Analysts: a breakout of Bitcoin (BTC) could occur in November

During the summer, the price of Bitcoin ranges between $ 6,000 and $ 8,000. However, according to some price analysts, the price of Bitcoin could well see a breakout in November. Billy Bambrough of Forbes states that market experts expect the breakout already in November of this year. However, he recognizes that a section of these experts is anchoring their hopes in September, with the final month favored.

The Prospects

This breakout is expected for two main reasons: first, the SEC is deliberating on the approval of the Bitcoin ETF application presented by SolidX / VanEck. The decision is scheduled for September 30 or earlier and it is hoped that the proposal can be approved especially after the decision has been postponed. Furthermore, the fact that the SEC has announced its decision to revise another 9 recently rejected questions of the ETF is another strong indication that things could prove positive for the crypt.

Secondly, the Intercontinental Exchange (ICE), which is the parent company of NYSE, is set to launch a Bitcoin ETF on 5 ^th November. ICE launched a cryptographic platform, Bakkt, in July and collaborated with large companies such as Microsoft, Boston Consulting Group and Starbucks. However, the ICE ETF will be different from the others as it will be offered through its platform and will use Bitcoin for every transaction conducted on its network. This measure aims to improve price discovery.

Finnbjornsson: Bitcoin Price To Hit $ 10,000

Bambrough also cited another expert, Hermann Finnbjornsson, who claimed that the value of Bitcoin could increase to $ 10,000 by the first week of November. Hermann is the founder and CEO of Svandis, an encrypted consulting company. Speaking with The Street, Hermann said that Bitcoin had over 99% chance of success in a bullish run.

However, there is still some debate within the crypto community about the fact that Bitcoin really needs the approval of the ETF to succeed. So far, cryptocurrency has survived and weathered storms for a full decade since its inception in 2009. This calls into question the impact of an endorsement of the ETF on the Bitcoin market. Of course, there is the possibility that the cryptocurrency is overfinanced as a result of an ETF.

In any case, the events of late September and early November will explain the future of the coin market. If both ETFs go through, it could mean a huge boom with a significant price increase for cryptocurrency.

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