Bitcoin (BTC) Price Could See Sideways Trading During September Until Bitcoin ETF Decision
Most of the headlines posted last week were largely focused on the Ethereum with the ongoing sell-off, as a result, very few investors paid attention to the price action taking place with Bitcoin. Bitcoin was able to end the week with an up of 2.5%, plus still having significant stability over the period. It is important to note that the price of Bitcoin has been so stable that it is able to reach the lowest period of volatility for about 16 months.
Bitcoin Has Gained Stability
It might come as a surprise for many that Bitcoin has been able to achieve some stability as other digital currencies have been very volatile, but looking at the upcoming events that will take place will help in shedding some light on the recent actions that have been taking place.
To be specific, on September 30 the SEC had announced its decision on whether to allow or deny listing of the Cboe VanEck/SolidX ETF that was backed by Bitcoin and has been able to loom over the investors in the market through the first half of September.
It might be highly unlikely that SEC will go ahead and list the ETF because of the overreaching volatility taking place in the market, which could still be prone to manipulation, thus, significant investors are just waiting on the move. They are waiting to see if the move to determine the denial of the token has already been backed into the current market price. If this could actually be the situation, then a denial will be able to spur some positive actions in the price as many investors will start moving from the drama surrounding the ETF.
What is very interesting is the fair value of the Bitcoin is supposedly 12 percent higher than where it could be standing today. This is all according to the Fundstrat analysis that took place, as they were able to break down the average cost it would take to mine 1 BTC.
When this has been coupled with the number of bullish headlines that took place in the previous week, then it is important to note that there is plenty for investors to consider before they go ahead and trade in the next few weeks.
With the low volatility been experienced around the Bitcoin, the large market has gone relatively flat in the last seven days.
The AltDex 100 Index, which is the current benchmark index for the different large cap crypto coins, was able to finish the week up to nearly 3%. The gains that were witnessed was primarily driven by the bullish moves made by the major constituents; this is including the XTZ, Tezos. Additionally, we should expect to see the launch of the mainnet on Monday.