Bitcoin ETF will likely be delayed until 2022, BTC erases losses to trade over $56,000
Arslan Butt • 2 min read
Bitcoin’s price has risen by 35% in the previous two weeks as investors become more confident about the Securities and Exchange Commission’s plans for the multiple bitcoin ETF applications presently being considered. However, the market sentiment that Bitcoin ETF will likely be delayed until 2022 is dragging BTC/USD lower.
The leading cryptocurrency Bitcoin plunged dramatically to place a low of 53,909 level on Tuesday. Indeed, the bearish bias is driven by fundamentals, and this time, it’s CFRA research’s Todd Rosenbluth. According to Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA, crypto-asset investors may have to wait longer for a Bitcoin futures exchange-traded vehicle.
While a Bitcoin futures product is likely to be the first crypto ETF to obtain clearance, Rosenbluth warned on CNBC’s “ETF Edge” on October 12 that the present muddled regulatory scenario might create more delays.
The SEC has failed to approve more than 20 crypto asset-based exchange-traded products. The products’ assessments have been delayed instead of kicking the can down the road on many occasions.
Bitcoin ETF Will Likely be Delayed Until 2022
To avoid a “first-mover advantage,” analysts speculated that authorities might be waiting for all of these items to satisfy their objectives before approving them all at the same time.
“It’s possible — in fact, we think it’s likely — that we’re going to see a delay of a Bitcoin futures ETF until 2022 until the regulatory environment is more clear.”
Van Eck Associates’ CEO Jan van Eck’s Stance on ETF
According to Van Eck Associates CEO Jan van Eck, the SEC is most concerned about price differences between bitcoin and futures, the potential for funds to grow too large, and test the limitations on how many contracts they can possess the risk of cross-border investment.
“In bitcoin rallies, bitcoin futures strategies can underperform by even up to 20% a year,” Van Eck said. “The SEC aspires to have some clarity into the underlying bitcoin exchanges.”
Bitcoin Price Prediction – Bullish Engulfing to Trigger Buy Over $56,000
The leading cryptocurrency Bitcoin is trading with a bullish bias at the 56355 level. It recently has crossed above the pivot point level of 55868.
On the higher side, Bitcoin has the potential to go after 57827. This particular resistance travel is being extended by a previous high placed on October 11, 2021.
On the two-hourly timeframes, Bitcoin has crossed above 50 exponential moving averages, supporting BTC/USD at 55,868 level. A bearish breakout below 55,868 level can trigger selling until 54,035 support level.
The RSI supports a buying trend; therefore, the chances of a bullish trend remain strong over the 55,868 level. Good luck!