Latest Market Updates and Forecast: Bitcoin and Altcoins.

Latest Market Updates and Forecast: Bitcoin and Altcoins.

1.0 Investors Panic over Delays in the Approval of Bitcoin ETF:

Investors and Hedge fund managers have waited long for the Securities and Exchange Commission's (SEC's) approval of a Bitcoin Exchange Trading Fund (ETF).

However recent remarks from SEC's Chairman Gary Gensler suggests the approval may not be granted immediately.

Bitcoin ETF applications have been under review by the SEC for months now and awaiting a final approval.

Further tension was raised when Gensler told Congress recently that “there are many challenges and gaps for investor protection in [crypto] markets,” adding that “none of the exchanges trading crypto tokens has registered yet as an exchange with the SEC.”

Probably, it is evident that SEC wants to impose more regulations on Crypto currencies following the crash last month before it approves a Bitcoin ETF.

Advantages of Approving a Bitcoin ETF and its effects on the Crypto market:

A Bitcoin ETF is one that mimics the price of the digital currency, allowing investors to buy into at will into the market without trading Bitcoin itself.

Investing in a Bitcoin ETF cuts out most issues of complex storage and security procedures required from cryptocurrency investors. Further enhancing a Dex trading.

More so, an ETF is an investment vehicle that tracks the performance of a particular asset or group of assets. ETFs allow investors to diversify their investments without actually owning the assets themselves.

Another crucial benefit of focusing on a Bitcoin ETF rather than on Bitcoin itself is that it allows investors to short/ sell shares of the ETF if they believe the price of Bitcoin will go down in the future. This is not something that can be done in the traditional cryptocurrency market.

With ETF approved, investors can easily short Bitcoin ETF shares, whenever one thinks the price of the underlying asset will go down—an advantage not offered by investing in Bitcoin itself. This will easily save Bitcoin investors ahead of losing their fund during any crash or bear season. The implication of approving a Bitcoin ETF is that it will easily bring more investors to buy into the market. This will see wall street and many exchanges printing and approving many more new Cryptos into the market. A great boom towards the continuation of the Bullish run.

2.0 Square Incorporations proposes to create a Bitcoin hardware wallet - a positive news for Crypto:

Square Incorporations; the mobile payments company behind the popular Cash App, is strongly considering developing an open-source Bitcoin (BTC) hardware wallet, showing a strong conviction in the future of digital currency payments.

In the submissions of the CEO Jack Dorsey, “Bitcoin is for everyone. Its important to us to build an inclusive product that brings a non-custodial solution to the global market,” To this end Dorsey revealed that Square inc. is considering making a hardware wallet for Bitcoin,“ CEO and co-founder Jack Dorsey tweeted Friday. ”If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community.

Dorsey believes that while self-custody is important, a confluence of forces are needed to attract new users to Bitcoin.

This is a very welcome development for Bitcoin once this plan is executed.

3.0 Breakout of the ascending triangle and Formation of Upward “W” pattern a Bullish sign for the Market.

Bitcoin over the week finally attempted breaking out of the ascending triangle creating a new ATH at 39860. This is probably a good sign of the Bullish take over oncemore in the market. However, a retest of the previous support at 36k has set in immediately. All eyes are on Bitcoin to see if this new support holds again. Breaking below this support could send Bitcoin back to 30k but as long as this support holds, next Bullish run will definitely send Bitcoin above 40k permanently showing a total return of the Bulls.

4.0 General Market Forecast and Direction For the Month of June: Bitcoin and Altcoins Forecast:

The previous month of May has been documented historically as the worst crash in Bitcoin since its history recording over 56% decline in just one Month.

However, the monthly close at 37600 has fully indicated the Bullish take over for the month of June. Bearish sentiments and influence in the market currently is lowest ever, especially compared to the previous crash in 2017.

A heavy move upwards albeit gradually is next expected in the market for both Bitcoin and Altcoins.

Robert Reid has remarked that Bitcoin has “crashed” 30% SIX TIMES in 2017. With Each “crash” been followed by an increase of: 76%, 237%, 183%, 165%, 152%. In his view, Bitcoin takes 7 steps forward, 2 steps back. Definitely the market has currently seen this two steps back and every trader anxiously await this 7 steps forward to play out in the market for both Bitcoin and Altcoins.

Furthermore, Bloomberg senior commodity strategist Mike McGlone seems to agree fully with this view of Reid, with his recent observation that

“Bitcoin is more likely to $100,000 than $20,000 in 2021.” He agrees that the current Crypto Trend Is Upward.

Currently there is a general support from the market for the Bullish take over. This enthusiasm is heightened with Elon Musk who initiated the bear season coming out this weekend to change his Twitter profile picture to a Japanese animated girl wearing a dress with the Bitcoin logo. Obviously this is his coded way of signaling his Bullish support for Bitcoin once more to commence without ceasing.

With all the positive news (Fundamentals) so far favoring Bitcoin and the Crypto world and with Bitcoin and Ethereum breaking the ascending triangle pattern recently, we are optimistic that the awaited Bullish takeover is here with us again for both Bitcoin and Altcoins. Crypto market to the moon������������

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