Bitcoin price analysis: BTC/USD imminent breakout awaits the U.S. SEC impending ETF ruling

“…The ETF will be denied and losses from futures will be even higher, but it won’t stop Bitcoin from growing fast,” Joerg Molt on finder.com.

Bitcoin price break is imminent although delayed by $6,600 resistance.

Bitcoin has been lagging the much-anticipated breakout for quite a while now. The stability in the market resembles that of fiat currencies. However, this consolidation is expected to end up in a bullish boom past key resistance areas.

The October finder.com analysts’ prediction say that Bitcoin will balloon to $10,319 by November 1 which represents a 61% growth from $7,340 (BTC/USD price on September 26). Similarly, by the end of 2018, Bitcoin will hit $20,531 representing growth of 220%. One of the analyst Joerg Molt of Satoshi School said in a comment:

“We saw several bull runs stopped by futures contracts, but also the ask growing rapidly through economy crises. The ETF will be denied and losses from futures will be even higher, but it won’t stop Bitcoin from growing fast.”

Currently, Bitcoin price is consolidating within a contracting triangle pattern with the stronger support at $6,400. On the upside, the immediate hurdle is $6,600 while $6,800 is the critical resistance that if broken, will pave the way for gains above $7,000 and eventually attack $8,000 in preparation for the anticipated surge to $20,000.

The bulls have the say, at least for now but they still do not have the power to sustain growth above $6,600. The good thing is that, there are short-term supports at $6,550 and $6,500 respectively if the tables turn and the bears take charge. Meanwhile, the price is trading $6,585 after trimming gains subtly from the intraday highs around $6,559. Indicators like the MACD and the RSI are sending bullish signals. The chart shows that a break is imminent only if $6,600 resistance is deal with.

On October 26, the U.S. Securities and Exchange Commission (SEC) is expected to out a decision concerning Bitcoin exchange-traded funds ETFs. The regulatory authority announced a review of 9 rejected ETFs from a couple of companies on grounds of price manipulation and volatility among other issues. The decision to review the rejected ETFs showed SEC’s openness to the argument of having an ETF for the crypto market. The CEO of Onchain Capital and the founder of Creative Counsel said recently that he believes that Bitcoin price is about to explode. He added that he has Bitcoin bought for his parents. A tweet from him also says:

“Last year,around this time,BTC went from $6691 (Nov 11) to $20000 (Dec 17) in 5 weeks. This on the back of the expectation and launch of a cash settlement BTC futures contract. An ETF is a way bigger deal & requires actual purchase of BTC.2 looming SEC decision deadlines ahead.”

BTC/USD 2-hour chart