Blockchain

Asset management firm Valkyrie, one of the frontrunners for the first Ethereum ETF (exchange-traded fund) in the United States, has decided to pause its purchase of Ether futures contracts until the US Securities and Exchange Commission approves an Ether futures ETF. This comes barely a day after the asset manager reportedly secured approval to offer investors exposure to Ether futures under its existing strategy ETF (BTF).

SEC Might Be Behind This Action, Bloomberg Expert Speculates

On Friday, September 29, Valkyrie filed a 497 with the SEC, saying that it would halt the purchase of Ether futures contracts and unwind its existing positions. 

A part of the filing read:

Effectively immediately, The Fund will not purchase ether futures contracts until the effectiveness of an amendment to the Fund’s registration statement contemplating the addition of ether futures contracts to the principal investment strategy of the Fund. Until such time, the Fund will unwind any existing positions in ether futures contracts.

As reported on Thursday, September 28, the SEC appears to be fast-tracking the approval of Ethereum futures ETF in anticipation of a potential US government shutdown next week. 

Following this report, Valkyrie disclosed that it had begun purchasing Ether futures contracts for its combined strategy ETF ahead of a possible launch next week.

However, this latest action poses questions about the odds of Valkyrie becoming one of the first firms to introduce an Ethereum ETF in the United States. 

Bloomberg analyst Eric Balchunas has put forward a possible reason for Valkyrie’s decision to halt and unwind its Ether futures purchases. “SEC must have threatened them to cut it out,” Balchunas speculated via a post on X (formerly Twitter).

The plot thickens, Valkyrie just put out 497 that they are in fact not going to buy Ether futures until they are live (prob Tue) and are going to sell the Eth futures they bought (in an effort to jump line a bit). SEC must have threatened them to cut it out. Damn. https://t.co/yDkggCw3d1 pic.twitter.com/cKaV7k7AJs

— Eric Balchunas (@EricBalchunas) September 29, 2023

Valkyrie filed its unique Ethereum ETF application with the SEC in August. The asset manager seeks to convert its existing Bitcoin Strategy ETF (BTF) to a combined Bitcoin and Ether futures ETF.

Nine Ethereum ETFs To Launch Next Week?

According to Eric Balchunas’ analysis, about nine Ethereum ETFs will potentially start trading on Monday, October 2. Notably, asset manager ProShares owns three of these funds, with two being combined Bitcoin and Ethereum ETFs.

VanEck is another frontrunner for the first Ether futures ETFs in the US. The investment manager recently announced its intention to donate 10% of profits from its Ethereum ETF (EFUT) to The Protocol Guild, a compensation plan for Ethereum core contributors.

VanEck wrote on X (formerly Twitter): 

If TradFi stands to gain from the efforts of Ethereum’s core contributors, it makes sense that we also give back to their work. We urge other asset managers/ETF issuers to consider also giving back in the same way.

Big announcement!

We intend to donate 10% of our $EFUT ETF profits (https://t.co/gr652AkUvv) to @ProtocolGuild for at least 10 years.

Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.

Details

— VanEck (@vaneck_us) September 29, 2023

It is worth mentioning that the ETH price has seen some reprieve since news of the potential Ethereum ETF launch started making rounds. As of this writing, Ether is valued at $1,676, reflecting a substantial 5% price jump in the past week.

Behind the scenes, Cardano (ADA) has been actively building and introducing exciting innovations to its blockchain and ecosystem. This is evident in the latest weekly development report shared by Essential Cardano.  

Cardano: Highlights From The Report

One of the notable highlights from the report includes the updates being made to Cardano’s Lace wallet. This week, the team is said to have worked on a feature that allows users to choose the delegate ratio between “different stake pools, integrated portfolio persistence.” The team has also fixed issues relating to the User Experience (UI). 

The wallet launched earlier this year to a welcoming reception, with many excited about its functionalities and the multiple use cases it provided to users. Upon launch, the development team promised to continue introducing new updates to the wallet.

