Bitcoin is flashing bullish signs. In light of the September 30 SEC decision on the VanEck/ SolidX Bitcoin-ETF, a growing number of experts forecast that November will mark a final turnaround in cryptocurrency prices.
Bitcoin price has literally been all over the place, and the last two months have seen it pinned between $6,000 to $8,000. Often times, speculation drives investor decisions and market sentiments in the world of cryptocurrency. It’s safe to say that right now a large number of investors have their fingers crossed in hopes of the U.S. Security and Exchange Commission (SEC) approving a Bitcoin Exchange Traded Fund (ETF) sooner than later.
While the SEC has recently been on an ETF denial streak, a growing number of cryptocurrency zealots remain unfazed as the New York Stock Exchange’s parent company, Intercontinental Exchange (ICE) has announced plans to unveil a cryptocurrency platform called Bakkt in the near future. Bakkt eventually plans to launch a digital asset based ETF which will provide a platform for institutional investors to engage with regulated cryptocurrency instruments.
For these reasons, those in ‘the know’ like Hermann Finnbjörnsson of Svandis cryptocurrency advisory firm believe Bitcoin price will skyrocket and hit $10,000 by the first week of November. Finnbjörnsson personally believes that there are more than a handful of reasons to be bullish on bitcoin, saying, “There’s less than a 1% chance in my mind that bitcoin won’t succeed.”
Will an ETF Kickoff a Bull Market?
Adding the pool of hopeful investors, Alphabit fund partner, Michael Terpin believes that the future success of cryptocurrency is inevitable as the “Technology will adapt cryptocurrency to something that you can go and buy on your phone”
Perma-bull crypto pundits like Fundstrat Head of Research, and Tom Lee, have put forth many hopes that the incoming wave of institutional investment will boost bitcoin price to nearly $20,000 before the end of 2018. Still, they could be jumping the gun as the SEC first must approve Bakkt. In the meantime, the SEC is reconsidering the most recent string of BTC-ETF rejections — and a final decision on the VanEck SolidX is fast approaching.
A Reasonable Doubt
As one would expect, not everyone from the circles of influence unquestionably supports a BTC-ETF, and the arrival of Wall Street investors. Recently, Andreas Antonopoulos prophesied that a BTC-ETF will bring more harm than good to bitcoin and other cryptocurrencies. In a rather lengthy YouTube documentary, Antonopoulos warned that “I think it is a terrible idea… I’m actually against ETFs. I think a Bitcoin ETF is going to be damaging to the ecosystem.”
Do you think a Bitcoin ETF approval will trigger a bull market for cryptocurrencies? Share your thoughts in the comments below!
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