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US SEC approved first Bitcoin ETF could be the catalyst that sends BTC to $200,000

  • The overall cryptocurrency market capitalization has crossed $2.6 trillion following Bitcoin's rally with the SEC's approval.
  • The creator of Bitcoin Center NYC has set a year-end target of $100,000 for Bitcoin in ongoing bullrun.
  • In a landmark update on Bitcoin ETFs, the US Securities Exchange Commission approved the first futures-backed Bitcoin ETF.
  • Proponents expect BTC to hit $200,000 according to Raoul Pal's end-of-year prediction. 

The ongoing rally of Bitcoin was fueled by the inflow of capital in BTC following the approval of ProShares ETF. The asset hit its highest point beyond $62,000, and analysts are bullish on BTC price. 

Bitcoin ETF triggers rally to $200,000 before the end of 2021

The first Bitcoin exchange-traded fund is set to start trading on Tuesday. This is set to make cryptocurrency available to a large number of traders. ProShares has laid the plans for the Bitcoin Strategy ETF. 

The SEC is likely to consider additional proposals for other funds, additional proposals made by Valkyrie Investments, Invesco and VanEck. Proponents expect the proposals to go through this time around, following the news of the approved Bitcoin ETF. 

The SEC reviews new proposals for 75 days, and if there are no objections from regulators, the fund is cleared for trading. 

Since the announcement of the Bitcoin ETF, MicroStrategy has emerged as one of the biggest beneficiaries of the SEC's announcement. The overall value of the business intelligence company's holdings has increased substantially since the price of Bitcoin is nearly two times MicroStrategy's average cost per BTC. 

On September 12, the average price of MicroStrategy's Bitcoin holdings was $27,713 per token. The company holds a total of 114,042 tokens. 

Nick Spanos, the creator of Bitcoin Center NYC, was recently quoted:

Bitcoin, ethereum and the broader crypto market are likely to have a ludicrously strong Q4, and I predict we will see new all-time highs across the board by 2022.

Spanos has predicted Bitcoin price will hit $100,000 before the end of 2021. Raoul Pal, entrepreneur, economist and investment strategist, has set a target of $200,000 for Bitcoin. 

FXStreet analysts have evaluated BTC prices and predicted that Bitcoin would invalidate all bearish theses since the price crossed $58,500. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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