The report also indicates that users could get an update on the DApp connector, allowing them to enable it with selected extensions “such as those listed on CIP-95.” An update to the wallet’s UI reflecting the different types of governance actions is also imminent. 

Meanwhile, the Plutus tools team identified key issues relating to the Cardano blockchain using the new Marconi API. Marconi was developed to help index and query the blockchain. The team also used this solution to test the new “Cardano-node-emulator”, which is expected to be integrated into the blockchain’s smart contract code. 

While at this, the Plutus tools team made certain optimizations to Marconi, which improved synchronization times and the system’s overall performance. 

The Marlowe team was also busy this week, making specific adjustments to the Marlowe oracle. Marlowe is the code which allows Cardano users to create decentralized applications (dApps) that are specifically designed for financial contracts. 

Updates To Basho And Preparation For Voltaire

The Hydra and Mithril teams focused on updating Cardano’s current development stage, Basho. The Basho era is the fourth stage of Cardano’s development, primarily focusing on scaling and interoperability. 

On one hand, the Hydra team worked on improving the network’s usability and identified ways to enhance the network’s resilience. On the other hand, the Mithril team released a new update which allows support for certain actions on the network. They also made corrections in the Mithril nodes.

Cardano is also gearing up for when it moves to the last and final development stage known as Voltaire. This stage will be focused on governance. The Voltaire GovTool was shared with ADA holders as part of its preparations.

It will enable them to register as delegate representatives (DReps), allow them to delegate their voting power to other DReps and decide on several governance actions. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from: FXStreet

Popular crypto YouTuber Jake Gagain recently voiced his opinions on when the bull market would start and how several meme coins are poised to dominate the market when that happens.

Specifically, he seemed most bullish on Shiba Inu (SHIB), asserting that SHIB would topple the biggest meme coin by market cap, Dogecoin (DOGE).

The #BullRun Has Officially Begun.

— JAKE (@JakeGagain) September 27, 2023

DOGE Has Elon, SHIB Has?

In response to Gagain’s tweet, another X user laughed at the possibility of this happening and stated that DOGE had Elon Musk likely suggesting that there was no way SHIB could topple the largest meme coin since it had the support of the world’s richest man.

Musk has been known to be a huge admirer of DOGE and has partially contributed to the token’s growth, especially when it soared by 23,000% to hit an all-time high of $0.7 in 2021. It was also recently revealed that besides his vocal support, Musk is invested in the meme coin as he has been “quietly funding” the token’s development. 

With this in mind, many believe that there is no way that SHIB could topple DOGE, which happens to be ranked as the eighth largest cryptocurrency by market cap, with SHIB coming far behind at 19th. 

However, while it is undoubtedly a huge task, there are signs that SHIB could be massive (and possibly go head-to-head with DOGE) when the bull market returns. The fundamentals behind SHIB are stronger than ever, especially with the rejuvenation of Shibarium following its botched launch and the increased utility the layer-2 network is currently enjoying. 

Furthermore, SHIB’s burn rate has increased significantly, which could spark a surge in the token’s price as more and more SHIB tokens are cut out of circulation. It is also worth mentioning that SHIB once surpassed DOGE in market cap at some point in 2021, according to data from CoinGeko.

Crypto: Pepe In The Mix

Meanwhile, Pepe is another meme coin in which Gagain stated that he was bullish and gave four reasons for his stance. The first reason he gave was that major players, including crypto exchanges like Binance, OKX, Crypto.com, and Bybit, form part of the largest holders of the token and noted that these firms are holding their Pepe bags rather than selling.  

His second reason was that Pepe survived the saga, which involved three of the project’s developers dumping $15.6 million worth of Pepe on the market. Despite this, the token has risen in market cap since that event, which could likely mean that the token has bottomed out, in Gargain’s opinion.

