Bitcoin all-time high “only a matter of time” after BTC ETF approval

Optimism pervades the euphoria in the crypto market after a flurry of documents indicated final approval of Valkyrie’s Bitcoin (BTC) ETF application by the US Securities Exchange Commission before the end of the year.

Data from Cointelegraph Markets Pro and TradingView shows that BTC price action skyrocketed in the early hours of trading on Friday, with the bulls attempting to rebound to intraday highs of $ 61,880 for the first time, with BTC crossing for the first time $ 60,000 since April.

Here’s what traders and analysts are saying about the next steps for Bitcoin, as the price has returned over $ 60,000 and the long-awaited Bitcoin ETF seems ready to become a reality.

On the verge of a major breakthrough

According to crypto analyst and Twitter user Rekt Capital, Bitcoin’s move on Friday resulted in Bitcoin trading just below the major resistance, which is the final hurdle standing in the way of a breakout into the territory.

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From this perspective, if BTC manages to close a week’s close above this level, there is the potential for an “exponential rise” as pricing is not hampered by the establishment of resistance zones on the $ 100,000 BTC price.

Analysts say the crypto market is maturing

An insight into the long-term development of the crypto ecosystem is provided by Konstantin Shugla, CEO and co-founder of Finery Markets, who pointed out that “the crypto market is moving in the same direction. Maturity as other traditional asset classes”.

According to Shugla, the growth of the sector is “attracting a new level of institutional mass adoption that no company can ignore” and that ETF approvals are likely to lead to more institutionalization. institutional and private capital flows more “from investors”. previously dealt with infrastructure / regulatory risks. “

Shugla says:

“This creates a lot of volume and arbitrage opportunities for the underlying instruments. I assume that both historic records for price and volume will be achieved in October and November. “

Related: Bitcoin gets the green light for pricing with “almost no supply” on exchanges over $ 59,000

New all-time highs “just a matter of time”

For a more tech-savvy look at recent price movements, crypto trader and Twitter user Pentoshi, the sent The following chart outlines the most important areas of support and resistance.

According to Pentoshi, Bitcoin has now “taken the lower macro highs from where it was up” and started making lower lows and lower highs and is now forming a “new trend towards higher highs and lower highs”. ”

Pentoshi said

“It is only a matter of time before an all-time high is reached with this structure.”

The total crypto market cap is $ 2.443 trillion and the dominance of Bitcoin is 46.4%.

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