Another ETF Application Flash with Bitcoin (BTC) Milestone, Next $8,500?
Bitcoin (BTC) surge, blast above $6,000
The US SEC considering another ETF application
It’s a new milestone for Bitcoin. After Q4 2018 steep losses, Bitcoin (BTC) is trading above $6,000 for the first time in more than five months. Even so, we expect more upsides, and with the US SEC considering another ETF application, prices could soar to $7,500 as sentiment shift, boosting prices.
Bitcoin Price Analysis
The market is vibrant, and Bitcoin is a standout. After overcoming this week’s FUD thanks to an unexpected Binance heist, market participants are ecstatic. Not only did most analysts project Bitcoin to consolidate below the “mother of all resistances” at $6,000 but most did associate the hack as a sell trigger. True to their words, Bitcoin prices did slide a few hours after Changpeng Zhao announcement.
However, the moment of panic didn’t last long as buyers flew back; supporting prices and the consequent European and NY session saw Bitcoin recouping losses in a trend continuation phase. Now, thanks to positive technical and fundamental factors, it is likely that prices will continue expanding in days ahead.
That is partly because of improving sentiment thanks to bulls blasting above $6,000 and also the US SEC considering a new ETF application from Crescent Crypto Index Services, a subsidiary of Crescent Crypto Asset Management. Crescent, in their application, says the index ETF will include a portfolio of Bitcoin (BTC) and Ethereum (ETH) trading under the XBET ticker symbol in the New York Stock Exchange.
“XBET is an exchange-traded fund. This means that most investors who decide to buy or sell shares of XBET place their trade orders through their brokers and may incur customary brokerage commissions and charges.”
At spot rates, Bitcoin (BTC) is up 5.1 percent and 15.8 percent in the last day and week, exchanging hands at around $6,380 in most exchanges except BitFinex. After the USDT—iFinex and NY OAG imbroglio, the premium increased but it has since tapered as opportunities for arbitrage shrink.
Nonetheless, what is noteworthy is the new milestone. By trading above $6,000, our BTC/USD trade conditions are valid. As a result, every low is technically a buying opportunity with traders aiming not only at $8,500 but at $11,500. Because of today’s breach, the bear breakout pattern of Nov 2018 is null.
Besides, bars are banding along the upper BB meaning the underlying momentum is high and could propel prices to $7,500 and later $8,500.
Although participation is low meaning there is a divergence, average volumes are up from 9k of Apr-2 to around 11k as of yesterday’s close. At this rate, we expect participation to increase as prices rally to new highs.
Chart courtesy of Trading View
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