The third reason is that Pepe is currently listed on over 100 exchanges, including the biggest centralised and decentralised exchanges. This is something which Gargain believes could give the token more visibility and liquidity by extension.

Lastly, he noted that Pepe is currently ranked in the top 100 tokens by market cap and, specifically, the third-largest meme coin by market. As such, it is well positioned to surge massively, especially because meme coins will dominate the next bull run. 

Featured image from The Mega Maxi

The Tron (TRX) DeFi ecosystem has experienced a notable surge in activity, signaling a substantial period of growth and development. This expansion isn’t limited to the realm of decentralized finance alone; recent data underscores a correlated upward trajectory within Tron’s TRX token staking ecosystem.

This trend suggests that both DeFi and staking on the Tron blockchain are witnessing increased interest and participation from users and investors, thereby fostering a more robust and dynamic Tron ecosystem.

But, there’s more interesting side of the narrative that has provided Tron a major lift. In recent days, Tron has observed a notable uptick in its Total Value Locked (TVL) metric, signifying an increase in the value of assets participating in various activities within the Tron ecosystem.

Tron TVL Swells To Over $15 Billion

At press time, the TVL associated with TRX has surged to an impressive $15.8 billion, reflecting a substantial growth rate of more than 2% within the span of just 24 hours.

Hey #TRONICS! Have you checked out @trondao‘s #DeFi?

TVL on the #TRONNetwork is $15.3b!

Let’s dive in and #BUIDL together!

Source https://t.co/YW3opVO3ZO pic.twitter.com/sr2uL66zB6

— TRON DAO (@trondao) September 28, 2023

This noteworthy upswing in TVL underscores a heightened level of engagement and confidence among users and investors in Tron’s blockchain and associated DeFi protocols.

Total Value Locked is a crucial metric in DeFi, representing the total value of assets locked within a specific DeFi platform or protocol, typically measured in US dollars. It encompasses assets used as collateral, liquidity in trading pools, staked tokens for rewards, and governance participation.

TVL is essential for assessing a DeFi project’s health, security, and attractiveness to users and investors, and it plays a vital role in risk evaluation and competition analysis within the DeFi ecosystem.

TRX Sustains 6% Climb In The Last Week

At the time of writing, TRX is trading at $0.088, down a measly 0.1%, but notched a decent 6.0% gain in the last seven days. TRX maintained its remarkable rise on Friday due to an increase in demand for the coin.

The token reached its highest point at $0.090 since July 22nd. It is one of the top performing major cryptocurrencies of the year, close to its all-time high of $0.094.

Tron stands out as the most active cryptocurrency in the industry, boasting stablecoins valued at over $44.5 billion and a user base exceeding 1.47 million, surpassing Ethereum and BNB Chain.

The success of Tron is attributed to the strong performance of USDD, a stablecoin launched in 2022, which has maintained its peg through an over-collateralization strategy. The strong crypto market, with Bitcoin reaching $27,000 and XRP rising to $0.052, also helped TRX price surge.

Meanwhile, TRON’s blockchain has seen significant growth recently. The total number of addresses, based on TronScan data, on TRON reached almost 187 million, and the total transactions surpassed $6.4 billion.

Additionally, TRON’s staking ecosystem has been thriving, with the staked amount of TRX reaching 46.8 billion, with 23.12% in Stake 2.0 and 76.88% in Stake 1.0. Stake 2.0’s increasing share indicates its rising popularity in the blockchain space.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

The Bitcoin price is trading at $27,100 at the time of writing, marking a 60% decline from its all-time high of $69,000 in 2021. As the anticipation for the next bull market builds, questions arise regarding Bitcoin’s potential future prices.

While most predictions are speculative, one analyst has devised a model leveraging historical data to forecast potential tops and bottoms in Bitcoin’s price over time.

Bitcoin Price In Previous Cycles

Since its inception, Bitcoin has demonstrated remarkable growth, rewarding early long-term investors substantially. This price growth is observable in measuring Bitcoin’s prices from the lows to the highs and between the highs of successive bull markets.

