It's almost hard to believe that the price of Bitcoin has risen to $57,000. Less than two months ago we were priced at almost half that and many were declaring the bull run over. That the market will sink for several years. But as you already know, Bitcoin proved the naysayers wrong and now the bull market is back in the minds of most people. The really interesting thing about this latest price rally is how quietly Bitcoin has been able to achieve this. There hasn't been any huge news out of America saying that they won't ban Bitcoin. Bitcoin's ability to run so quietly should make you incredibly bullish. Things are about to go parabolic.
There have been heavy rumors declaring that the Bitcoin ETF will be finally approved sometime in October. A US-approved Bitcoin ETF is something that has become mythical in the crypto community. Something that is often talked about, hoped for, but never a reality. That seems to be finally changing. The rumors come from very reputable media outlets. But if that wasn't enough; all you have to do is start looking at which organizations have apps in the mix. Companies like VanEck, Fidelity, Goldman Sachs and the list goes on. These are some of the most powerful organizations in the world.
But why would this have a gigantic effect on the price of Bitcoin? After all, there are already many Bitcoin ETFs in other countries around the world. Like it or hate it, the US is still the biggest financial market ever. It is the nation with the highest GDP and it is where the lion's share of global investment takes place. Not only that, but it sets a precedent for other countries to follow soon. When a Bitcoin ETF is finally approved in the US, it will legitimize Bitcoin and make it more acceptable for companies or hedge funds to get into the mix. Not only that, but it makes it much easier for them to buy it. Once the US legitimizes it, the same will happen all over the world.
I recently wrote an article talking about my year-end predictions for Bitcoin and other cryptocurrencies. At the time of writing, the price of Bitcoin was around $42,000. I had predicted a bitcoin price of $150,000 to $200,000 by the end of the years. I had gotten quite a few errors for this prediction saying I was just using big numbers. But you have to remember the mindset of most people at this point. China just re-banned bitcoin and cryptocurrency and many people thought that this might be the end of this bull. Morale was low. And then Bitcoin quietly rose to what it is now. When I made this unusual prediction, I had already heard these heavy rumors that the Bitcoin ETF was going to be adopted, and it had a big effect on my price loss. I believe there are many organizations that are already aware of the ETF endorsement and are trying to get on board before the announcement. Even if it is an announced futures ETF and not a spot ETF, it will still shake up the financial markets. All you have to do is look back at when a gold ETF was finally announced and what effect it had on the price. Things will go parabolic and it will happen much sooner than you think.
We are already at $ 57,000 and if the ETF is approved, I see the price quickly rising to $ 100,000. This is a huge milestone and therefore I expect a sell-off at this price range. But even if that happens, the momentum it will create could make it easier to achieve the prediction I gave. It's a little crazy to think about, but even with the big gains we've seen, we've yet to see Bitcoin go parabolic yet in the current bull run. When this happens, prices rise much further than you ever thought possible.
What does it all mean?
Simply put, this means that Bitcoin is still cheap. Especially considering the prices that many analysts are predicting. To all of you who over the last few months managed to ignore all the FUD and continued to buy and even bought more than usual. Soon you will be able to reap the rewards. There is a reason dollar cost averaging has become such a popular buying philosophy in the Bitcoin market. It works. Get ready, things are about to get very interesting.
What about you? Do you think the ETF will be approved? What are BTC price predictions?