You would probably think that I would sell it from here, right?
The prediction is still on… However, I’m making one crucial change.
I’m raising my Bitcoin target a lot higher…
This is due to three main reasons…
The US just listed the first ever Bitcoin ETF on the NYSE
One of the main reasons for Bitcoin’s rally to $67,276 was due to the New York Stock Exchange listing the first Bitcoin ETF ever.
It’s called the ProShares Bitcoin Strategy ETF (BITO).
When it listed, there was the second highest initial (debut) volume with a record of 24 million shares traded.
And with the build-up with the listing, as well as the actual listing, in just one month, Bitcoin’s price has already soared over 45%.
Top Trusts, analysts and even banking giants are rooting for Bitcoin’s super rally
Lately, we’ve seen some top analysts make wild price predictions on Bitcoin. And this is driving investors to buy even more.
For one, Fundstrat Global Advisors market research firm has predicted that Bitcoin could rally as high as $168,000 by the end of the year. The co-founder Thomas Lee, said that BITO could attract as much as $50 billion of inflows in its first year.
Next, Marcus Sotiriou, Sales Trader at GlobalBlock told Insider:
"The ETF will be a big factor for driving the price higher, as it allows a new wave of money to enter the market,"
Even the global banking giant, Standard Chartered’s research, revealed Bitcoin is likely to hit $100,000…
And the listing is just a start…
With the US SEC finally approving Bitcoin ETFs, there are many other Bitcoin trusts and ETFs that are now waiting to be approved and reconsidered, in November and December, before they go live.
• The Global X Bitcoin Trust
• Kryptoin Bitcoin ETF
• Valkyrie XBTO Bitcoin Futures Fund
• WisdomTree Bitcoin Trust
Here’s what, Vikram R Sing, Founder of Antier Solutions, told Financial Express Online.
“With U.S. SEC approving bitcoin ETFs, this is huge and a step in the right direction. This will elevate the scope of cryptocurrencies in mainstream financial services that were previously confined to buying/selling only. There’s a rally of cryptocurrencies following up. Wait & watch,”
With the US and SEC approving regulations and listing of Bitcoin ETFs, this will attract more buying from all parties.
And you know what that means… The Bitcoin price will continue to rocket up…
Even the charts confirm upside to come…
Why this huge Rounding Bottom is showing major upside to come for Bitcoin
We’re looking at the daily chart of Bitcoin. We can see since 7 May 2021 it’s been forming a breakout pattern called a “Rounding Bottom” (Shaded area).
This is where the price moves in a bowl type shape.
It started forming at a high price of $59,300. It then sloped down to a low $29,171 in July and then moved back up to the same high price on 15 October 2021.
We then saw the price break up and out of the $59,300 level.
This told me that the buying momentum and demand was strong. And based on the factors I mentioned today, buyers will most likely continue to drive the price higher.
Now we can now calculate the next price target.
To do this, we’ll simply use the High-Low Formula.
Price target = (High – Low) + High
= ($59,300 - $29,171) + $59,300
= $30,129 + $59,300
This means, we can expect the Bitcoin price to rally another $30,129 up to $89,429.
"Perfect Retirement Income Accelerator" Lets You Skip High-Risk Investments
If you’re retired, approaching retirement or seeking early retirement…
And worried you don’t have enough saved…
Then you’ll want to pay VERY close attention to this short message.
Because today, I’m going to show you how to claim your FREE copy of my 2022 report, The Perfect Retirement Income Accelerator.
Here’s how to profit from the 50.8% Bitcoin rally
First, I’ll buy and profit by owning Bitcoin CFDs with a reputable broker i.e. Rand Swiss or Velocity Trader that offer cryptocurrencies.
And ride it up until it hits my second price target for the year.
Trade well, live free.
Analyst, Red Hot Storm Trader