Bitcoin Price Prediction: BTC Breaks $26,000 Barrier

Bitcoin Price Prediction: BTC Breaks $26,000 Barrier – SEC Delay at Play?

Updated: 01 September 2023

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The US Securities and Exchange Commission (SEC) announced it would have to delay deciding on the seven Bitcoin spot ETF proposals filed by various companies.

The regulator said it needs additional time to review the proposed rule changes and address potential concerns thoroughly.

Also middle of October is when a dozen Ether Futures scheduled to launch. Should be an interesting Fall!

— Eric Balchunas (@EricBalchunas) August 31, 2023

Given that the court recently forced it to review Grayscale’s proposal once again after deciding that the regulator rejected it too quickly, the SEC is now going in the opposite direction.

The regulator plans to announce its decisions in October 2023; the US still has no Bitcoin ETF approved.

Bitwise Withdraws ETF Applications

Until now, Bitwise was among numerous asset managers that sought to launch spot Bitcoin ETF in the US. However, in an unexpected turn of events, the company withdrew its Bitcoin and Ether Market Cap Weight Strategy ETF, which was initially filed about a month ago, on August 3.

In its filing for withdrawal from the ETF race, the company said the fund seeks to provide users with capital appreciation.

There can be no assurance that the fund will achieve its investment objective. It also added that the Trust no longer intends to seek the effectiveness of the fund, and no securities of the fund were sold or will be sold.

The SEC’s delay and Bitwise’s withdrawal from the race negatively affected crypto prices.

Bitcoin Price Crashes: Back Under $26k

A few days ago, Bitcoin price saw a rally that took it up to $28,000, and while the coin did correct since then, it still managed to balance above $27,200 for several days. However, the bad news regarding the ETFs, including the SEC’s delay of the decision and Bitwise’s withdrawal of its proposal, caused the price to crash again.

The coin’s drop came late on August 31, leading Bitcoin down to $25,995, which is where it sits right now.

The coin lost 4.5% of its value in the last 24 hours. So far, its average daily trading volume remained consistent throughout the first half of September 1, at $20 billion, representing a 40% increase compared to yesterday.

However, just like its price, the coin’s market cap dropped by over 4%, as traders wiped Grayscale gains

We’ve now fully retraced back to pre SEC Grayscale Lawsuit Bitcoin price.

Pretty much sums up where the markets at right now. pic.twitter.com/PS4T12uHFh

— Ben Simpson (@bensimpsonau) August 31, 2023

What Next for Bitcoin?

Given the recent events, analysts returned to being extremely bearish on BTC.

One analysis noted that BTC is trying to break the $25k zone, and if this happens, the coin will start spiraling further down. The analyst expects to see it crash to $18.5k, a level not seen since the start of the year.

However, if the $25k zone manages to hold the coin’s value, Bitcoin might soon start to recover, which typically happens after such a sharp drop. Simply put, the strength of the support will dictate what will happen next.

Another analyst noted that Bitcoin needs rest and more range trends and candles to make accurate decisions. Essentially, the coin has been reacting to real-world events, and little can be predicted through technical analysis because of that.

Wall Street Memes Is Calling All Buyers

Wall Street Memes (WSM) has been the talk of the industry for the last few months. Inspired by a subreddit called WallStreetBets and its struggle to protect companies from stock shorting done by institutions in 2021, a young meme coin has been selling tokens throughout the summer.

So much so that it managed to raise over $25 million; each of its tokens is available for $0.0337, and its presale is in its final stage, so this is the last chance to buy before the token gets listed on tier 1 exchanges.

According to the project’s website, the listing should happen in 26 days. Anyone interested in taking this last opportunity to buy WSM can do so with BNB, USDT, ETH, or a credit/debit card.

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