Bitcoin [BTC] ETF’s historic day: Analyzing what’s in store next

Tuesday was a historic day for Bitcoin [BTC]. The highly-anticipated Bitcoin Futures ETF went on to generate an astonishing $1 billion in volume on BITO after over 24 million shares traded on its the very first day.

This was a big milestone for the industry as the US Securities and Exchange Commission [SEC] finally approved the Bitcoin futures fund last week. It commenced trading on the New York Stock Exchange [NYSE] on the 19th of October at an opening price of $40.88.

But the debut was not short of controversy. Many speculated that a futures-based ETF could potentially deviate from the spot price of the crypto-asset. ProShares’ head of investment strategy, Simeon Hyman, on the other hand, thinks other wise. The exec stated that the product will actually be a better place for price discovery.

After Proshares, next in line are Invesco, VanEck, Valkyrie and Galaxy Digital.

#Bitcoin made a new all-time high vs the EURO! 🚀 pic.twitter.com/xloYaiM2Ix

— Bitcoin Archive (@BTC_Archive) October 20, 2021

Talking about the milestone, Eric Balchunas, Senior ETF Analyst for Bloomberg, tweeted,

“The fastest ETF to ever get to $1b [naturally]was $GLD in 2004. It did it in 3 days. No one has really come that close since. $BITO has $570m after one day a legit shot to at least tie this DiMaggio-esque feat.”

Call it randomness or not, the impact of the news on Bitcoin has been positive. As a matter of fact, the BTC/EUR trading pair made a new all-time high. The week has been eventful for the king coin, but what’s next? The bullish tone can be seen across the charts as well. 

Bitcoin [BTC] poised for more gains

The uptick in trading volume has substantially backed the asset’s uptrend. The Bollinger Bands [BB] also depicted increase in volatility that could aid BTC’s price action.

The MACD also aligned with the bulls. Additionally, the daily Relative Strength Index [RSI] rose above 75 but hasn’t maxed out just yet. Meaning, buyers are likely to see more upside potential and indicator value should accelerate from here.

Bitcoin is currently trading at $64,089 after surging by more than 17% in the past week. The market players are pretty confident that Bitcoin will inevitably cross the $65,000-mark. But the bullish sentiment does not end there. According to popular crypto trader Nicholas Merten, a 250% return could materialize in the most optimistic scenario either in the first quarter or early second quarter of 2022.

Another bullish signal that is the BTC exchange reserve hitting a 3-year low. 

A star-studded endorsement

Mariah Carey, the iconic singer just announced partnership with the Winklevoss twins-led cryptocurrency exchange Gemini. Carey’s announcement of investing in Bitcoin via the platform, comes at a time when the asset was closing in on its peak. An exposure to a massive 10 million followers on Instagram does not appear to be a bad thing for Bitcoin.