In 2011, the peak was $33, followed by a peak of $1240 in 2013, reflecting a 3800% increase between peaks. The subsequent peaks in 2017 and 2021 were $20,000 and $69,000, representing increases of 1,600% and 350%, respectively. Comparable levels of increase are also observed when examining the lows of different cycles.

Notably, the relative growth between cycles has diminished, possibly due to the increase in Bitcoin’s market capitalization, requiring more substantial capital to influence its price. This diminishing growth aligns with a mathematical pattern known as logarithmic regression.

Logarithmic Regression

An analyst has devised various logarithmic curves on the Bitcoin chart to forecast Bitcoin’s potential tops and bottoms, utilizing time as the only input. Such models can help investors by offering a straightforward way to see potential market trends and make proactive plans in the unpredictable world of cryptocurrency.

Bitcoin’s tops and bottoms typically manifest every four years, enabling the prediction of potential Bitcoin prices in upcoming cycles based on the logarithmic regression model.

Bitcoin Price Projections

2025-2026: Bitcoin price may peak in the third or fourth quarter of 2025 between $190,000-$200,000, before bottoming out around $70,000 the following year.
2029-2030: Bitcoin price may reach a top of $420,000 to $440,000 and bottom out the following year at around $230,000.
2033-2034: Bitcoin price may peak between $750,000-$800,000 and bottom out around $700,000 the following year.

By the late 2030s, the model begins to break down as predicted tops start falling below the predicted bottoms, potentially indicating a stabilization in Bitcoin’s price post its peak of $750,000-$800,000

Final thoughts

While models like this offer insightful projections of Bitcoin’s potential future prices, it’s important to acknowledge their limitations and the need for periodic updates with fresh data points. Numerous external factors, including but not limited to regulatory changes, technological advancements, and macroeconomic conditions, could significantly impact the model’s accuracy.

Moreover, the unprecedented nature of Bitcoin’s trajectory, having never endured a recessionary environment, implies a potential susceptibility to more substantial crashes than models might predict. Predictions should be cautiously considered with broader market analyses and trends as with any financial model.

Predycto is the author of a cryptocurrency newsletter. Sign up for free. Follow @Predycto on Twitter.

The LINK price is no stranger to bullish rallies, and in September alone, the token has gone from a low of $5.8 to a peak of $7.9. Even now, bullish momentum among enthusiasts has not waned, especially with a 130% price increase prediction from a crypto analyst.

LINK Price Prediction Ahead Of October

In the analysis posted to TradingView, pseudonymous analyst Babenski explains the reasoning behind the $18 surge presented in their chart. First, it points to the $5.8 low that was recorded back in mid-September which is identified as the accumulation range.

This is not out of the ordinary given the massive buying that took place when the LINK price fell to $5.8. This accumulation was the reason behind the support that was generated shortly after, which served as the lift-off point for the rally toward $8.

Despite already seeing a nice 35% jump from its September lows, the analyst sees further upside. Putting the peak of the rally at $18 means that the LINK price could rise another 130% if it plays out as expected.

The first roadblock is a retracement that was placed just above the $8 level, and LINK is already seeing a similar retracement after almost touching $8. Going by the analyst’s chart, the price could decline a bit further before picking up once more and then shooting straight to $18.

There is no timeframe added for when the LINK price would reach this price. But with September drawing to a close, October-November is more likely.

LINK Whales Take Initiative

The accumulation trend pointed out above has been mainly mounted by the LINK whales. Crypto analyst @ali_charts shared a chart on X (formerly Twitter) that showed that whales holding between 10,000 and 1,000 coins have been the main buyers.

According to Ali, these whales bought up more than 7.5 million tokens in a matter of weeks which translated to about $53 million spent buying LINK. As the LINK price has risen, these holders are seeing profit on their purchase, which could explain the downward correction in the LINK price in the last day.

