Optimism is approaching euphoria in the cryptocurrency market after a series of documents pointed to the final approval of the Valkyrie Bitcoin (BTC) exchange-traded application, or ETF, by the US Securities Commission before the end of the month.
Data from Cointelegraph Markets Pro and TradingView show that BTC price action surged in the opening hours of Friday trading and the bulls managed to climb to a high of $ 61,880, the first time BTC has surpassed $ 60,000 since April.
One-day BTC / USDT chart. Source: TradingView
Here’s what traders and analysts are saying about what’s next for Bitcoin now that the price is back more than $ 60,000 and the long-awaited Bitcoin ETF seems to be a reality.
On the verge of a massive eruption
According to the alias of cryptocurrency analyst and Twitter user Rekt Capital, Bitcoin’s move on October 15 is trading one hectare just below a key resistance level, the last obstacle to a breakout into unknown territory.
From this point of view, if BTC manages to post a weekly close above that level, there is the possibility of an “exponential rally” as previously identified resistance areas will not prevent price detection while the bulls try to satisfy the $ 100,000 bet. …
Cryptocurrency markets are maturing, analysts say
Konstantin Shugla, CEO and Co-Founder of Finery Markets, spoke about the long-term journey of the cryptocurrency ecosystem, stating that “cryptocurrency markets are as mature as other traditional asset classes.”
Growth in the sector is starting to attract “a new level of comprehensive institutional implementation that companies can no longer afford to ignore,” Shugla said, and ETF approval is likely to result in increased institutional and retail flows “from previously attracted investors.” Infrastructure / regulatory risk.
This will lead to increased volume and arbitrage opportunities for underlying instruments. I expect all-time highs for prices and volumes to be hit in October and November. ”
Related: Bitcoin Gets Green Light To Open Price With “Hardly Shows” On Exchanges $ 59,000 +
New heights are constantly approaching – “it’s just a matter of time”
A more technical perspective on the recent price movement was provided by cryptocurrency trader and Twitter user Pentoshi, who posted the following chart outlining key areas of support and resistance.
3-day BTC / USD chart. Source: Twitter
According to Pentoshi, Bitcoin has now “dropped to the lowest overall high from the top” and has begun to form lower lows and lower peaks, and now appears to be forming a “new trend with higher highs and higher lows.”
“It’s just a matter of time before record highs are reached with such a structure.”
The total market value of the cryptocurrency is now $ 2.443 trillion, with bitcoin dominance at 46.4%.