The asset today fell well below $60,000 for the first time in ten days, retracing following the recent bullish run that saw it break yet another BTC all-time high.
On the 14th of October, BTC surged to $59,400 in response to the enthusiasm around the approval of the first American Bitcoin futures ETF. Bitcoin gained 4% in an hour after news of the SEC approving the ProShares Bitcoin ETF to begin trading reached the market. Taking the positive trend even further, the SEC later that month approved the Valkyrie Bitcoin Strategy ETF, propelling BTC to a new all-time high of $67,000 in 2021.
Bitcoin, on the other hand, has dropped 6.6 percent in the last 24 hours as the market has crashed into a precipitous downturn. And, with today’s price action working vehemently against the recent bull run, it appears that the enticing benefits of the ETFs’ introduction have begun to dissipate.
ETFs For Futures – Not For Retailers.
Futures ETFs will not be attractive to most individual investors. The shares issued by the Bitcoin Futures ETF will not be backed by Bitcoin, but rather by Bitcoin futures, which are contracts to buy the commodity at a later date. As a result, it’s realistic to predict that intricate financial products like Futures ETFs, which work well for expert investors and institutions, won’t appeal to individual investors. While bitcoin may have reached a new high due to recent gains, it is still unclear whether Futures ETFs will play a big role in boosting mainstream adoption.
Despite the sharp drop, technical indications and analysts believe that BTC will break out again in the coming weeks, potentially reaching $90,000.
For 90K, Is It A Wreck Or Just A Downtrend?
BTC seems to be making its way towards $ 90K, according to Eight’s CEO and founder Micheal van de Poppe. In a recent tweet, van de Poppe identified $ 90K as the next target for BTC.
BTC had a 10% slump after setting new highs last week, but this week was resonating with the thought that bitcoin is well in its trading flow. While bitcoin’s predictions remain sky-high, the month of October is expected to end with a price of around $63,000.
Almost identical to the price actions of 2017.
According to bitcoin price charts, Bitcoin is trending in a similar manner to 2017 with stark accuracy. Like the market that carved out one of its most iconic bull runs in cryptocurrency history, Bitcoin is expected to reach higher price levels before the end of the year.
Despite the volatility that has spun the crypto market, especially BTC, all the way to a new high, Bitcoin’s mainstream adoption will require more than a Futures ETF. Inflation remains a nagging issue much beyond the limitations of technical indicators and analytical accuracies in projections. Defi is on its way to changing the basic foundations of centralized financial institutions in leading economies, thanks to the increasing usage of blockchain technology and cryptocurrencies.
Valkyrie Bitcoin Strategy ETF is ready to trade on the Nasdaq under the ticker BTF and will monitor the value of Chicago Mercantile Exchange (CME) Bitcoin futures.