LIVECRYPTUDENT
@Square-Creator-46a912789
Følger
Følgere
Synes godt om
Delt
I agree 💯 but it could be delayed ...
LIVE
Coinpedia
--
“All ETFs Will Be Approved,” MELD CEO Reveals Bold BTC Predictions
The post “All ETFs Will Be Approved,” MELD CEO Reveals Bold BTC Predictions appeared first on Coinpedia Fintech News
Ken Olling, Founder and CEO of MELD, is anticipating a significant surge in Bitcoin prices, labeling it a “panic-level” rally. In an interview with Kitco, Olling opened up about the current speculation surrounding approving a spot Bitcoin ETF and provided his price forecasts for 2024 and 2025.
The CEO highlighted the imminent decision by the SEC on January 24th regarding the spot Bitcoin ETF application. Olling stressed the positive track record of BlackRock, a key player in ETFs, and expressed confidence in their application’s approval, citing the potential boost it could bring to Bitcoin prices.
Olling discussed the widespread anticipation within the crypto community for a price dip following the ETF approval news, followed by consolidation, marking the onset of the next bull market. However, he offered a contrarian view, suggesting that the expected downturn might not materialize as predicted due to increased market activity post-approval.
He said, “So people see this coming; they see that people are starting to accumulate Bitcoin because they know they will have places to sell it to, whether it’s BlackRock or Fidelity or the other dozen ETFs in the application. All of them will be, or most will be, approved. The SEC can’t simply approve BlackRock and then not approve these other ones; it would be a complete disaster from management from their side.”
Addressing the likelihood of approval, Olling stated a high confidence level, estimating it at “north of 97-98%.” He projected that the approval would trigger a surge in Bitcoin prices, potentially reaching 75,000 to 80,000 USD, setting a new all-time high.
Looking ahead, Olling presented a bold forecast of Bitcoin exceeding $300,000 by September 2025. He attributed this projection to the expected influx of institutional money through ETFs and macroeconomic factors such as inflation concerns and a weakening dollar.
Ken Olling, Founder and CEO of MELD, is anticipating a significant surge in Bitcoin prices, labeling it a “panic-level” rally. In an interview with Kitco, Olling opened up about the current speculation surrounding approving a spot Bitcoin ETF and provided his price forecasts for 2024 and 2025.
The CEO highlighted the imminent decision by the SEC on January 24th regarding the spot Bitcoin ETF application. Olling stressed the positive track record of BlackRock, a key player in ETFs, and expressed confidence in their application’s approval, citing the potential boost it could bring to Bitcoin prices.
Olling discussed the widespread anticipation within the crypto community for a price dip following the ETF approval news, followed by consolidation, marking the onset of the next bull market. However, he offered a contrarian view, suggesting that the expected downturn might not materialize as predicted due to increased market activity post-approval.
He said, “So people see this coming; they see that people are starting to accumulate Bitcoin because they know they will have places to sell it to, whether it’s BlackRock or Fidelity or the other dozen ETFs in the application. All of them will be, or most will be, approved. The SEC can’t simply approve BlackRock and then not approve these other ones; it would be a complete disaster from management from their side.”
Addressing the likelihood of approval, Olling stated a high confidence level, estimating it at “north of 97-98%.” He projected that the approval would trigger a surge in Bitcoin prices, potentially reaching 75,000 to 80,000 USD, setting a new all-time high.
Looking ahead, Olling presented a bold forecast of Bitcoin exceeding $300,000 by September 2025. He attributed this projection to the expected influx of institutional money through ETFs and macroeconomic factors such as inflation concerns and a weakening dollar.
wow
LIVECointelegraph
--
Bitcoin ETF Excitement Returns As BTC Price Nears $37K
Bitcoin (BTC) neared $37,000 on Nov. 9 as a fresh BTC price surge appeared to take traders by surprise.
BTC/USD 1-hour chart. Source: TradingView U.S. "carrying" Bitcoin upside
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $36,000 after the daily close.
The pair went on to reach $36,864 on Bitstamp, making its highest level since early May 2022.
The day prior, concerns among market participants focused on bid liquidity heading lower, potentially allowing for a retest of $34,000.
This ultimately failed to occur, with upside entering during United States trading hours.
“Zooming out, this is the most bullish U.S. has been on Bitcoin since early 2022. Asia price change was last seen as bullish as October 2021,” James Van Straten, research and data analyst at crypto insights firm CryptoSlate, wrote in part of his latest research.
Van Straten referenced data from on-chain analytics firm Glassnode, which showed U.S. buyers sustaining the rally.
