Crypto Breakout: Why Bitcoin could Pop to $10,000
The good news for crypto traders kept coming in July 2018.
Not only did Bitcoin bounce from triple bottom support at $6,000, it managed to break above its 20-day and 50-day moving average to the upside.
At the time of the break, analysts were beginning to make calls for as much as $10,000.
“A series of higher highs and higher lows are now in place for the first time since the May highs and cryptocurrencies are beginning to respond positively to positive news,” wrote Rob Sluymer, technical strategist at Fundstrat Global Advisors, as quoted by MarketWatch.
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Adding even more momentum at the time, there was speculation the U.S. Securities and Exchange Commission (SEC) could approve a Bitcoin exchange fund (ETF), a request filed by New York-based VanEck and blockchain platform, SolidX as early as August 15, 2018.
“If approved a Bitcoin ETF would mean people are be able to buy into Bitcoin without having to deal with clunky exchanges that often struggle with cumbersome regulation and lack of public trust,” says Forbes.
Following the ETF proposal, the SEC publically shared it with an invitation to comment.
According to Crypto Slate at the time:
“Of the 210 comments, it is clear that an overwhelming majority are for the introduction of a Bitcoin ETF. Only six contributors opposed the proposal. The main argument for those against the Bitcoin ETF was the concern of widespread manipulation. One writer also worried about the potential problems with future quantum computing, while another saw alt-coins as a constant dilution of Bitcoin.”
One of the many positive comments was that crypto was here to stay, and that regulation would protect the millions of investors who already trust Bitcoin.
In fact, Morgan Creek Digit Assets, as quoted by Crypto Slate noted, “These law-abiding individuals have decided that this decentralized digital currency is an asset to store and transact their wealth…The millions of Americans who believe in Bitcoin’s value should be afforded the same access and protections as other asset investors.”
Other comments to the SEC warned that the U.S. must quickly adopt Bitcoin to remain at the forefront of technology and finanace. “With other countries like Japan, South Korea, Switzerland and Malta already taking positive regulatory measures towards institutionalizing crypto, the U.S. is at risk of losing its position as the global regulatory economy leader.”
If all goes well, some analysts believe Bitcoin could even test $20,000 again.
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