Topic: Bitcoin ETF Approval: Fueling Bullish Momentum? (Read 527 times)

I get the impression to some degree that the current re-test of $30K is based on the idea than an ETF could still be approved soon, after the previous fake-news pump. The latter seemed to remind people that it remains possible an ETF will be approved soon, even if I find it unlikely. This also means that all it will take is for another SEC delay or some negative news for prices to return to the lows of the range imo.

I very much believe that if it weren't for the fake ETF news pump price would still be between $25K and $28K, even if that remains just a theory. I'm not convinced the XRP news has anything to do with Bitcoin's price movement, as in the past we've seen XRP pump with Bitcoin remaining stable in such scenarios. Currently Bitcoin's price as well as market dominance is increasing together, so seems unrelated.

If anything I'd say that Bitcoin's market dominance moving back above the 200 Week MA for the first time since March 2021 is the more significant factor here and is causing more shitcoin liquidity to flow back into Bitcoin, as opposed to any new money coming in. Some of the large cap altcoins (like ETH/BNB) with relatively high liquidity are very much on a knife edge against BTC or otherwise breaking down for example.

While Bitcoin's price remains very much range-bound and has been for 7 months now, it's market dominance is very much breaking out again and at it's highest level in over 2.5 years.

I know that comparing gold ETFs and bitcoin ETFs is not entirely accurate, but I think there will be a psychological impact on the market as you said, which will create extremely strong Fomo and push bitcoin prices up. That's why I'm so bullish on ETFs. But we should also be careful in everything, we have a saying "buy rumors, sell the truth", if ETF is approved this year there will also be a big trap attached. I mean when the news of an approved ETF comes out, the market will Fomo and that's when the market makers will take profits. No matter how great the demand for bitcoin is, this market is still heavily manipulated, so we should be more careful.

As I've read on one article from theblock, Gary said that they are either to approve it one by one or do it in batch. I think that gives some speculations that a spot Bitcoin ETF will really be approved. I wonder how would the market would react if it were to be approved, not mega bullish but it could mean a thing or two for those traditional investors who wanted it. No, don't talk about alts in here, we have a specific altcoins discussion to talk about alts.

There is no doubt that approval of ETF will fuel the positive trend of Bitcoin.  It may not directly create demand but it can impact the market sentiment and can even give a huge impact to Bitcoin price if the ETF gain popularity and trust of masses.

David Waugh stated in an article that ETF can serve as a connection for financial professionals who were previously hesitant or unprepared to enter the crypto space which could positively impact Bitcoin.

I know that nothing is certain here, but if you see the market reaction to the fake ETF news, you will believe that if the ETFs application is approved by the SEC, it will have a huge positive impact on bitcoin. Just as we are looking forward to the upcoming bull season after the halving, we do not have any evidence that it will definitely happen but we are still hopeful. So it's not wrong that many people are also hoping that the approval of ETFs will also create a price breakthrough for bitcoin.

Why in the name of all that is Bitcoin are you asking about altcoin investment advice in the Bitcoin section? You do realize that Bitcoin is not an altcoin but rather the original cryptocurrency, right? That is what the "alt" part of altcoin means. Alternative coin.

I would be wary of trusting anyone claiming that some altcoin is a good investment. You can check the top altcoins at coinmarketcap.com and compare their functionality,  development and so on...

Also, the rumored approval was proved fake. It was cointelegraph sending out fake news. They already apologized for it.

I think the bull that will occur with the halving will definitely blow up layer 1 and 2. There have always been the igniters of the bull during the periods when the bull market dominated. After the 2024 Halving, i think the ignition will start with layer 2 coins. ARB and OP will take the lead. I will use the weight in favor of ARB, i trust the progress of the Arbitrum ecosystem more than OP. Because of OP hacking incidents etc. OP has corrected this situation and continues on its way, of course. In addition to Layer 2s, we can also add CELR, the Celer Network, which we call a Layer2 solution. These are the three coins that i think we must have in our hands when entering the bulls.

If this was intentional then this was a bull trap to fill up the short position above 27k level and trap the long position. This is a valid accusation, and if it is true then there will be initiative to liquidate those long positions before moving upward. This can be mistake done by the news portal media but if that is true then how did they make $2 million from this news manipulation? Their statement seems fishy to me and an official investigation report should be made public in the future.

