After a meteoric increase from $26,750 on Oct. 12 to close the month at $34,667 on Oct. 31, Bitcoin rate (BTC) is still increasing in November. BTC pumped from the $36,500 dealwith to multi-day assistance at $37,400 the day Grayscale Investments satisfied with the SEC over its Bitcoin ETF application.
But its gains haveactually seen more volatility this month, whipsawing on a course for $38,000 as Bitcoin ETF bulls hold their breath. That might be a indication that bears are getting self-confidence. Meanwhile, bulls might be losing steam the longer markets wait on an SEC approval.
SEC Approval vs. Operation Timelines Key
Long-only crypto hedge fund Off The Chain Capital’s president, Brian Dixon, justrecently stated he doesn’t anticipate a huge rally when the SEC lastly authorizes one or more Bitcoin ETF items:
“You’ll mostlikely see a short-term boost and then a drawdown. But then, when they endedupbeing functional, that’s when we’ll see the much bigger boost.”
Dixon included, nevertheless, that he thinks there’s plenty of need from conventional markets, “I think there’s a lot of institutional financiers … waiting for controlled on-ramp.” But he states the distinction inbetween approval and operation timelines is going to be essential.
Bitcoin ETF Bears Caution BTC Is Overbought
His forecast echoes a comparable one made by Peter Schiff. The Euro Pacific Capital creator and chief strategist stated in late October that a Bitcoin ETF approval “will mark the leading of the rally.”
Schiff alerted a sell-off might emerge quicker.
Meanwhile, Steno Research crypto expert Mads Eberhardt states mar