24 October 2021
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Bitcoin

Will Bitcoin Price Fall Into ‘Buy the Rumor Sell the News’ Trap Similar To Cardano?

Bitcoiners are all geared up, for the much-awaited leg-up this quarter. The star crypto has been giving out, satisfactory gains for holders and traders in the space. Adding up over $10,000 in a fortnight. However, the coin is facing a pullback lately. The coin at press time is valuing at $55,566.55 with a dip of 3.5% in the last 24-hours.

The Analyst Expects BTC to Rhyme Its Past Movements

Crypto analyst, is looking for a pullback towards $50,000, before heading towards its target of $100k. The next resistance for BTC is at $60,000, which is not too far off from its previous ATH. He also believes, BTC might rhyme its footsteps from 2017. 

The run of 2017, was a remarkable one, where the digital coin went from $7k to $5k. Later, the star crypto rose ~225% following the buzz revolving around the launch of Bitcoin CME futures. However, the event turned out to buy the rumor sell the news, with the launch. The analyst expects a similar trend, with the launch of ETF. 

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Bitcoin Futures ETF, Might Delay Towards 2022?

Todd Rosenbluth, the senior director of ETF and mutual fund research, at the research firm CFRA. Speaking on CNBC’s ETF Edge affirms that, while a bitcoin futures product is the first crypto ETF to gain approval. It will likely be delayed until 2022, owing to the prevailing regulatory uncertainty.

The regulators could be possibly waiting for all of these products to meet compliance. So that they can be approved at the same time to avoid a possible “first-mover advantage”. Consecutively, there are over a dozen asset-based exchange-traded products, waiting for approval from SEC. With Block-Fi being the latest entrant to the list.

Jan van Eck, CEO of Van Associates mentions the key concern for the SEC. Is the disparity between the actual price of BTC, and the price of the futures contract. This is in addition to the potential of funds getting large.  

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Earlier this month, the SEC had extended the deadline of four BTC ETF’s. Which were The Global X Bitcoin trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF. The delay ranged from 45-60 days, which CoinPedia had earlier reported.

Summing up, enthusiasts in the space are eagerly looking forward to the Bitcoin futures ETF going live. As these hold huge potential, to bring a bullish momentum to the coin. While spot ETF would be icing on the cake, the futures ETF still holds enormous potential. However, another crypto trader expects, the cash to flow towards altcoins, if the futures ETF don’t go live in October. Which could possibly, give rise to the alt season. Hopefully, the future ETF goes live as per expectations.

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