Jump to content

Could BTC ETF Approval Spark the next Bull run?

Recommended Posts

The recent BTC price movement after cointelgraph blunder has shown a glimpse of what to expect when SEC finally approve all the ETF applications. I was researching a project recently listed on Bitget when I noticed the volatility rate of BTC, I quickly switched to tradinview mode so I will be sure is not a glitch. To my surprise I watch the price hit above 29k and I felt the bull-run was back. I decided to check twitter for any news that could be responsible for such movement. There I saw the cointelegraph tweet that was retweeted by some KOLs but I noticed Watchergurus didn’t, made any post related to this. After a while BTC hit $30k then came Watcherguru tweet to debunk Cointelgraph earlier claim and price retraced within minutes liquidating over $65 million from the market. 

This scenario has confirmed that we could see a tremendous price surge when SEC finally approves this ETF applications and it could take many by surprise. Earlier this year BItQuant predicted that BTC price will retest its ATH before next year halving and this recent development has proven that point. Many analysis believe that SEC will eventually approve the ETF application but when is the question many don’t have the answer. Some analysis also disagree with Bitquant prediction and advised ethusisasts to expect more dip before the halving. They believe BTC bull run will start after the halving. Could BTC ETF approval signal a bull run? 

Link to comment
1 hour ago, Captainsaudi said:

Could BTC ETF approval signal a bull run? 

Bitcoin Spikes to a High of $29900 on False ETF Approval News
Oct 16, 2023 7:32 PM +02:00 | Zain Vawda, DailyFX Analyst


Bitcoin Trading | Trade Bitcoin On Leverage Without a Digital Wallet | IG  UK | IG Ireland


  • Fake News Blunder of ETF Approval Sends Bitcoin into a Frenzy. A Large Portion of Gains Have Since Been Wiped Away.
  • Binance to Stop Accepting New UK Clients Today as it Searches for Partner Authorized by the FCA to Approve Ads.
  • Today’s Brief Spike a Sign of the Potential Rally Which Could Unfold Should Spot ETFs be Approved.



Bitcoin prices have had a volatile start to the US session as cryptocurrency-news platform Cointelegraph broadcasted news that the iShares Bitcoin ETF (BlackRock Group) had been approved. The news saw Bitcoin spike to a session high of $29900 while simultaneously dragging the Crypto markets as a whole higher with Ethereum spiking to around the $1670 mark.

Elevate your trading skills and gain a competitive edge. Get your hands on the Bitcoin outlook today for exclusive insights into key market catalysts that should be on every trader's radar.


As it turned out the news was fake but with the modern day we live in the news had already spread like wildfire as evidenced by the spike in prices. Cryptotelegraph have come under scrutiny in light of the false news which stated that the BlackRock spot Bitcoin ETF (known as iShares) had been approved which led to the 10%+ spike in BTCUSD to within a whisker of the psychological $30000 mark. First signs that the news was false were delivered by Fox News Reporter Eleanor Terrett who in a tweet revealed that BlackRock confirmed the news as false with the application still under review by the SEC. Cointelegraph have since posted an apology n their X page while promising to provide an update shortly on the manner and reason for the fake news being disseminated.


Gauging the market reaction to the news and we can see the impact and volatility brought about by the supposed news. One can only imagine the impact should the SEC actually approve the BlackRock ETF and many other currently under review. This has been discussed in depth my Q4 Bitcoin Forecast. I had been expecting a potential approval to a be significant step for Bitcoin and crypto markets as a whole. Looking at Bitcoin though I believe it opens up the worlds’ largest cryptocurrency to a significant influx on institutional funds in an ever-changing financial landscape.


Source: FinancialJuice

The Crypto Fear and Greed index remains I neutral territory for now, but I would expect a change here as well should a spot ETF be approved. The mood in crypto has become rather somber in the second half of 2023 and a catalyst such as this may be just what the doctor ordered.


As all eyes are focused on the FTX trial currently underway, Cryptocurrency Platform Binance announced that it will stop accepting new users from the UK. This is expected to come into effect on Monday October 16 at 5PM UK Time. The move comes about as Binances local partner in the UK was restricted from approving crypto Ads, a move announced by the FCA last week.

