Bitcoin was not able to update all-time highs against the dollar on the day of the ETF trading start, but was marked by other achievements.
- On the Bitstamp exchange, the price of the cryptocurrency rose to $ 64,490, not reaching record levels of less than 1%;
- The daily candle closed at $ 64,230, the highest result in the history of cryptocurrency;
- In several currencies, including the yen, the Australian dollar and the euro, bitcoin has already hit highs.
“The emergence of the Bitcoin Futures ETF is a signal to the entire market that regulatory certainty will grow. Any time regulatory certainty increases in emerging markets, it lowers the risks for their participants, ”explained Rob Frasca, Managing Partner at COSIMO Ventures.
Oanda analyst Edward Moya agrees that the ETF was the factor that was lacking to push to new highs:
“If traders see the performance of the ETF as promising, short-term resistance could start at $ 70,000. The low trading volumes of these instruments could trigger a sell-off.”
On the first day of trading, Bitcoin ETF has already surpassed the most optimistic expectations of most analysts.
“All indicators point to the continued upward movement of the market for the foreseeable future, at least to $ 66,000 or $ 67,000, where it may meet the first major resistance on the way to $ 100,000,” – said Alvaro Alcániz Rubio, co-founder of digital asset holding company Onyze.
It is supported by the regional manager of Bitpanda exchange Alejandro Zala:
“All indications are that a new bullish cycle has already begun. What we don’t know is its duration and course limit ”.
Meanwhile, based on the forecasts of 50 experts, the Finder.com portal calculated that, on average, market participants expect bitcoin to rise to $ 80,021, after which it will be corrected to $ 71,415 by the end of the year.
Alcaniz admits that with the new highs being reached, “many investors are likely to take profits, which will lead to an adjustment in the valuation of bitcoin.” Zala also warned of “the presence of corrections on such bullish cycles.”
“When they come, you have to think about whether the fundamentals are reliable or just speculation. The news in recent weeks has been very positive and indicates that the current cycle could be the same, ”he added.
At the same time, analysts agree that in the event of a correction, as in May or July, it will be very difficult to predict the lows.
“Everything indicates that with each step forward the market is taking an ever more firm position, so it may not fall to certain values,” concluded Alcaniz.
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