8.2 C
New York
Friday, November 26, 2021
HomeCryptoCurrencyBitcoin touches new all-time high after ETF debut on Wall Street

Bitcoin touches new all-time high after ETF debut on Wall Street

The price of bitcoin (BTC) exceeded, this Tuesday, October 19, the barrier of USD 64,000 in a new price increase that has been registered in the last two weeks. This after setbacks that took the cryptocurrency away from its record of USD 64,863 registered in the month of April.

At the time of writing this note the first of the cryptocurrencies changes hands at USD 64,281 according to the CriptoNoticias price index. In addition, it registers a 24-hour volume of operations above USD 40,000 million which is 6% additional to the previous day.

With the rally that it has experienced since the month of October arrived, bitcoin registered a 40% increase. In such a way that, it has not only recovered most of the losses it suffered in September, but also aims to continue rising.

The main cryptocurrency by capitalization of The market approached its historic price mark on the same day that the first bitcoin futures ETF began trading on the New York Stock Exchange (NYSE), issued by investment firm ProShares.

This first bitcoin futures ETF exceeded USD 1 billion traded on the first day of its listing on the stock market NYSE, as reported by CriptoNoticias hours before.

Will Bitcoin continue to rise?

In any case, not everyone is optimistic that the price of BTC stays above its new mark in months. In fact, Dan Morehead, CEO of the hedge fund Pantera Capital, showed on Twitter a graph that reveals a pattern that has historically been fulfilled every October.

As seen in the graph, each Once the cryptocurrency hits a new record in October, then regresses. It has been that way for its 12-year history, according to Morehead.

Historically, the price of bitcoin registers a decline after reaching a top, a pattern that has remained every October. Source: Dan Morehead / twitter.com

On the other hand, there are analysts who think that the rise in the price of bitcoin will not stop for the next two years. This was recently pointed out by Jurrien Timmer, who is director of global macroeconomics at Fidelity Investments.

Timmer relies on the supply and demand model to predict that the cryptocurrency will reach $ 100,000 in 2023.

Timmer’s analysis coincides with that of Willy Woo who had already pointed out that October is a decisive month for the price of the cryptocurrency. This is because with the accumulation in levels highs, bitcoin price action could enter a strong rally in the coming months, which would continue for much of 2022.

Woo had also referred to the impact of the ETF on the price of BTC. In this regard, he said that “if any of these ETFs are approved, we can immediately expect a speculative rally .”

Follow World Weekly News on

Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

Leave a Reply

Must Read