Yeahh, $XOR is a good pick. I've been seeing it around lately, its usecase as a governance token will aid the democratisation of finance. I've also heard about the Candybomb event for Bitget Filipino users

I see something else in your gold chart. Take a look at the years 99-2007. It looks like every previous bitcoin bear market, just placed on an extended time line. There was a bottom, followed by a strong pullback, then another bearish decline that formed a double bottom, so a confirmation of the bottom, followed by a return to the mean that eventually made the price go back to before the crash.

Compare this to bitcoin on the weekly chart. We have our FTX crash bottom, followed by a sharp pullback, this time with no double bottom formation and a return to a stable level of around 30k, which is almost half of the all time high, just like 9k was in 2019.

I am considering investing in $ORBS and $XOR. The latter seems more appealing to me because it appears to be oversold and could potentially yield returns for the Polkadot project. I am planning to purchase it on the latest exchange that listed it, which in this case is Bitget. By buying XOR on a centralized exchange (CEX), we can help reduce the token's emission.

In my opinion, these are classic manipulations, but I believe a turnaround will happen sooner rather than later. Given this, don't you think accumulating some alts right now is a wise move? If so, which ones are you considering and where?

Why are we all still looking at that Space-psycho owned social media posts as the bible?

Have we not matured enough to remain calm in situations like these and take everything in the crypto space with a grain of salt?
It needs more polishing it seems.

Anyway, I would suggest people to wait this out. If bullish markets set in, keep sell orders above 35K and 40K to maximize profits. If ETF does get approved, no wonder the prices will rise but they will correct again giving everyone buying and selling opportunities.

Hence bottom line - Dont panic and stop following social media.

I think Cointelegraph is not like this on the past so maybe it is true that some of their team members are only messing up with their operations. Therefore the investigation that they said could be sincere. They need to catch that untrusted member and fire it up immediately in order to protect the reputation of the company. Most fairy tales might be fictional but I still believe that a happy ending can happen here.


But, how do we know if SEC approves an ETF? Most of the times the only way for us to know the latest crypto news is by browsing crypto news sites. But one thing is for sure, and that is we will now double check things first before we believe on them.

Obviously you can feel the change in the market since Blackrock announced that they’re getting into the game. I think everyone is expecting ETF approvals and a rally early next year as a result, so we can only hope that everyone is right and this isn’t a massive case of buy the rumor and sell the news, which would be bad.

Are your predictions short-term? Because I think in the long run between now and the halving, we will have many corrections and there is even a possibility that bitcoin will drop to $23k, not just 27k. Even if bitcoin surpasses $30k this month, there is no guarantee that bull season has arrived and we won't be able to fall any further. If we believe in the 4-year cycle, bear season is not over yet so we cannot expect prices to increase from now on even though the market is doing well this month.

If we see market conditions and focus on the trading aspect and price movements it seems that the upward trend is approaching its peak point, the potential for a downward reversal is underway even though several attempts have been made to push the Bitcoin price up to continue the upward trend, but they have failed because there is quite strong selling pressure there. If the selling pressure continues and breaks the resistance at $28,200 then the price will fall to $27,500.

The impact of ETFs is undeniable. Even one fake news can increase the price of bitcoin. If it is true news, it will have a huge impact, you are right about this. But for some reason, many people still don't believe in this and think it is of no use. I have also seen some charts on gold after the gold ETFs were approved and I also believe that the hype on bitcoin will be many times stronger than that of gold. Because bitcoin is already hugely hyped and this is the reason why it is hyped even more.

I believe Bitcoin Spot ETFs in the USA only get first approval and later ones in a big Bitcoin bull run. If such approvals come, they will come after halving events that historically cause new parabolic bull runs for Bitcoin.

Compare impacts of Gold ETFs to Bitcoin Spot ETFs is good but again your comparison is only kind of estimation and it can be under or over estimation. We don't know how one event can affect another thing before the event actually happens and effects already seen. Similarly to difficulty we have when trying to find bottoms and all time highs of each bear or bull market.

Many people are underestimating the impact of ETFs on bitcoin, but if you look back at the history of gold, you will see how gold skyrocketed after the gold ETF was approved. I also believe that the impact of an ETF on bitcoin will be huge and very significant on bitcoin price.

If it doesn't have any impact on the market then why is the entire market bullish and paying attention to ETF related news? You can also see that just 1 fake news release in less than 1 hour can make the bitcoin price increase a lot, but what do you think will happen if it is real news?

I think you need to look at this chart to see the real impact of ETFs being approved.