Cryptocurrency news: Bitcoin bull run, Bitcoin ETF success, BTC forecast
Bitcoin has updated the maximum price, but you and I foresaw this and therefore in this article we give a signal for a parabolic growth of BTC to $ 100,000 in the next 3-6 months. After him, the entire cryptocurrency market will explode, almost all coins will grow.
Separately, we will analyze the news on the start of trading in the first Bitcoin ETF, which is a record in the history of the stock exchange. And also important news regarding the new Novi cryptocurrency wallet from Facebook and what does stablecoins and regulation have to do with it.
It finally happened - bitcoin updated its all-time high at $ 67,000. In addition, another record was set, we are talking about a new maximum bitcoin capitalization, which is now equal to 1.26 trillion:
If you study this chart in detail, then reaching a new maximum in terms of capitalization at a lower price is a sign of the completion of the correction and the transition to a new strong bullish trend. And it is provided thanks to miners who mine new coins and therefore the capitalization is growing, but with each new halving, it becomes more and more difficult to do this.
It's very cool that with the current capitalization, Bitcoin is already more expensive than Facebook, Tesla and Berkshire Hathaway:
We said earlier and are not going to change our opinion that comparing bitcoin with companies or even banks in terms of capitalization is not entirely correct, these are just different things. But if you add another $ 150 million to the current capitalization, which can be done in a few weeks or even days if the price continues to rise, then Bitcoin will overtake silver. And this will be a weighty application that a new financial asset has appeared on the market, which is going to take the first place on it, which belongs to gold today.
Will the US Bitcoin ETF, which launched yesterday, help with this? I am still wary of this tool and are waiting for various tricks. But so far the start has turned out to be extremely successful, because the daily trading volume amounted to $ 994 million, which is a record for such funds. Only ETFs from the world's leading company in terms of the number of assets managed by BlackRock had more, then on the first day they made deals worth $ 1 billion.
SEC chief Gary Gensler has already commented on the ETF:
“BTC futures have been controlled by the SEC's subsidiary, the Commodity Futures Trading Commission, for the past four years. You have something that has been controlled by the federal regulator for the last four years, and that has also been brought under the jurisdiction of the SEC under the Investment Companies Act 1940. "
To be honest, we are somewhat jarred by the wording “controlled by the federal body for the last four years”, especially after the story of the “crypto winter” of 2018. But until it was repeated, and then Gensler said the following:
“There is a lot of history here. We think it will trade well enough. We think that regulated futures traded in a 40-act ETF will open up the ability to access BTC for many people who may have been waiting on the sidelines. "
The first day of trading showed the presence of demand for this instrument, and new ETFs for bitcoin in the US based on futures are on the way, if they start breaking trading records, this will significantly affect the price of the underlying asset. And it, in turn, will affect altcoins , which are still waiting for a signal from bitcoin to grow.
Before moving on to forecasting the price of bitcoin, we want to draw your attention to one piece of news, which is important and will help you understand the further mood of regulators in relation to cryptocurrencies. We are talking about Facebook, which launched a pilot project in the United States with the Novi digital wallet. Interestingly, this is not their long-announced and actually finished stablecoin Diem , which was previously called Libra. This is a brand new wallet that will handle instant and free payments in the Pax Dollar stablecoin. And the guarantor of operations will be the TOP-1 American crypto exchange Coinbase .
Everything seems to be good, Coinbase is friendly with regulators and is the first crypto exchange with the status of a public company, and Pax Dollar is one of the most secure stablecoins from all sides. Well, Facebook wanted to enter the payments market, but the US authorities are against it. Senator Elizabeth Warren and four other colleagues in the Upper House of Congress are demanding an immediate end to the Novi wallet experiment. In their opinion, they did not receive permission to do this and should continue to quietly stand aside to wait for the authorities to release their original stablecoin Diem. And no one, of course, says when this can happen, someday, when we will settle all legislative issues.
This behavior of the authorities can be regarded as that, first of all, they are worried about the dollar's loss of the status of a means of payment. They are not ready for everyone to pay with the money that suits him. Moreover, they do not want any assets to be associated in principle with money other than fiat currencies. The emergence of new rules for regulating cryptocurrencies is only a matter of time, and it seems that they will primarily concern stablecoins. Who will try to drive them under maximum control from the banks so that they do not simply turn out to be useless to anyone.
But any coin has two sides, which means that the issue of bitcoin as a market asset for investment or speculation by the authorities is not particularly worried about, and in fact we get its tacit approval. And these are new funds, exchange instruments, new buyers and a new maximum price.
A little more and bitcoin will go into parabolic growth, seriously? We cannot promise anything in advance, but we can show such a chart, where there is a signal for just such a scenario of the development of events.
This indicator shows whether Bitcoin is overvalued or undervalued, it usually appears at the moment of renewal of the previous high in the price and every time in 2011, 2013, 2017 and 2020, when it showed 3 points, then a parabolic rally followed.
Now more and more analysts are confident that Bitcoin is repeating the scenario of a double peak in 2013, at that time the difference between the first and the second was 349%:
When transferring this data to the current course, we get almost $ 300,000, however, in percentage terms, the cycle repeats quite badly and therefore, to fly to such levels, it will take too much hype and new customers.
The fact that bitcoin is entering a phase of parabolic growth is indicated by trader and analysts Alessio Rastani. According to his forecast , bitcoin is now forming its fifth final wave. He applied the Elliott wave structure to the monthly Bitcoin chart and analyzed all the cycles.
We remind you that according to this principle, there are five growth waves, two of which, the second and the fourth, are correctional. And then there are three waves of a bear market as bitcoin looks for a new bottom. According to analysis from Rastani, the fall in bitcoin after its high in April was the fourth corrective wave.
Now the market has moved to the fifth final wave of growth, as the history of bitcoin shows, the second is inferior to the third in terms of duration, but it gives the strongest impulse growth. He also set his current goal at $ 100,000, but the denouement and the final of growth may come not in December of this year, but in the first quarter of next. And an important warning that if this scenario is implemented at its very peak, greed will go off scale and everyone will believe in endless growth, but this is a hoax, there will only be a bear market for the next year.