Bitcoin and Ethereum prepare for a massive October surprise after the crypto market price suddenly surged. After a disastrous September, bitcoin and cryptocurrency prices have soared in October.
The bitcoin price has reached $50,000 per bitcoin for the first time since early September. Marking the highest level since then. After plunging as low as $2,600 per ether last month. The price of ethereum is now approaching $3,500 per ether.
Bitcoin, ethereum, and cryptocurrency bulls are now predicting. That a long-awaited bitcoin exchange-traded fund may be launched in the United States (ETF). Several ETF applications are expected to be accepted in October. And decisions on those applications will be announced shortly after.
“Following the statements made by [US Securities and Exchange Commission chairman Gary] Gensler on August 3rd. As of right moment, it appears that a futures-based exchange-traded fund (ETF) will be approved. As a result, the ETF response bonanza in October may prove to be an interesting time. To keep an eye on “Vetle Lunde, an analyst at Arcane Research, authored a piece this week. The Securities and Exchange Commission (SEC) is expected to respond to five ETF applications in October. There are a few more due in November and December, as well.
In early August, Gensler claimed that a bitcoin futures exchange-traded fund (ETF) was in the works. A mutual fund that adheres to the SEC’s stringent mutual fund rules may be eligible for approval. Since 2013, the Securities and Exchange Commission (SEC) has rejected many proposals. To launch a bitcoin exchange-traded fund (ETF). Invoking the possibility of market manipulation.
The bitcoin market could be heating up shortly
“The bitcoin market could become more volatile in the near future. As a result of the anticipations building up to the ETF verdicts,” said Lunde. Who also predicted bitcoin and crypto traders “may attempt to front-run in the event of approvals.”
Furthermore, Fundstrat, an independent research boutique, has stated that Gensler appears to be open. To the idea of a bitcoin futures exchange-traded fund (ETF), and that such a fund. It may get more interest than the current poor interest in bitcoin mutual funds.
In their report, Fundstrat analysts write that “the larger point here is that it probably doesn’t matter. On how much capital flows into these futures-based ETFs as long as the spot market for bitcoin gets. A boost from improved sentiment.” Bitcoin, ethereum, and crypto “bears” begin to hibernate in the fall, they add.
In the note, it stated that “any near-term selling is a chance to buy because we foresee a risk-on environment. Until the end of the year.”
Tom Lee, the head of research at Fundstrat. Has previously predicted that the bitcoin price will soon reach $100,000, a level that has been mentioned. By a number of other bitcoin and cryptocurrency market observers.
“We remain steadfast in our belief that any near-term selling represents an opportunity. To increase one’s position. As we continue to anticipate a risk-on environment through the end of the year. Which will result in a run at all-time highs for both bitcoin and ethereum,” according to Fundstrat’s report.