Waiting for the Bitcoin futures ETF to be approved all week determines the direction of the main cryptocurrency. Bitcoin hit $60,000 per coin Friday for the first time since May after news leaked from Bloomberg that the anticipated event could happen as early as next week.
Market influencers continue to give bullish forecasts. Mike McGlone, senior commodity strategist for Bloomberg, identified the key factors that he believes could push Bitcoin to an all-time high of $100,000 per coin.
Three Drivers of Bitcoin Growth
According to McGlone, the main drivers that will allow Bitcoin to grow to $100,000 are the economic confrontation between the US and China, the approval of the Bitcoin ETF, and the introduction of proper regulation of cryptocurrencies.
Bloomberg on Friday released news that the SEC will very soon approve the first bitcoin futures ETF in the United States. A Bloomberg report cites this as a near-settled issue as there seems to be no objection to the ETF approval.
Bloomberg senior ETF analyst Eric Balchunas tweeted that, according to several sources, there is a 90% chance that a BTC ETF will receive the green light.
Lack of Supply Pushes the Price Up
It is worth noting that McGlone has been predicting the growth of BTC to $100,000 for several months.
A month ago, he tweeted that the reasons for achieving this target this year could be a decrease in the supply of bitcoins, while the Fed continues to print dollars.
Here it is appropriate to recall both the mining limit of the main cryptocurrency and the protection against inflation, which big capital is trying to find in bitcoin.
The Historical Maximum Is Already In Our Pocket
The price of bitcoin remained above the support of 55,842.84, at least a little, and frightened it with volatile trades. Fortunately, the good news helped.
At the time of this writing, bitcoin is trading near $60,000 per coin, which is a significant psychological level. Having passed it, the price will go to the technical target of 61,048.64, and then 64,000 is not far off.
If ETFs do get approved next week, there are two possible scenarios outlined earlier. The first is a correction against the background of the "buy the rumor, sell the news" effect. The second is a skyrocketing rise above all-time highs if Bitcoin futures ETFs do indeed stimulate a significant influx of institutional investments in the main cryptocurrency.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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