After the SEC announced that they would postpone their decision on bitcoin ETFs, the coin’s price surprised many by rallying to new levels. Additionally, bitcoin’s price is on an uptrend with investors anchoring their bullish hopes on Bakkt, among other developments.
Currently, bitcoin’s price is bottoming up after gaining 2.69% to trade above $6,600 late last week after oscillating between $6,300 and $6,400 before flirting with the $6,600 level. Based on the candlestick formations, it seems that there is more room for upsides thanks to spikes in market participation levels. Moreover, looking at the positive developments yet to come, it can be safe to assume that the coin’s price may surprise many soon.
First, the Securities and Exchange Commission (SEC) announced that it has began reviewing the process for the physically-backed bitcoin ETF proposed by VanEck and SolidX. Many analysts, including Canadian investment firm Canaccord, had earlier anticipated that the SEC would delay its ruling at least once or twice until March 2019.
Moreover, the Intercontinental Exchange (ICE), plan on launching a new regulated “on-ramp” platform for institutional investors, retail investors, and merchants. This will enable them to trade, store and spend various digital assets through Bakkt. This project will utilize MS cloud solutions with support from traditional Wall Street firms and crypto funds such as Starbucks.
Once these developments come alive, bitcoin’s price is likely to experience an upsurge by the end of 2018 as investors rush to grab these opportunities. The optimism regarding bitcoin’s price is so high that Tim Draper, the tech billionaire is still firm in his prediction of $250,000 by 2022. Also, Novogratz stands by his prediction of $10,000 price target for 2018.
Since bitcoin’s price is on an uptrend as at writing time, how far do you think these developments will push the prices?
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