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The price of Bitcoin (BTC) is influenced by broader market volatility and the possible adoption of Bitcoin Exchange Traded Funds (ETFs).
With applications for spot Bitcoin ETFs and Ether ETFs making headlines, investors are closely watching every move made by applicants and the U.S. Securities and Exchange Commission (SEC).
Delays send the market into a tailspin, while indications of progress boost sentiment.
Long-term BTC holders (1+ years) currently own ~69% of the supply
????https://t.co/rQNDofGvcH pic.twitter.com/T9GOOCu5FV— IntoTheBlock (@intotheblock) October 13, 2023
Bitcoin Price Rises as US SEC Misses Appeal Deadline After Grayscale Victory
The Bitcoin price rose about 3% during the late hours of the New York session on October 13, as it became clear that the SEC will not appeal an August 29 ruling in favor of Grayscale.
In that ruling, a judge said the regulator’s decision to approve Bitcoin Futures ETFs but not spot Bitcoin ETFs was “arbitrary and capricious.”
AFFIRMED and ADJUDGED that Grayscale’s request for review is granted and that the Commission’s order is vacated, consistent with the opinion of the court entered on this date.
The SEC had 45 days, ending October 13, to appeal the ruling.
Benzinga (and others) report that Reuters reports that the SEC will NOT appeal the Grayscale case. pic.twitter.com/yd9BBtRwv5
— Eric Balchunas (@EricBalchunas) October 13, 2023
Bloomberg ETF experts James Seyffart and Eric Balchunas have adjusted their Spot BTC ETF approval odds from 75% to 90% as a result.
I’ve received a lot of questions about my current view of Spot #Bitcoin ETFs of the past weeks. This is the first part of the note I distributed yesterday @EricBanchunas.
TLDR: Our opinion hasn’t changed much https://t.co/dRAm5IsdQf pic.twitter.com/Htsi3n2XxV
— James Seyffart (@JSeyff) October 13, 2023
The prospect of approval for a line of applicants including fund management titans including BlackRock, Fidelity and Ark Invest has analysts anticipating an influx of liquidity into the market.
This could potentially spark a long-awaited bull run that could be further boosted by the BTC halving in April 2024.
InsideBitcoins has reviewed some of the best altcoins you can buy before this calendar date.
Invesco Galaxy has now updated their spot bitcoin ETF S-1, following ARK in response to SEC comments. I expect the rest will add their updates soon as well. pic.twitter.com/JxzVMwLd4D
— Eric Balchunas (@EricBalchunas) October 13, 2023
Bitcoin price forecast with $30,000 in sight for BTC
At the time of writing, the Bitcoin price is at $26,874, up 0.5% on the day. It continues to consolidate above an ascending trendline, keeping BTC bullish from an overall perspective.
With the people’s crypto above this bullish technical formation, Bitcoin’s price could extend northward and possibly reach the psychological level of $28,000.
The increased buying pressure could allow BTC to breach the USD 28,831 resistance level or higher to break the USD 29,891 barricade.
A break and close above this level would confirm the uptrend and pave the way for a potential reach to the $31,804 range high. Such a move would represent a 20% increase from current levels.
The Relative Strength Index (RSI) has veered north and is showing rising momentum. This is reinforced by the position of the Awesome Oscillator (AO) indicator above the centerline or in the positive area.
Conversely, if selling pressure increases, driven by profit-taking, Bitcoin price could lose support from the rising trendline and fall below the psychological level of $26,000.
Increased selling pressure could push BTC below the 50% Fibonacci retracement at $25,732, which marks the midline of the market’s range as measured from the March 10 low at $19,664 and the July 13 high at $31,804.
At worst, a break and close below the September 11 low at $25,118 would invalidate the current bullish outlook.
Investors looking to get in on the Bitcoin action can also do so via BTCMTC, the driving token behind the Bitcoin Minetrix ecosystem.
Bitcoin alternative
BTCMTX is considered the surefire alternative to Bitcoin. The ecosystem, Bitcoin Minetrix, mines BTC on your behalf.
Buy and stake BCMTX tokens to join the community, a secure Bitcoin cloud mining platform.
Simplified mining experience! ????️#BitcoinMinetrix has a solution in mind for quiet and orderly mining. ????
No fiddly settings, glitches or overheating – just effortless and seamless $BTC cloud mining!#CryptoCommunity pic.twitter.com/LM6XH5RyNy
— Bitcoinminetrix (@bitcoinminetrix) October 13, 2023
The project is in its pre-sale phase, with each BTCMTX token selling for $0.011. The latest website update shows that revenue has increased to over $1.3 million, from the soft cap of $1.54 million. There is only a little more than one day left to purchase BTCMTX at today’s discounted rates.
An impressive milestone achieved by #BitcoinMinetrix!
Crossed the $1,200,000 mark! ???? pic.twitter.com/DwCXcHjdFV
— Bitcoinminetrix (@bitcoinminetrix) October 13, 2023
BTCMTX is a high-utility token that allows holders to earn credits that can be exchanged for mining hashpower.
Buy BTCTX here
Also read:
New Crypto Mining Platform – Bitcoin Minetrix
- Controlled by Coinsult
- Decentralized, secure cloud mining
- Earn free Bitcoin every day
- Native token now on pre-sale – BTCMTX
- Staking Rewards – Over 1,000% APY
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