The new crypto marketing rules came into effect in the UK on October 8 with firms registered with the FCA allowed to approve their own Ads or have authorized entities approve it for them. The move by Binance does appear to be a temporary one as the company confirmed that it is ”working closely with the FCA to ensure that our users are not harmed by these developments and are looking to find another suitable FCA authorized firm to approve our financial promotions as soon as possible.”

The US SEC also missed its deadline to appeal the Grayscale application to convert its Bitcoin Trust Fund into an exchange-traded fund (ETF). This after a court decided the refusal by the SEC was unlawful and urged the Regulator to reconsider.


From a technical standpoint BTCUSD is following the perfect breakout, retest and continuation model following a trendline break. Last week saw a death cross formation which at least had some follow through before Bitcoin found support at the 50-day MA resting around the $26500 handle.

A daily candle close above the 100 and 200-day MA could help spur on further upside but a break of the $30000 mark is likely to require a catalyst. Rangebound price action may persist over the coming days as market participants await the SEC decision which could be the catalyst needed to push Bitcoin sustainably above the $30000 handle.

BTCUSD Daily Chart, October 16, 2023.


Source: TradingView, chart prepared by Zain Vawda

Link to comment

Well, we can't underestimate the effect of a first BTC spot ETF on the market potentials of bitcoin. We've seen firsthand in 2021 what it means to have the BTC futures ETF on the NYSE. that period BTC went to a new ATH of $69k! Just imagine what would happen if it's a spot ETF!! It's gonna be massive ya. And interestingly, Gary Gensler has admitted that they are reviewing 8 - 10 applications at the moment added to the fact that Blackrock just amended their application today for consideration by SEC; we might be seeing the first set of approval in no distant time. So, let's stack up and brace for the impact haha!!

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
    • Total Posts
    • Total Members
    • Most Online
      10/06/21 10:53

    Newest Member
    Joined 04/12/23 11:30
  • Posts

    • Going by what i see on the weekly TF, BTC is heading to $46-48k major price zone level. If it breaks and holds above this zone, then $51-52k is the next minor zone, since its a minor zone, BTC might rally at this zone before deciding to go all the way up or coming back down. Though, I am still mindful of the bearish flag pattern, so there is tendency that BTC could start dumping from any of this zones yah. Lets see how it plays out yah.
    • Interesting update. I also withdrew my funds from Binance and deposited it on Bitget and Bybit exchange just to be safe. Though, personally, I believe Binance will bounce back from this set back. It is no news that both CZ and Binance has contributed immense to the growth of the crypto space and continues to do so.. More so, their case is a different from FTX as you clearly stated. I am optimistic Binance is going no where, not any time soon yah.
    • Gold price hits new peak, and silver price makes headway, but Brent crude oil falls again Precious metals are on the up once more following Jerome Powell’s speech on Friday, but the fallout from the OPEC meeting continues to weigh on oil prices. Source:Bloomberg  Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 04 December 2023 13:08 Gold surges to new peak Gold prices shot to a new record high overnight, continuing the surge from Friday’s session. Chairman Jerome Powell’s speech on Friday left markets continuing to expect that no more Fed rate hikes are on their way. This sent gold flying and pushed the dollar lower. The move puts the price firmly above the highs seen in 2022 and 2023, but the price does look overextended in the short-term. Some consolidation around current levels, or even a short-term drop back towards $2050 might not be entirely surprising. Source: ProRealTime Brent falls further OPEC’s decision to go for voluntary cuts to production last week failed to support oil prices, and now the next move appears to be a test of the November low. The past month has seen the price try and fail to hold above the 200-day SMA, and now the November low around $77.30 comes into view. Below this would see the price head back in the direction of the late Spring/early Summer lows around $72. Buyers will need a close back above $80 to suggest another attempt to challenge the 200-day SMA could develop. Source: ProRealTime Silver hits six-month plus high Silver’s move on Friday was not quite as exuberant as gold’s, but it still managed to hit its highest level in over six months. The rally of the past three weeks has barely halted. From a higher low in early November, when the price lagged behind its more expensive cousin, silver then surged through the 50- and 200-day SMAs. It has now cleared the August and July highs, and now the May peak around $26.20 comes into view. A move back below $25 would be needed to signal that some short-term consolidation had begun. Source: ProRealTime
  • Create New...