Major cryptocurrencies experienced a significant surge on Wednesday evening amid anticipation surrounding the upcoming decision by the Securities and Exchange Commission (SEC). Starting tomorrow, a limited time frame will emerge, within which the approval of 12 pending Bitcoin ETF applications could potentially take place.
What Happened: The BlackRock iShares Spot Bitcoin ETF and the conversion of the Grayscale Bitcoin Trust could potentially receive approval, as suggested by Bloomberg analysts James Seyffart and Eric Balchunas.
Their reasoning stems from the fact that when the SEC granted an extension for pending ETF applications, it designated Wednesday, Nov. 8 as the cutoff date for rebuttal comments. It is also possible that the SEC might approve multiple funds before Nov. 17, but mandate that all of them commence trading on the same day.
“Delay orders were issued by the SEC for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity & Valkyrie at the same time,” Seyffart wrote on X. “If the agency wants to allow all 12 filers to launch—as we believe—this is the first available window since Grayscale’s court victory was affirmed.”
$BTC Spot ETF Approval Window opens tomorrow for all 12 ETF applicants, including Grayscale & Blackrock.
Buckle UP. pic.twitter.com/ggFuKBT3Tq
— Luke Martin (@VentureCoinist) November 8, 2023
The global crypto market cap currently stands at $1.33 trillion, reflecting an increase of 0.92% in the past 24 hours.
The S&P 500 continued its winning streak on Wednesday, marking its eighth consecutive day of gains – the longest streak in two years. The index added 0.1% to reach a closing level of 4,382.78, matching the eight-day winning run it achieved in November 2021.
Meanwhile, the Nasdaq Composite closed slightly higher, climbing by 0.08% to settle at 13,650.41. This marked the index’s ninth consecutive positive day, also its longest winning streak in two years.
In addition to these market movements, investors are eagerly anticipating forthcoming statements from Federal Reserve Chair Jerome Powell at the IMF on Thursday.
Analyst Notes: Michael Van de Poppe believes that Bitcoin is currently maintaining a strong upward trend, characterized by higher highs and higher lows. He anticipates that the next target for Bitcoin is around $37-38K. “If that happens, buy the dip.”
#Bitcoin continues to grind upwards.
A strong trend, as it continues to make higher highs and higher lows.
Probably $37-38K next, but you should realize that the liquidity beneath these lows are going to be taken.
If that happens, buy the dip. pic.twitter.com/6pUGZQ5Qrb
— Michaël van de Poppe (@CryptoMichNL) November 8, 2023
Pseudonymous crypto analyst TradingShot has made a bold prediction on the TradingView website, suggesting that the price of Bitcoin could potentially reach a staggering $200,000. This analysis centers around the Bitcoin Vortex bullish cross and the Bollinger Bands Width (BBW) bottoms, indicators used to determine when BTC may embark on its next parabolic rally.
The analyst’s forecast is based on the upcoming Bitcoin halving event, scheduled to occur in Q2 2024. According to the analyst, this event marks the beginning of the final and most aggressive phase of the Bull Cycle’s Parabolic Rally sequence.
Santiment, the on-chain data analytics firm, has reported that Bitcoin has experienced a remarkable surge of +37% in just 2 months. This surge has resulted in a significant increase in the ratio of traders opening bullish positions compared to bearish positions, reaching its highest level in the past 3 months. Furthermore, the total open interest on exchanges has skyrocketed to an impressive $7.2 billion. With hopes that the fear of missing out (FOMO) will subside, it is anticipated that Bitcoin will continue its upward trajectory.
#Bitcoin, now up +37% in 2 months, has seen its ratio of traders opening #bullish positions (vs. #bearish) hitting 3-month highs. Also, the total open interest on exchanges has ballooned to $7.2B. Ideally, $BTC will continue rising after #FOMO settles. https://t.co/YImIUMGRyl pic.twitter.com/4TyZe5YfFz
— Santiment (@santimentfeed) November 8, 2023
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