Posted October 20, 2021
By Jonas Elmerraji
Bitcoin Breaks out to New Highs! Is $168K Next?
Yesterday was a big day for Bitcoin. And today’s an even bigger one!
The ProShares Bitcoin Strategy ETF (NYSE: BITO), the world’s very first Bitcoin futures-linked exchange-traded fund, started trading on the New York Stock Exchange Tuesday morning, marking a major milestone for the cryptocurrency.
Analysts at FSInsight are saying that Bitcoin’s equilibrium price following the ETF’s approval is likely to top $168,000. That’s thanks to an anticipated $50 billion in first-year demand for the new Bitcoin ETF. Those numbers are massive, but they sound plausible — funds like BITO are as easy to buy and sell as stocks, so they offer a lower barrier to entry for folks who don’t have crypto exchange accounts yet but still want exposure to Bitcoin prices.
And that’s already having a super-bullish impact on Bitcoin prices this week.
As I write, Bitcoin is trading at new all-time highs!
As you heard from me last week, I think now that that previous upside barrier has been crossed, we’re in store for significant upside in the final stretch of 2021. A test of the $100K level looks imminent from there.
And if the FSInsight folks are right, prices could be headed for an even higher equilibrium level thanks to mainstream Bitcoin demand from the new ETF.
For now, there isn’t much to say about Bitcoin’s technical picture versus last week. We’re officially in uncharted territory (and that’s a good thing for Bitcoin bulls)!
Jonas Elmerraji, CMT