Bitcoin Price Analysis: What To Expect In The Next Couple Of Weeks - TokenTops
Bitcoin Price Analysis; What To Expect In The Next Couple Of Weeks
Bitcoin has been stable for the last two months, something we rarely get to say. Much of this stability has been credited to the market maturing and volatility going down. At the time of press, the digital asset is trading at $6,628. For the last couple of weeks, it has been stagnant at around $6,500 and only broke to $6,600, on October 08.
At the time of writing this, there is a widespread bear wave sweeping across the market. Although most cryptocurrencies started the day green, a bearish trend has swept the market. Now, it is up to the bulls to take over again and continue the surge onwards. Also, there is a need to find a high support level fast before the market begins to panic and bleed.
Bitcoin ETFs Dictating Prices Now
Most cryptocurrency enthusiasts are particularly keen on price movements at this time due to a possible bitcoin ETF approval by the SEC. Bitcoin always has an effect on other cryptocurrencies and its movements dictate the movement of the whole market. The SEC has set November 05 as the deadline to review nine bitcoin ETF applications. This means that leading up to that date prices will be particularly sensitive. Leading up to the decision, we expect prices to go up as speculation of an approval increase. If the SEC approve even one of the nine applications, pieces will explode. But should they reject all nine, prices are likely going to plummet.
However, many experts still believe that the SEC will not approve bitcoin ETFs until 2019.
It was around this time last year that bitcoin prices started picking up following rumors that bitcoin cash-settled futures would launch.
All eyes are on the market this month and in fact in all the 3 months remaining to the end of the year. If bitcoin ETFs are approved many expect that bitcoin will not only hit its all-time high but will go on to set new records. Many have made predictions on this, with the most prominent prediction being from Tom Lee, who expects bitcoin price to hit $25,000 by the end of the year.
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