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Bloomberg’s senior ETF strategist notes that there are high chances of Bitcoin ETF approval in the US this month. It looks like this could be a major trigger to the next bull run.
We are now officially into the fourth quarter of 2021 and ready for the next bull run. Historical trends show that the fourth quarter has always been bullish for bitcoin and the overall crypto space. Adding fuel to this rally could be the first Bitcoin ETF approval this month. Bloomberg’s senior ETF analyst Eric Balchunas said that there’s a 75% of probability for the approval of Bitcoin ETF in the US.
Thus, the US Securities and Exchange Commission (SEC) could be preparing for a regulatory greenlight very soon.
Yes, the SEC has kicked can on bitcoin ETF approval BUT that is for the physically-backed ones under '33 Act. The futures ETFs filed under the '40 Act (which Genz loves) are very much alive and likely on schedule (we think 75% chance approved in Oct). Here's our odds: https://t.co/cSZ8aDsITl pic.twitter.com/DUEvRANvO7
— Eric Balchunas (@EricBalchunas) October 2, 2021
Bitcoin ETF discussions have been on the rise once again. Last week, SEC Chairman Gary Gensler reiterated his support for a Bitcoin ETF that tracks the Bitcoin futures offered by the CME Group.
Institutional players have also been pushing hard to get the first Bitcoin ETF in the market. There are nearly 30 Bitcoin ETF applications currently awaiting SEC approval. Last month, institutional giant Fidelity Digital Assets conducted a meeting with the SEC executives to consider Bitcoin ETF approvals.
Bitcoin (BTC) Heading to $100K
It’s the beginning of the fourth quarter for the year 2021 and we are already witnessing early signs of the Bitcoin bull run. In the first four days of October 2021, the Bitcoin price is already up by nearly 10%. As of press time, Bitcoin (BTC) is trading at $47,803 and has a market cap of $898 billion.
Many analysts have been also predicting that Bitcoin shall be heading to $100K by the end of the year. Founder of the stock-to-flow (S2F) model PlanB is confident of this price target by the year-end. Back in August 2021, he said:
“I never had any doubt. I still think it will be $100,000 end of year, minimum. And there’s lots of time. We’re at [$40,000] now. So that’s a 2.5x. We’ve done more in one or two months, historically. So, it can be done. I’m very confident…I still see people on the internet calling for $20,000 Bitcoin. I don’t think that’s going to happen…[$100,000] by Christmas.”
In his recent tweet, PlanB said that there’s no weakness yet and the next bull run can last for the next six months.
On-chain analyses finished tonight: IMO we are midway, no sign of weakness (red) yet. Note color overlay is not months to halving but an on-chain signal. My guess: this 2nd leg of the bull market will have at least 6 more months to go. pic.twitter.com/HAEMYfQ1pT
— PlanB (@100trillionUSD) October 2, 2021
If the US SEC approves the first Bitcoin ETF this month, the bulls will surely rage in to trigger the next bull run.