“Americans carrying this thing,” William Clemente, co-founder of crypto research firm Reflexivity added.
Bitcoin month-over-month price change during U.S. trading hours. Source: Glassnode
Others speculated that the renewed bullish tone could be tied to a potential U.S. Bitcoin spot price exchange-traded fund (ETF) approval.
While not expected until 2024, Nov. 9 marks the start of the period during which the long-awaited announcement from regulators could theoretically come.
“We still believe 90% chance by Jan 10 for spot Bitcoin ETF approvals,” James Seyffart ,research analyst at Bloomberg Intelligence, wrote on the topic.
“But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur.”
Reacting to Seyffart, financial commentator Tedtalksmacro agreed.
“BTC sure is trading like an ETF decision is due any moment,” part of his own commentary read.
BTC/USD 1-week chart. Source: TradingView BTC price gains beat forecasts
Analyzing market composition, there was an air of moderate shock among longtime observers.
On-chain monitoring resource Material Indicators revealed that the overnight gains had invalidated signals on two of its proprietary trading tools — a phenomenon not seen before, per co-founder Keith Alan.
Needless to say, the Trend Precognition ⬇️ signals on the BTC Weekly chart invalidated after the push above $36k. First time I've seen that happen when both algos had signals on the same candle. https://t.co/7nGahmgCDW
— Material Indicators (@MI_Algos) November 9, 2023
Popular trader Skew, who previously warned over liquidity fluctuations, meanwhile likened BTC price action to late January — the point at which Bitcoin’s start-of-year bull run began to fade.
$BTC sweep of $36K & not so great 4H candle here zoom out to daily & this structure is starting look a lot like late january
— Skew Δ (@52kskew) November 8, 2023
Skew reasoned that the low-timeframe uptrend was “still intact” thanks to a succession of higher lows on the 15-minute chart, along with healthy relative strength index (RSI) values.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
BTC/USD 1-hour chart. Source: TradingView U.S. "carrying" Bitcoin upside
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $36,000 after the daily close.
The pair went on to reach $36,864 on Bitstamp, making its highest level since early May 2022.
The day prior, concerns among market participants focused on bid liquidity heading lower, potentially allowing for a retest of $34,000.
This ultimately failed to occur, with upside entering during United States trading hours.
“Zooming out, this is the most bullish U.S. has been on Bitcoin since early 2022. Asia price change was last seen as bullish as October 2021,” James Van Straten, research and data analyst at crypto insights firm CryptoSlate, wrote in part of his latest research.
Van Straten referenced data from on-chain analytics firm Glassnode, which showed U.S. buyers sustaining the rally.
“Americans carrying this thing,” William Clemente, co-founder of crypto research firm Reflexivity added.
Bitcoin month-over-month price change during U.S. trading hours. Source: Glassnode
Others speculated that the renewed bullish tone could be tied to a potential U.S. Bitcoin spot price exchange-traded fund (ETF) approval.
While not expected until 2024, Nov. 9 marks the start of the period during which the long-awaited announcement from regulators could theoretically come.
“We still believe 90% chance by Jan 10 for spot Bitcoin ETF approvals,” James Seyffart ,research analyst at Bloomberg Intelligence, wrote on the topic.
“But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur.”
Reacting to Seyffart, financial commentator Tedtalksmacro agreed.
“BTC sure is trading like an ETF decision is due any moment,” part of his own commentary read.
BTC/USD 1-week chart. Source: TradingView BTC price gains beat forecasts
Analyzing market composition, there was an air of moderate shock among longtime observers.
On-chain monitoring resource Material Indicators revealed that the overnight gains had invalidated signals on two of its proprietary trading tools — a phenomenon not seen before, per co-founder Keith Alan.
Needless to say, the Trend Precognition ⬇️ signals on the BTC Weekly chart invalidated after the push above $36k. First time I've seen that happen when both algos had signals on the same candle. https://t.co/7nGahmgCDW
— Material Indicators (@MI_Algos) November 9, 2023
Popular trader Skew, who previously warned over liquidity fluctuations, meanwhile likened BTC price action to late January — the point at which Bitcoin’s start-of-year bull run began to fade.
$BTC sweep of $36K & not so great 4H candle here zoom out to daily & this structure is starting look a lot like late january
— Skew Δ (@52kskew) November 8, 2023
Skew reasoned that the low-timeframe uptrend was “still intact” thanks to a succession of higher lows on the 15-minute chart, along with healthy relative strength index (RSI) values.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