#Chainlink whales have purchased over 7.5 million $LINK in the last two weeks, worth around $53 million! pic.twitter.com/jlu8stIB0r

— Ali (@ali_charts) September 28, 2023

Nevertheless, the digital asset remains bullish, especially with the whales still holding more than 206 million coins. This suggests that they are not tempted to sell into the present rally and could be holding on for higher prices.

LINK has been an impressive performer so far this week. It is up 15% on the 7-day chart, making it the best performer of the top 20 cryptocurrencies by market cap.

Cosmos, a blockchain where developers can create custom chains that interconnect and communicate, has revealed its roadmap for 2024. According to an X post on September 25, the roadmap centers on increasing modularity, improving the developer experience, addressing “technical debt,” and driving user adoption. With this, Cosmos developers plan to take on the more established platform, Ethereum.

At the heart of Cosmos are features such as Tendermint, a consensus system that anchors blockchains such as the BNB Chain; Cosmos SDK, a software developer kit that allows coders to build fluid and custom blockchains; and the Inter-Blockchain Communication (IBC), from where all deployed custom Cosmos chains can connect and communicate, effectively driving interoperability.

Cosmos Wants To Repay The Technical Debt And Make Its SDK More Modular

In 2024, reading from the roadmap, Cosmos aims to solidify its position by attracting developers from competing platforms as they repay the “technical debt.” In app development, technical debt leads to extra work and can be caused by resource constraints and shifting code requirements. 

Cosmos will expand its developer base to repay this debt and make the Cosmos SDK more modular. Although the team claims the SDK has been modular in theory, swapping and modifications have made practical implementation more challenging.

Therefore, to tackle these challenges, the work already done on Cosmos SDK will continue into 2024. Then, the goal will be to make the kit more modular at the core. This will make it more adaptable and flexible, meeting developer requirements.

Ethereum Is Still Dominant

It is yet to be seen whether this will be achievable in 2024 and whether Cosmos will grow as dominant as Ethereum. Currently, Ethereum is the leading smart contract platform, based on its market cap and the total value locked (TVL) in decentralized finance (DeFi). Additionally, its ecosystem of layer-2s has been increasing, with more protocols and blockchains connecting to Ethereum to take advantage of the network’s pioneering activity.

DeFiLlama data on September 29 shows that all the top 10 bridges are connected to Ethereum. To illustrate, Stargate–by Cosmos, is connected to Ethereum and multiple blockchains, including Avalanche and the BNB Chain. 

Besides Stargate, other bridges are Ethereum Virtual Machine (EVM) compatible and predominantly connect to Ethereum layer-2s and Polygon, the sidechain. For example, the zkSync Era, Base, Arbitrum, Polygon, and the Optimism Gateway, are plugged into Ethereum. Cumulatively, these bridges move millions of dollars worth of tokens to and from Ethereum at any instance.

During a court hearing held on Thursday, September 28, 2023, the Court ruled that the former CEO of now-bankrupt crypto exchange FTX Sam Bankman-Fried aka SBF will remain in jail throughout his trial.

Sam Bankman-Fried To Remain In Jail Throughout His Trial

At the brief court hearing on Thursday at the Manhattan federal court, Bankman-Fried’s lawyers requested that the court should temporarily release their client so he could be able to prepare his defense against the charges raised against him. However, the judge overseeing the case Judge Lewis A. Kaplan has denied the request as he believes the Defendant is a flight risk.

“The closer we get to trial, the more I’m wondering about that. Your client in the event of conviction could be looking at a very long sentence. If things begin to look bleak … maybe the time would come when he would seek to flee.” Judge Kaplan stated in the court hearing in Manhattan federal court.

Bankman-Fried’s lead lawyer Mark Cohen then argued that there was no reason for his client to try and flee. Cohen told Judge Kaplan that his request was made due to him being unable to meaningfully confer with his client Bankman-Fried as long as he is jailed at the Metropolitan Detention Center in Brooklyn.

