More

    Bitcoin Could Be About To Surge To Never-Before-Seen Highs As Ethereum Rallies

    Bitcoin, after soaring back to its all-time highs of around $65,000 per bitcoin over the last month, is surging after the launch of the first U.S. bitcoin futures exchange-trading fund (ETF).

    Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains

    The bitcoin price has added around 35% since mid-September as hype around the long-await ETF has built. Meanwhile, ethereum, the second-largest cryptocurrency after bitcoin, is again closing on the closely-watched $4,000 per ether level.

    Now, as excitement over the ProShares’ bitcoin futures ETF reaches fever pitch, bullish crypto analysts at Fundstrat Global Advisors have predicted the bitcoin price could climb as high as $168,000 by the end of 2021 if demand meets sky-high expectations.

    Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday

    “[T]he [new bitcoin ETF] will enable vastly more individuals to allocate to crypto,” Fundstrat Global Advisors co-founder Tom Lee wrote, it was reported by Yahoo Finance. “We think bitcoin demand will exceed the inflows for QQQ.” The Invesco QQQ ETF, launched in 1999, tracks the tech-heavy Nasdaq’s
    NDAQ
    100 biggest companies.

    The newly-listed bitcoin futures ETF had a huge first day on the New York Stock Exchange with around $1 billion of intra-day trading volume, making it one of the most popular ETF launches ever, according to ETF.com.

    The bitcoin futures ETF launch has pushed the combined crypto market back over $2.5 trillion, surpassing its all-time high. Ethereum, after outperforming bitcoin during the last 12 months, is now following bitcoin higher—up 11% over the last 30 days.

    Bitcoin and crypto market watchers are hoping the ETF will boost bitcoin trading volumes and make it easier for cash to flow into digital assets. However, some have warned the bitcoin price might crash in the aftermath of the ETF launch as traders look to cash out.

    CryptoCodex—A free, daily newsletter for the crypto-curious

    MORE FROM FORBESTesla Billionaire Elon Musk Signals Surprise Dogecoin ‘Update’ Support As The Bitcoin Price Suddenly Surges

    “Despite active price growth, not all crypto market participants are equally optimistic,” Alex Kuptsikevch, senior financial analyst at FxPro, wrote in emailed comments.

    “Some believe that now we are witnessing not the beginning of a new stage of large-scale growth but are approaching a correction. This is because reaching a new historical high (or a series of historical highs) may provoke the beginning of aggressive profit-taking by large investors who opened positions during the rebound from $30,000.”

    “There are some views that the run-up in [bitcoin’s price] is already discounting this approval,” Fundstrat’s Lee added.

    “To an extent, this is probably true, since bitcoin has surged to near all-time highs in the past few weeks. But in our view, the price of bitcoin will continue to rise, well after actual approval of the ETF.”

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    ‘It’s going to be very obvious that every bank needs to become a crypto bank,’ says CEO of bank to nab 1st federal charter...

    Happy Thursday! Welcome to Distributed Ledger, our weekly crypto newsletter. I’m Frances Yue, crypto reporter at MarketWatch, and I’ll walk you through the latest...

    Academic research claims ETH is a ‘superior’ store of value to Bitcoin

    Australian university researchers have questioned Bitcoin’s reputation as the best store of value network in cryptocurrency, with Ethereum on track “to becoming the world’s...

    SHIBA INU: What the Charts Say Is Next for Shiba Inu

    It’s been a wild ride for Shiba Inu (CCC:SHIB-USD). The cryptocurrency got hot in early October, then exploded higher at the end of the...

    NEKTR Set to Become the World’s First Pro-Medical Cannabis NFT Gaming Platform

    RICHLAND, Wash., Dec. 2, 2021 /CNW/ -- At a time when most countries still maintain a tough legal regime prohibiting the use and supply...

    WazirX, Presearch and Komodo rally after data shows a surge in user activity

    The characteristically volatile nature of the cryptocurrency market is back in full force on Dec. 2 after the optimism of the past couple of...

    Newsletter

    Subscribe to stay updated.