Bitcoin above $10k or below $5k by August depends on one thing
Bitcoin has been playing around in range of 6000$- 7000$ since last few months. After the Coinbase announcement to start accepting custody fund from Big Pocket investors, we have begun to seeing good trading volume increase on exchanges. This is a positive sign.
The breaking news of last week was about CBOE application to SEC for an ETF approval. However, it was later announced that the decision will most likely be announced around 16th August and NOT ON 10th August which was reported initially.
The ETF is pivotal for the bull market and the entire crypto investor ecosystem has been waiting for this moment from long time. The ETF decision will surely decide the short term fate of BTC and if it doesn’t come through, the
However, if the ETF comes through, the bull market can’t be far behind and we can expect Bitcoin retesting its all time high of 20000 USD in no time. This could be the reason why several crypto influencers are still positive about bitcoin road to 25000$ this year, despite the bearish market. Recently the founder of the payments company TENX predicated that bitcoin will hit as high as 60,000$ in 2018.
Well we hope, all these predications comes true and we would get a positive announcement from SEC.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.