Crypto Price Predictors Say Bitcoin (BTC) Price to See $7,200 Depending on SEC Decisions
A quick look at Bitcoin’s performance after the expiration of last month’s CME Bitcoin Futures contracts, one can say that the premier asset is poised to easily move past the $6,600 threshold in the coming few days.
What Do BTC Futures Have To Do With All This?
Conventionally, whenever BTC futures contracts offered by the CME or CBOE expire, the market at large witnesses a decline in the value of the top altcoins available for purchase. With that being said, it is interesting to note that last month, Bitcoin was able to stay above the $6,400 mark in the midst of various Futures contracts expiring (on the 26th of October).
Global Crypto Community Awaits The SEC’s Decision Regarding 9 ETFs
Even though the price of Bitcoin has remained relatively stable over the course of the past few months, many experts have noted that Bitcoin still has one more obstacle to overcome. This hurdle comes in the form of a pending announcement from the SEC which will see the government body either accept or reject 9 Bitcoin ETF proposals that are currently in the process of being reviewed. The decision has been due ever since the 5th of this month.
Another point worth bearing in mind is that the current economic climate across the United States is quite fiery. With the midterms going on as we speak, it would be ideal if the SEC's decision is released once the election results are done with— so as to avoid any major administrative issues.
Is The $7,200 BTC Price Point Unrealistic?
One may be tempted to think that the $7,200 price point is just another random number, however, this figure has been devised after doing a technical analysis of BTC’s price just prior to fake news regarding Goldman Sachs shelving its plans of opening a crypto trading desk started circulating on the internet.
The false story first appeared some time during early September— a period when BTC was sitting comfortably above the $7,300 mark.
Closing out this article, it is important to observe that the SEC’s upcoming decision could really help spur the price of BTC in an upward direction. However, an accurate reaction of the crypto sector towards such news can never be quantified and thus we will have to wait and see what the future has in store for the crypto domain at large.