The price of bitcoin soared past the $55K handle on Wednesday for the first time in four months giving proponents hope the crypto bull run has been re-ignited. Speculators predict that a bitcoin exchange-traded fund (ETF) will be approved soon, and some believe that bitcoin will outperform other crypto assets this month.
ETF Analyst Eric Balchunas Discusses Bitcoin Exchange Traded Fund Approval Odds
While 13 digital currencies outperformed bitcoin (BTC) in the past week, BTC has been one of the top performers with 34.2% over the past seven days. On Wednesday, statistics indicate that BTC gained more than 7% in value and tapped a daily high of $55,800.
One of the reasons for the bitcoin price spike is the rumor that an exchange-traded fund (ETF) could get the green light from the United States Securities and Exchange Commission (SEC). Bloomberg ETF analyst Eric Balchunas discussed his opinion of the possibility on October 2 and shared a screenshot of the odds. Balchunas also mentioned SEC Chairman Gary Gensler, calling him “Genz,” and how he likes the futures version of bitcoin ETFs.
“Yes, the SEC has kicked can on bitcoin ETF approval,” Balchunas tweeted. “BUT that is for the physically-backed ones under ’33 Act. The Law 40 term ETFs (which Genz loves) are alive and well and probably on schedule (we believe 75% of chances were approved in October).
The ETF analyst Balchunas’ odds are pictured below.
Titan Crypto adds more leverage behind Bitcoin
In addition to the ETF analyst’s chances, the mobile hedge fund and investment firm backed by a16z, Kevin Durant, Ashton Kutcher and Will Smith, Titan, revealed that the actively managed crypto fund for Titan clients will change positions. in the space. give more weight to bitcoin.
“We’ve slimmed our other positions to put our weight behind bitcoin. We believe it’s bitcoin’s time to shine,” Titan said on Wednesday evening (EST). “After a very eventful end of September in the crypto markets, October started off with significant gains. Some were surprised that bitcoin held $40K through September, despite an onslaught of bad news.” Titan added:
But – as noted in our previous updates – the on-chain data continued to show broader, bullish accumulation trends by institutional investors and whales, who seemed utterly unfazed despite increased volatility. We’ve now seen bitcoin spike as high as ~$55K this week, but we see more room to run.
Titan gives four specific reasons why Titan researchers believe the value of bitcoin “will rise exponentially in October, while other crypto assets may peak.” The reasons for Titan include:
- “We believe bitcoin ETFs are coming: Approval of U.S.-based bitcoin futures ETFs could come as soon as this month, with promising comments from SEC Chair Gary Gensler.”
- “Bitcoin is catching up: We have seen altcoins hit new all-time highs over the past month, while bitcoin has consolidated between $ 40,000 and $ 50,000. We believe Bitcoin is on the market. point of catching up with the peloton.
- “Taking a pause from altcoin season: The Altcoin Season Index shows that altcoin season may have already reached a local peak, with the market returning to bitcoin season in the short term.”
- “Institutional Flows Reversal: After suffering its longest streak of institutional exits, bitcoin has started registering strong inflows over the past two weeks. We believe this decisive sentiment reversal is due to the growing confidence of institutional investors in the asset class. Once an institution purchases bitcoin, you can generally expect them to HODL. “
Crypto Derivatives Exchange CEO: ‘Money to Rotate Into Bitcoin From Alts Going Forward’
The crypto derivatives exchange Delta Exchange and its CEO Pankaj Balani share a similar view that BTC is expected to outperform other crypto assets. “Bitcoin rose after its seasonal correction in September,” Balani said in a note sent to Bitcoin.com News. “The price action looks very bullish given that there is strength in bitcoin despite weakness in the global macro. Bitcoin has also digested all the negative news that has come out of China over the past few weeks, this which is a very positive sign. ”Balani added:
There has been fresh spot buying activity in bitcoin and looking at the price action we expect to see a fresh ATH in the coming weeks. We also expect bitcoin to outperform altcoins and that money will turn into bitcoin from altcoins in the future.
