Bitcoin ETF permit awaited until the end of the month, prominent hedge fund laid more weight on BTC-

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bitcoin ETF permit awaited until the end of the month, prominent hedge funds lay more weight on BTC

The Bitcoin Prize rose for the first time in four months over the $ 55,000 mark on Wednesday, which gives supporters hope that the crypto bull run was lit again. Speculators predict that a Bitcoin Exchange Traded Fund (ETF) will soon be approved, and some believe that Bitcoin will outperform other crypto assets this month.

ETF analyst Eric Balchunas discusses the quotas for the approval of Bitcoin Exchange Traded Funds

While 13 digital currencies exceeded Bitcoin ( btc ) This last week, btc has been a top performer with 34.2 %in the past seven days. On Wednesday, the statistics show that btc gained more than 7% and reached a daily high of 55.800 USD.

One of the reasons for the price increase of Bitcoin is rumor that a stock market-traded fund (ETF) could receive the green light from the US stock exchange supervision SEC. Bloomberg ETF analyst Eric Balchunas discussed his opinion on this possibility on October 2 and informed a screenshot of the odds. Balchunas also mentioned the second chairman Gary Gensler, who called him "Genz" and how he likes the futures version of the Bitcoin ETFS

"Yes, the Sec has deleted the approval of Bitcoin-ETFS," said Balchunas . "But that is physically supported for those who are physically supported according to the law.

The odds of the ETF analyst Balchunas are shown below.

Bitcoin ETF permit to the end of the month Lays more weight on BTC
The quotas shared Bloomberg Etf-Analyst Eric Balchunas on October 2, 2021.

Titan Crypto adds Bitcoin more weight

In addition to the quotas of the ETF analyst, the mobile hedge fund and the investment company, supported by A16Z, Kevin Durant, Ashton Kutcher and Will Smith, Titan Cryptofonds for titanium customers will change its positions in the room to give Bitcoin more weight.

"We reduced our other positions to shift our weight behind Bitcoin. We believe that it is time for Bitcoin", Titan called on Wednesday evening (EST). “After a very stony end of September on the cryptoma markets, October started with significant profits. Some were surprised that Bitcoin had held $ 40,000 by September, despite a flood of bad news. Titan added:

But-as mentioned in our previous updates-the on-chain data continued to show bullish wider battery trends from institutional investors and whales that seemed completely unimpressed despite increased volatility. We saw a Bitcoin jump of up to 55,000 USD this week, but we see more leeway.

Diagram on the research contribution by Titan.
published on October 6, 2021.

Titan calls four specific reasons why Titan researchers believe that the value of Bitcoin "will grow exponentially in October, while other crypto-assets could reach a plateau". Titan's reasons are:

  • "We believe that Bitcoin ETFs come: The approval of US-based Bitcoin futures ETFs could already take place this month, with promising comments from Secy Chairman Gary Gensler."
  • "Bitcoin plays catch-up: We saw how old coins have achieved new all-time highs last month, while Bitcoin has consolidated between $ 40-50,000. We believe that Bitcoin is about to catch up with the field."
  • "take a break from the Altcoin season: The Altcoin season index shows that the Altcoin season may have already reached a local highlight and the market returns to the Bitcoin season at short notice."
  • "Reversing of institutional currents: After the longest wave of institutional depressions, Bitcoin has had strong inflows in the past two weeks. We believe that this decisive change in mood is due to the growing trusting institutional investor. she receives hodl. “

CEO of Crypto Derivative Exchange: "Money to convert from alts in Bitcoin in the future"

The crypto derivate exchange delta-exchange and his CEO Pankaj Balani share a similar view that btc will probably exceed other crypto assets. "Bitcoin has increased after his seasonal correction in September," said Balani in a message to Bitcoin.com News. "The price campaign looks very bullish because Bitcoin is strong despite the weakness of the global macros. Bitcoin has also digested all negative news that has come from China in the past few weeks, which is a very positive sign." Balani added:

There were new spot purchase activities at Bitcoin and in view of the price movement we are expecting a new ATH in the coming weeks. We also expect Bitcoin to surpass old coins and that the money will be converted into Bitcoin in the future.

What do you think of the prediction that Bitcoin will outperform other crypto-assets in October? Do you think a Bitcoin ETF is approved? Let us know your opinion on this topic in the comments below.

Photo credits : Shutterstock, Pixabay, Wiki Commons, Titan, Bloomberg-E-Analyst Eric Balchunas, Twitter,