ETF catalyzes Bitcoin bull market, will it reach 31,000 in October?
The U.S. Securities and Exchange Commission (SEC) officially recognized the Bitcoin spot ETF application of Franklin Temleton, an American asset management company with $1.5 trillion in assets under management, causing Bitcoin to surge by more than 3% this morning.
Franklin Temleton only submitted the application, and the SEC only received the application. It is unknown whether it will be approved and when it will be approved.
On August 29 this year, there was an ETF application incident that caused the price of Bitcoin to rise by more than 6% in one day. Later, due to the SEC's "negative response", the price of Bitcoin quickly fell back to its original shape.
Compared with the ETF incident on August 29, this morning’s increase is considered very shy or cautious, only more than three points. If the ETF is passed, it will be an extremely important event in the cryptocurrency market, because it marks the recognition of Bitcoin by the global capital market, and a massive amount of funds that are not at the same level as now will enter the Bitcoin market in various ways. and the entire cryptocurrency market.
Today, the price of Bitcoin does not rule out falling back to 27800 or even 27500 for a rest, and then it will mainly depend on the stimulation of the news.
Tonight, Monday, if the SEC does not respond negatively or does not respond at all before the evening, Bitcoin will probably rise again after the European and American markets open. The pressure level ahead is already at 28800.
However, if the SEC makes negative or negative statements about this ETF during the day, Bitcoin will most likely fall back to the 27,000 area.
In the long run, the adoption of ETF is almost a certainty, because the U.S. financial system is very complete, and it is logical for the U.S. government to extend its regulatory hands into all aspects of the financial market, including the cryptocurrency market.
Contract investors must set stop losses and pay attention to market news to prevent negative emotions from causing a rapid decline. While I think this is less likely, short-term contracts have become extremely risky as the price of Bitcoin has been bouncing up and down lately.
Spot holders do not need to pay too much attention to the jumps in the middle, and wait patiently for the ETF to pass and the halving to be completed next year.
Technically, Bitcoin's daily line has gone out of the original shock structure, and multiple dojis on the weekly BOLL and lower tracks have established a solid base. I am optimistic about 31,000 in the medium term and 43,000 in the long term.
