Traders Awaiting Bitcoin ETF Launch. How It Will Affect the BTC Rate?
Some analysts are confident that the upcoming launch of the BTC ETF will inevitably affect the rapid growth of Bitcoin over $100,000. However, some are skeptical about such a scenario, and the current rise in the rate is explained by the natural movement of the BTC price.
Data from TradingView shows that on the morning of October 19, the bears tried to push Bitcoin below $60,000, but the bulls defended the mark. At the time of writing, traders are tug-of-war in the $61,000 to $62,000 zone.
One of the traders under the nickname “Cry me a $ COIN” is skeptical about the possible impact of ETF futures on the BTC rate. He is confident that the recent change in the price of Bitcoin is just part of the normal price cycle.
According to the price trajectory chart he showed, it is likely that over the next few months Bitcoin will first hit $68,000 and then dip lower and set a higher low near $46,000.
“Ryan Cantering Clark” has a similar opinion. He said that before ETF approval, talks had fuelled the market. And now that this goal has been achieved, a deeper pullback is possible in the short term.
ExoAlpha managing partner and chief investment officer David Lifchitz suggested a slight pullback is possible, especially after skyrocketing from $40,000 by 50% in just two weeks.
Moreover, Lifchitz cautioned that Bitcoin ETFs based on CME futures to track the price of BTC will lag behind the spot price of Bitcoin due to the continuing costs of scrolling the futures.
In his opinion, professional traders will continue to trade CME Bitcoin futures or on exchanges, as the “grandfathers of the market” are well-equipped to trade and store Bitcoins directly.
A Twitter user under the pseudonym “Nunya Bizniz” suggested another possible scenario for changing the price of Bitcoin. In his opinion, the BTC rate may move along the so-called “cup with handle” trajectory.
The analyst presented a chart of the first cryptocurrency rate movement and suggested that the BTC price could first fall to support at $53,000, and then resume its upward trend.
The trader believes that after a pullback to the level of basic support, Bitcoin could rise to $98,000.
At the time of this writing, the total cryptocurrency market capitalization is $2.463 trillion, and Bitcoin’s dominance rate is 47.3%.