{"id":447584,"date":"2023-10-13T11:24:20","date_gmt":"2023-10-13T11:24:20","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=447584"},"modified":"2023-10-13T11:24:21","modified_gmt":"2023-10-13T11:24:21","slug":"bitcoin-btc-price-prediction-will-btc-reach-100000-amid-growing-institutional-interest-while-a-new-presale-coin-steals-the-spotlight","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-btc-price-prediction-will-btc-reach-100000-amid-growing-institutional-interest-while-a-new-presale-coin-steals-the-spotlight","title":{"rendered":"Bitcoin (BTC) Price Prediction: Will BTC Reach $100,000 Amid Growing Institutional Interest, While a New Presale Coin Steals the Spotlight?"},"content":{"rendered":"

The Bitcoin price retested the support at $26.6k yesterday, and the level managed to keep it from going further down. However, the coin is still relatively low compared to the performance in the last seven days.<\/p>\n

Last Friday, October 6, BTC’s price dropped to $27.34k, surging to $28,000. Over the weekend, the price was primarily flat on October 7 and 8, trading sideways under this resistance. However, it did not manage to breach it.<\/p>\n

With the arrival of Monday, October 9, crypto traders expected to finally see Bitcoin make its move and go beyond $28k. Instead, the coin dropped to $27.4k, only slightly recovering to $27.6k later in the day.<\/p>\n

The coin even managed to climb slightly above this level on October 10, but later that day, its price saw another drop that took it down to $27.3k. On October 11, the price fell again, this time hitting $27,000, only to bounce back up to $27.2k, which rejected it, sending it to $26.6k for the first time.<\/p>\n

\"Chart<\/p>\n

This was the coin’s weekly low, and from there, Bitcoin saw another slight growth to $26.9k. This was yesterday, October 12, but the resistance rejected the coin right back to where it started — $26.6k.<\/p>\n

Fortunately, this support managed to hold, and BTC started growing again. It hit several resistances along the way, including the one at $26.75k and the one at $26.8k. Both held it off briefly, but the coin eventually moved past them.<\/p>\n

Earlier today, October 13, BTC even managed to surge up to $26,900, but this time, the resistance did not give in, and its price was rejected back to $26.8k, which now started acting as a support. When writing, BTC sits at $26,813 — around 3% lower than a week ago.<\/p>\n

\"Chart<\/p>\n

Bitcoin spot ETF approval partially priced in, according to Coinbase<\/h2>\n

Bitcoin ETF discussions again started dominating the headlines after several applicants amended their proposals to the SEC, seeking to address some comments the regulator had provided.<\/p>\n

According to Coinbase, spot-based ETFs are widely expected to unlock floodgates for mainstream money. However, the exchange believes that the flows will materialize over time. In other words, the business doesn’t have a massive flood of cash when the gates open.<\/p>\n

Some have questioned what will happen if the SEC doesn’t appeal the spot Bitcoin ETF<\/a> ruling. According to the ruling, the regulator must appeal to Grayscale’s DC Appeals Court today, October 13, or it will have to approve the company’s bid or try to delay it.<\/p>\n

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Not officially. SEC could attempt to deny on new grounds but as @EricBalchunas<\/a>, myself, @NYCStein<\/a>, @SGJohnsson<\/a>, @NateGeraci<\/a> and many others have said. It would be a very difficult needle to thread and we view as unlikely. They can find ways to keep delaying though IMO.<\/p>\n

— James Seyffart (@JSeyff) October 12, 2023<\/a><\/p><\/blockquote>\n