Bitcoin (BTC) is launching a new week with the goal of holding $60,000 of support – although there are no new records.
After the classic Sunday crash, the bulls regained control and managed to keep BTC/USD below $60,000.
However, since neither the April nor the October highs have been retested yet, investors are eager to see where Bitcoin could go.
Expectations are still very high – up to $300,000 in the coming months, and even sustained bullish gains could very well occur in 2022.
Cointelegraph looks at five factors to consider when charting BTC price action over the coming days.
Uncompromising spot currency rates
Great picture in global markets as US stock futures remain intact ahead of the open.
Inflation continues to fall, and even the Federal Reserve admits it could stay higher for a while longer. A separate line regarding the taxation of unrealized profits is also causing fierce debate among cryptocurrencies.
However, commodity upsides aside, the picture is much cooler when it comes to Bitcoin price catalysts, as the lack of relevance to macroeconomic movements has long characterized BTC/USD.
Ahead of the launch of the third Bitcoin Trading Fund (ETF) on Monday, more attention will be paid to gold and traditional ETFs, as well as the threat that Bitcoin poses to them.
“If CME’s interest in jumping from several places to first in the world for a few days this week isn’t a measure of massive institutional interest, I don’t know what is,” said Charles Edwards, chief investment officer at Capriol. week. …
– This is a change of guard.
Bitcoin futures rate chart. Source: Charles Edwards / Twitter
Edwards previously stated that futures-based ETFs will provide a “relentless instant supply” of bitcoin, allaying concerns about the overall strength of the instrument.
Looking at the futures volumes, you can see that there was a significant purchase of $60,000 per test, added Ki Young-joo, CEO of chain analytics firm CryptoQuant.
Follows the 2017 Beef Race
Overall, a weak Sunday turned into a bullish Monday this week as Bitcoin surged above $62,000.
Last week saw a 10% drop from the new record of $67,100, and the April high of $64,900 offered little support.
However, when the bearish talk began to emerge, Bitcoin was in no mood to leave its new trading territory – even though the analysis argued that even $50,000 would still represent a strong price move.
The weekly close failed to challenge the big buyer’s wall of just under $60,000, providing more relief.
“So far so good,” Cointelegraph contributor Michael van de Poppe summed up in his latest update Monday morning.
“Bitcoin is approaching $90,000.”
The timeline for such a target has been expanded this month – for Van de Poppe, that should happen later in the first quarter of next year, as opposed to six-figure estimates with much lower timeframes.
October is expected to end at around $63,000, leaving uncharted territory for the final two months of 2021.
According to popular analyst TechDev, Bitcoin is still losing ground in the price action of 2017, with near-scary accuracy. It will also signal much higher price levels for the rest of the year – in line with the December 2017 emissions peak.
The VanEck ETF is set to launch on Monday.
Another week is another reason for the positivity on institutional investing as Bitcoin sees another Exchange Traded Fund (ETF) launched.
Monday is a trip to VanEck, an almost household name in crypto circles, thanks to years of efforts to bring a Bitcoin ETF product to market.
Like last week’s proposal, VanEck’s Bitcoin Strategic ETF (XBTF) will have underlying Bitcoin futures contracts, increasing competition ahead of an initial regulatory decision on physical ETFs next month.
XBTF will have a 0.65% management fee and will start trading as the third Bitcoin futures ETF in the US market.
VanEck also plans to launch a physical ETF along with the Securities and Exchange Commission (SEC), which will decide the fate on November 14.
Despite conflicting opinions about the general use of futures ETFs, the debut of ProShares’ flagship in the US last week saw nearly unique records, Cointelegraph reports.
The other, from Valkyrie, was more conservative.
“We can see that Bitcoin is on the right track to trade like gold,” commented the bullish chief strategist.