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Bitcoin Price Prediction: As BTC Soars Past $36K, This Spot Bitcoin ETF Play Blasts Past $100K In Presale As Bulls Run Wild

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Bitcoin price
Bitcoin price

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The Bitcoin price climbed 4% in the last 24 hours to exchange hands for $36,807 as of 5:00 a.m. EST.

Trading volume surged 32% as BTC hurtles towards the $37,000 level amid rising optimism over the possibility that the approval of spot Bitcoin exchange-traded funds (ETFs) could come within the next eight days.


SEC Gets Brief Window To Approve Spot Bitcoin ETF

Bloomberg analyst and ETF specialist James Seyffart said the US Securities and Exchange Commission (SEC) has a brief window to approve all the spot Bitcoin ETFs potentially, and it will be open for at least 8 days, beginning November 9.

According to Seyffart, the Grayscale Bitcoin Trust’s (GBTC) ETF application will also be considered in this open window. Grayscale CEO Michael Sonnenshein says it’s still having discussions with the SEC, adding to hopes that GBTC will soon be converted to an ETF.

Nevertheless, the analysts articulated that even if the financial regulator does not give a positive nod within the eight-day window of opportunity, there’s still a 90% chance that spot Bitcoin ETFs will be approved by January 10.

Meanwhile, US Senator Ted Budd has introduced a new bill to ensure the right to self-custody is not infringed.

Bitcoin Price Forecast As BTC Holders Eye Eight-Day Window

Bitcoin price is testing the upper boundary of an ascending parallel channel, with the Relative Strength Index (RSI) showing that BTC is massively overbought. As such, it may not be prudent for traders to open new long positions as a pullback seems likely.

However, those with open positions should not close them either, at least not for now, unless the RSI hints at a cross below the 70 level. This would be the sell signal to watch out for.

Nevertheless, the odds still favour the bulls, and the Bitcoin price could escape the channel’s upper boundary above the $35,986 resistance level. However, BTC must record a decisive daily candlestick close above the $36,550 range high to confirm the move north.

TradingView: BTC/USDT 1-day chart

On the flip side, the Awesome Oscillator (AO) histogram bars are pulling towards the midline, flashing red to show the bears gaining ground.

Similarly, the Moving Average Convergence Divergence (MACD), crossing below the signal line orange band), with both above the midline, shows that longs have closed and the cross-over is, therefore, a signal to sell.

Traders heeding the call to sell could see Bitcoin price rejected from the upper boundary of the ascending parallel channel. The ensuing seller momentum could pluck out BTC from within the confines of the bullish technical formation.

A break and close below the channel’s lower boundary at $34,523 would follow, with this level coinciding with the Parabolic SAR indicator.

In the dire case, the slump could extend for Bitcoin to lose the $35,000 and $34,000 psychological levels and possibly find a pivot at the $31,190 support level.

While Bitcoin price soldiers on with a spot BTC ETF approval on the horizon, why not get ahead with BTCETF?

Promising Alternative To Bitcoin

With Bitcoin price linked closely to whether spot BTC ETFs are approved, enlightened investors are looking to BTCETF, the token for the new Bitcoin ETF Token project. Holders will enjoy resounding rewards once the US SEC finally green-lights the launch of a spot Bitcoin ETF.

The project is still in the presale stage, with a single BTCETF token selling for $0.005. Investors are buying the token with Ethereum (ETH), Tether (USDT) stablecoin, or their bank card.  The project looks to raise $420,000 in the current stage. Of this target objective, it’s already surged past $108k. Buy Bitcoin ETF Token at the lowest possible price, and be a BTCETF HODLer before the first Bitcoin ETFs are approved!

You can also stake the BTCETF token, with the most rewards going to early entrants. As of the time of writing, up to 15,527,613 tokens have been staked.

Stakers get Annual Percentage Yields (APY) as high as 1954%. Rewards are going at 119 per Ethereum block.  Staked tokens and their accrued rewards can be claimed seven days after BTCETF goes live on exchanges.

According to the project roadmap, Bitcoin ETF Token will go on for ten stages. The first stage has a $420,000 target, while the tenth has a $571,200 target. In between, five milestones abound. The first milestone will be achieved when BTCETF records a trading volume of $100 million.

The fifth milestone will be achieved the moment Bitcoin price hits $100,000. The third milestone, however, is the most interesting, which will be when we finally have an ETF launch date.

Visit the Bitcoin ETF Token website to buy BTCETF in the presale here.

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