Optimism borders on euphoria in the cryptocurrency market after the appearance of a series of documents pointing to the eventual approval of Valkyrie’s Bitcoin (BTC) ETF application by the US Securities and Exchange Commission before the end of the month.
Data from Cointelegraph Markets Pro and TradingView show that BTC price action spiked in the early hours of trading on Friday, with the bulls managing to climb to an intraday high of $ 61,880, marking the first time that BTC has surpassed $ 60,000 since mid-April.
Here’s what traders and analysts are saying about what the future holds for Bitcoin now that its price is back above $ 60,000 and the long-awaited BTC ETF looks set to come true.
On the precipice of a massive breakup
According to the cryptocurrency analyst and pseudonymous Twitter user, Rekt Capital, Friday’s move has Bitcoin trading just below a major resistance level that is the last barrier standing in its way of entering uncharted 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
From this perspective, If BTC can achieve a weekly close above this level, there is potential for an “exponential rise” as price discovery will not be hampered by previously established resistance zones, while the bulls will try to meet the predictions of a price of $ 100,000.
Analysts Say Cryptocurrency Markets Are Maturing
Konstantin Shulga, CEO and co-founder of Finery Markets, provided insight into the long-term trajectory of the cryptocurrency ecosystem and He noted that “cryptocurrency markets are following the same maturation path as other traditional asset classes.”
According to Shulga, the growth of the sector is beginning to attract “a new level of mass institutional adoption that no company can ignore anymore”, and the approval of an ETF will likely lead to more institutional and retail entries “From investors who were previously concerned about infrastructure / regulatory risks.”
Shulga added:
“That will lead to more volume and arbitrage opportunities for the underlying instruments. I hope that both all-time highs in terms of prices and volumes can be reached in October and November.”
The new all-time highs will arrive “in a matter of time”
The cryptocurrency trader and pseudonymous Twitter user, Pentoshi, offered a more technical perspective on recent price action, by to post the following chart which describes the main support and resistance areas.
According to Pentoshi, Bitcoin has “reached the macro low higher than when it peaked” and has started to form lower highs and lows, and now it seems to form “a new trend of higher highs and lows.”
Pentoshi said:
“It is only a matter of time before all-time highs are reached with this structure.”
The total cryptocurrency market capitalization currently stands at $ 2.443 trillion and Bitcoin’s dominance index is 46.4%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves risks, you must do your own research when making a decision.
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