SEC Action Could Push Bitcoin To $100,000
Last Updated on 28 September 2021 by CryptoTips.eu
Although Gary Gensler, the new top cop of the U.S. Securities and Exchange Commission, otherwise known as the SEC, has vowed to come down hard on crypto, it is possible that it will in the end be because of an action of his company that Bitcoin finally breaks $100k.
Exchange Traded Fund
In fact, because of the fact that some in Wall Street feel they’re missing out on all things crypto, the SEC is expected to approve a long-awaited Bitcoin exchange-traded fund, also known as an ETF as soon as next month. Market analysts expect that doing so will push the Bitcoin price as high as $100,000.
Bloomberg Intelligence senior commodity strategist Mike McGlone repeated his prediction of earlier this month, saying:
There’s still a high probability that the U.S. is just going to follow Canada, maybe with a futures-based bitcoin ETF.
There are now over 30 bitcoin ETF applications, and the fact that money is migrating from the U.S.—from Cathie Wood and Ark—towards Canada, the pressure is quite strong and high for the U.S. regulators to say: ‘All right, we’re kind of missing out here and we need to do that.’
Are we stuck?
On the other hand, you have Dutch analyst Michael Van de Poppe, who claimed in his new YouTube analysis that:
Right now, we’re stuck.
If $42,000 is lost, I think we’re going to have into the lows here and take the liquidity beneath the low before we’re going to have an actual reversal at this stage.
In a few weeks from now, we’ll see who’s right.
Mehaniq / Depositphotos.com
