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.

Catch-22 situation

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.”

What Next?

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,269FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Alibaba Founder Jack Ma: Digital Currencies are the Future of Financial System

Alibaba Group founder Jack Ma talked about digital currencies, potentially playing an important role in building the financial system of the future. Ma at...

Kanye West and Kevin Hart Gives Bitcoin (BTC) a Shout Out

Over the weekend, Bitcoin got a shout out from two celebrities. The first one came from Kanye West, who appeared on Joe Rogan’s popular podcast...

Ethereum 2.0 Deposit Contract Almost Ready, Awaiting NCC Group Audit Approval

The Deposit Contract of Ethereum 2.0 is almost ready, according to Danny Ryan, a researcher from the Ethereum Foundation. He revealed this development when...

DeFi Harvest Finance Total Value Locked Halves & FARM Tanks Following ‘Economic Attack'

Another day, another DeFi exploit. It was last week that the less than two-month-old Harvest Finance saw its total value locked (TVL) surge to $1.175...

Crypto Market Sentiments Do A 180; From Fear to ‘Borderline Euphoric' Following Bitcoin Rally

Since surging last week to hit $13,000, Bitcoin has been keeping around this level. More importantly, over the weekend, Bitcoin made its first close above...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today