Bloomberg Intelligence’s senior commodity strategist expects a bitcoin ETF to emerge in the US next month , which could push BTC prices up to $ 100,000.
Throughout September 2021, the world’s largest cryptocurrency Bitcoin (BTC) experienced a strong cycle of volatility. Last week, the crackdown in China pulled bitcoin further down. Currently, the main cryptocurrency is trading at $ 42,000.
However, it seems that the recent actions of China did not scare off market participants, as the market showed a significant pullback on Monday. In this regard, Mike McGlone believes that BTC will reach $ 100,000 earlier than expected.
McGlone is confident of Bitcoin ETF approval by next month:
There is a high likelihood that the US will follow Canada, possibly with a Bitcoin futures ETF.
More than 30 applications have been filed so far and the fact that money is migrating from the US (from Katie Wood and Ark to Canada) makes US regulators say, «Okay, we are missing something and we need to do it.»
If the increased pressure on the SEC bears fruit, the Bitcoin price of $ 100,000 will not be reached by the end of 2021, but already in October.
Some of the largest US financial giants are working hard to convince the SEC. In September, Fidelity Investments held a private meeting with the securities regulator, where the Bitcoin ETF was most likely discussed.
Additionally, McGlon believes Bitcoin needs to catch up. After the market crash in March 2020, Ethereum surpassed Bitcoin in terms of percentage yield:
«If Bitcoin just catches up with Ethereum, it will be at $ 100,000. Perhaps it will be about $ 130,000 …»