In response, Assistant US Attorney Danielle Kudla told Judge Kaplan that Sam Bankman-Fried already had enough time to prepare for his trial. Kudla pointed out that Bankman-Fried had more than seven months to review his evidence and better prepare for his trial from the comfort of his parent’s home in Palo Alto, California since his freedom was not revoked until July 2023.

Sam Bankman-Fried was extradited to the United States from the Bahamas in December last year and he was placed on house arrest in his parent’s home in Palo Alto, California where he had limited access to electronic devices until he was jailed on August 11, 2023, by Judge Kaplan.

Sam Bankman-Fried was denied a $250 million bond by Judge Kaplan after the judge discovered that Bankman-Fried tried to tamper with and influence potential witnesses testifying against him.

However, Judge Lewis A. Kaplan pondered on what Cohen had said and he stated that the court would arrange for Cohen and other lawyers to meet with Bankman-Fried most of the trial days at 7:00 AM at the court to speak with Bankman-Fried hours before the testimony begins.

Bankman-Fried’s trial is set to begin on Tuesday, October 3, 2023, and it is expected to last more than 6 weeks. His lawyers already lost two other bail appeals before now. This marks the third time that the Defendant’s request to be released during his trial will be rejected by the court. 

Prosecutors Bring Several Allegations Against FTX Founder

CEO Sam Bankman-Fried has pleaded not guilty to several allegations brought against him following the collapse of crypto exchange FTX back in November 2022.

Prosecutors accused Bankman-Fried of allegedly deceiving customers and investors to enrich himself and other executives while playing a major role in FTX’s multibillion-dollar collapse in November last year.

It was believed that Bankman-Fried stole billions of dollars in FTX customer deposits to resolve Alameda Research debts – a crypto hedge fund governed by him, live lavishly in the Caribbean, and fund political campaigns.

Former Chief Executive Officer of Bankman-Fried’s Alameda Research hedge fund Caroline Ellison already pleaded guilty to fraud. She is expected to testify against Bankman-Fried in the upcoming trial.

Google Cloud, the renowned cloud computing service provided by Google, has made a significant move by becoming a validator on the Polygon (MATIC) network. 

This collaboration aims to bolster the security of the Polygon Proof-of-Stake (PoS) network, with Google Cloud employing its infrastructure, which powers popular platforms like YouTube and Gmail, to contribute to the network’s integrity.

Google Cloud Strengthens Polygon Network Security

Polygon Labs, the team behind the Polygon protocol, recently announced that Google Cloud has joined their validator set. This move brings Google Cloud into the fold of over 100 validators responsible for verifying transactions on the Layer 2 Ethereum (ETH) network offered by Polygon. 

In a statement shared on X (formerly known as Twitter), Polygon highlighted the significance of Google Cloud’s involvement, emphasizing utilizing the same infrastructure that underpins YouTube and Gmail to safeguard the fast and cost-effective Ethereum-based Polygon protocol.

According to the announcement, by joining forces with over 100 other validators, Google Cloud adds to the collective efforts to secure the Polygon PoS Network. 

Including reputable and security-focused validators like Google Cloud provides an additional layer of confidence for Heimdall, Bor, and the Polygon PoS ecosystem users.

The collaboration between Google Cloud and Polygon Labs extends beyond a validator partnership. It is described as an ongoing strategic collaboration, indicating a long-term commitment to advancing the adoption and development of Web3 technologies. 

As part of their joint efforts, Google Cloud APAC released a YouTube video titled “Polygon Labs is solving for a Web3 future for all,” further underscoring their shared vision for a decentralized web. The Google Cloud team further stated: 

Is there an easier way to build and grow Web3 products? That’s the mission of Polygon Labs, and with the help of Google Cloud, it’s one step closer to making this vision a reality. We are now serving as a validator on the Polygon PoS network, contributing to the network’s collective security, governance, and decentralization alongside 100+ other validators.

