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It's almost hard to believe that bitcoin's price has risen back up to $57,000. Less than two months ago, we were at a price nearly half of this and many were declaring the bull run to be finished. That the market would go dark for a few years. But as you already know, bitcoin proved skeptics wrong and now the bull market is back on in most people's minds. The really interesting thing with this most recent price run up is just how quietly bitcoin has been able to achieve this. There hasn't been any huge news announcements outside of America stating that they wouldn't ban bitcoin. Bitcoin's ability to run up so quietly should have you incredibly bullish. Things are about to go parabolic.
There have been heavy rumors declaring that a bitcoin ETF is going to finally be approved sometime within October. A bitcoin ETF being approved in the States has been something that has become mythical in the crypto community. Something that has often been talked about, hoped for, but never coming to reality. That does appear to be finally changing. The rumors have been coming from very reputable news outlets. But if that wasn't enough; all you need to do is to begin looking at which organizations have applications in the mix. Companies like VanEck, Fidelity, Goldman Sachs, and the list goes on. These are some of the most powerful organizations in the world.
But why would this have a giant effect on the price of bitcoin? After all, there are already many bitcoin ETF's in other countries throughout the world. Like it or hate it, the USA is still the largest financial market by far. It is the nation that has the highest GDP, and it is where a lion share of the worlds investing happens. Not only that, but it also sets the precedent for other countries that will soon follow. When a bitcoin ETF is finally approved in the USA, it will have legitimized bitcoin and made it more acceptable for companies or hedge funds to get into the mix. Not only that, but it makes it a lot easier for them to buy it. Once the USA legitimizes it, the same will happen worldwide.
Recently I wrote an article talking about my year end predictions for bitcoin and other cryptocurrencies. At the time of writing, bitcoin was around $42k in price. I had predicted a bitcoin price of $150-$200k by years end. I had received quite a bit of flack for that prediction, stating that I was just using big numbers. But you have to remember the mindset of most people at that moment. China had just re-banned bitcoin and cryptocurrency, and a lot of people thought this might be the end of this bull run. The morale was low. And then bitcoin rose up quietly to what it is now. When I made that outlandish prediction, I was already hearing those heavy rumors that the bitcoin ETF would be accepted, and it had a huge effect on my price perdition. I believe that there is a lot of organizations that are already in the know of the ETF being approved, and they are trying to buy in before the announcement. Even if it is a futures ETF that is announced, rather than a spot ETF, it will still shake the financial markets to the core. All you need to do is to look back to when a Gold ETF was finally announced and the effect it had on the price. Things are about to get parabolic and it will happen much sooner than you think.
We are already at $57k, and if the ETF is approved I see the price quickly going up to $100k. This is a huge milestone and because of that I expect there to be a sell-off at that price range. But even if that does happen, the momentum that this will cause could make it very easy to achieve the prediction I gave. It's a little crazy to think, but even with the great gains we have seen, we still haven't seen bitcoin go parabolic yet in this current bull run. When that happens prices tend to go up much further than you ever felt possible.
What does this all mean?
Simply put, it means that bitcoin is still cheap. Especially when taking into account the prices that many analysts have been projecting. To all of you out there that during the last few months were able to ignore all of the FUD and continued buying, and even bought more than usual. You will soon be able to reap the rewards. There is a reason why dollar-cost-averaging has become such a popular buying philosophy in the bitcoin market. It works. Prepare yourselves, things are about to become very interesting.
How about you? Do you think the ETF will be approved? What are you BTC price predictions?