
“It’s only going to be a matter of time until all-time highs are achieved with this structure.”
The total cryptocurrency market capitalization is now at $2.443 trillion. Bitcoin’s dominance rate of 46.4%.
You should research all aspects of trading and investment before making any decisions.