Overall, the involvement of Google Cloud, a prominent player in the cloud computing industry, as a validator on the Polygon network brings increased credibility and expertise to the ecosystem. 

This collaboration is expected to enhance Polygon’s network infrastructure’s overall security and reliability, benefiting users who rely on the platform for seamless and efficient blockchain transactions.

MATIC Breaks Free From 3-Month Downtrend

Polygon’s native cryptocurrency, MATIC, has successfully broken a 3-month downtrend that had pushed the token to reach a yearly low of $0.5040 on Wednesday. 

However, in the past 24 hours, there has been a notable rebound in MATIC’s price, experiencing a 1.7% surge and currently trading at $0.5240. 

This upward movement is further supported by the Squeeze Momentum Indicator, which has broken the downtrend pattern, indicating the initiation of a recovery phase for MATIC since Friday.

It is important to note that MATIC’s ADX indicator displays a spike downwards, suggesting low volatility and a neutral battle between bullish and bearish forces in the cryptocurrency market.

Looking ahead, MATIC faces obstacles around the $0.5442 zone, which it failed to surpass on September 21. Conversely, if the uptrend continues, the next significant hurdle lies at $0.5951 before reaching the $0.6000 level, which has not been achieved since late August.

The sustainability of MATIC’s uptrend and its ability to strive towards its yearly high of $1,569, reached in February, remains uncertain and will require further observation.

Featured image from Shutterstock, chart from TradingView.com

Crypto Rover, a seasoned cryptocurrency trader and analyst, has recently shared insights suggesting that Bitcoin’s current trajectory may change. Based on the latest technical analysis, Bitcoin might soon paint a brighter, bullish picture.

Bitcoin Break From The Bearish Shackles

In his recent analysis, Crypto Rover explained Bitcoin’s price action shift. It’s been noted that the leading crypto is making headway in breaking a longstanding negative trend that has persisted for 77 days. This shift marks a monumental moment for Bitcoin, which had been entrapped in bearish confines for a considerable duration.

Crypto Rover’s assertions are not without merit. The analyst anticipates a more concrete bullish reversal if BTC sustains a break above the $27,200 mark. It is worth noting that the achievement of such a feat could give traders and investors the confidence to venture deeper into BTC, given the positive momentum.

Beyond this threshold, Rover further disclosed that a breach above the $31,000 level would serve as an “unmistakably” bullish beacon, potentially propelling Bitcoin to scale new all-time highs.

In a broader context, BTC seems to be making efforts to break free from its bearish constraints. While its price has mostly ranged between $26,000 and $27,000 zone over the past week, its market capitalization has notably increased by more than $5 billion.

BTC’s 4-hour chart suggests it’s in a consolidation phase. This could indicate that the top crypto may be bracing for a significant move, as such phases often signal that the market makers are determining the next potential price trajectory.

Bitcoin is priced at $26,844, witnessing a nearly 1% drop over the last 24 hours. Its 24-hour trading volume is $15.5 billion, a considerable uptick from the $9.9 billion seen just last Friday.

Anticipation Of Regulatory Winds Of Change

Furthermore, it’s not only the charts that dictate the potential bullish swing for Bitcoin. An undercurrent of fundamental factors plays into this optimistic outlook as well.

At the core of this optimism is the anticipation surrounding the US Securities and Exchange Commission (SEC) and their forthcoming decisions on Bitcoin spot exchange-traded fund (ETF) applications.

Recently, the SEC deferred its decision on the BTC spot ETF application from Blackrock, one of the world’s leading fund managers. However, Crypto Rover believes that this approval, when it comes, could set off a “domino effect.”

According to the analyst, should Blackrock gain the coveted SEC nod, it may pave the way for subsequent approvals for other major institutional players. Such a sequence of green lights could fuel a substantial BTC rally, further solidifying its bullish stance.

Featured image from iStock, Chart from TradingView