Crypto Analyst Predicts BTC ETF Approval to Send Bitcoin Price North of $20,000
Things have not been rosy for the crypto world since the considerable Bull Run since at the end of 2017. Despite a majority of the crypto being in the red lately, Bitcoin (BTC) is witnessing underlying positive trading with non-volatile history recorded over the past two months. That may not be significant, but could it be a sign of maturity and the next catalyst for a bull run?
Experts think the catalyst might be expected sooner rather than later with the news of a possible BTC ETF review on the horizon.
Back in August the United States Securities and Exchange Commission (SEC) reviewed and rejected nine BTC ETFs through voting. Soon after the SEC Commission decided to retract back their decision and announced a possible review of the aforementioned pending ETF applications with the ruling comments to be available on November 5th.
While the parties to the applications await the possible approval, there are talks of a potential bull run that could replicate the kind we saw last year. Blockchain investor, influencer and advisor, Oliver Isaacs explores the possibility of further adoption alongside the value increasing by saying,
” The approval of a BTC ETF will open floodgates for new investors to pour billions of dollars into cryptocurrencies with the same ease in which they invest in stocks and other mainstream asset classes.”
However, the situation is a bit of a catch-22 despite the Bitcoin ETC being deemed a sign of maturity in the decade-old market. There is still plenty of trust building necessary as investor see cryptocurrency as a risky asset class. Cryptocurrency analyst Garret Keirns goes on to quote the latest low Bitcoin Google Trends to show just how much interest the crypto is losing among people. He goes on to state:
“People are afraid to lose money, particularly the Coinbase local crowd who bought cryptos in at $10k+. Also, to the slumping cryptocurrency market, folks are starting to see their 401k and equity portfolios losing steam.”
The Waiting Game
Despite the fear of losing investment with a short exponential bull run, there are groups still exploring to flock the market in droves if the Bitcoin ETFs get approved. There is a feeling, especially among institutional investors, to explore digital assets right now. True to this statement, DeVere Group CEO and Founder Nigel Green adds,”…..there is a feeling that they (retail investors) now need to explore the digital currencies and fast enough, or their rivals could get way out ahead, and they might be able to catch up.”
Unfortunately, the SEC is notorious for suppressing BTC ETF applications, but hopefully, these proposals will receive a different outcome. A particular reason they (US SEC) dwell on is the lack of data and markets. Still, there are certain expectations with investors comparing the BTC ETFs to the milestone Gold ETF that was present back in 2003. If BTC could replicate the 300% increase in the price of gold that we saw, then BTC could reach around $22,500.