Optimism is bordering euphoria within the cryptocurrency market after a trove of paperwork pointed towards the eventual approval of Valkyrie’s Bitcoin (BTC) exchange-traded fund, or ETF, software by the United States Securities Exchange Commission earlier than the tip of the month.
Data from Cointelegraph Markets Pro and TradingView reveals that worth motion for BTC spiked within the early buying and selling hours on Friday, with bulls managing to rally to an intraday excessive at $61,880, marking the primary time BTC has surpassed $60,000 since April.
Here’s what merchants and analysts are saying about what comes subsequent for Bitcoin now that its worth is again above $60,000 and the long-awaited Bitcoin ETF looks able to develop into a actuality.
On the precipice of a large breakout
According to pseudonymous cryptocurrency analyst and Twitter person Rekt Capital, Bitcoin’s transfer on Oct. 15 ha it buying and selling slightly below a main resistance stage that’s the final barrier standing in its manner from exploding into uncharted territory.
— Rekt Capital (@rektcapital) October 15, 2021
From this angle, if BTC can handle to put up a weekly shut above this stage, there’s “exponential upside” potential as worth discovery won’t be hampered by beforehand established resistance zones whereas bulls will try to meet the requires a $100,000 BTC worth.
Analysts say crypto markets are maturing
Insight into the long-term trajectory of the cryptocurrency ecosystem was supplied by Konstantin Shugla, CEO and co-founder of Finery Markets, who indicated that “rypto markets are going the same maturity route as other traditional asset classes.”
According to Shugla, the expansion within the sector is starting to draw “a new level of mass institutional adoption that no firm can ignore anymore,” and the approval of an ETF will probably lead to extra institutional and retail inflows “from investors that were previously concerned with infrastructure/regulation risks.”
“That will cause more volume and arbitrage opportunities for underlying instruments. I expect both historic records in terms of pricing and volumes can be hit in October and November.”
Related: Bitcoin will get inexperienced gentle for worth discovery with ‘almost no supply’ on exchanges above $59K
New all-time highs are coming in “just a matter of time”
A extra technically grounded perspective of the current worth motion was supplied by crypto dealer and pseudonymous Twitter person Pentoshi, who posted the next chart outlining main help and resistance zones.
According to Pentoshi, Bitcoin has now “taken out the macro lower high from when it topped” and started to form lower lows and lower highs, and now looks to form “a new trend of higher highs and higher lows.”
“It’s solely a matter of time earlier than all-time highs with this construction.”
The total cryptocurrency market capitalization now stands at $2.443 trillion, and Bitcoin’s dominance price is 46.4%.
The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph. Every funding and buying and selling transfer includes danger, and you must conduct your individual analysis when making a choice.