Another ETF Application Flash with Bitcoin (BTC) Milestone, Next $8,500?

Dalmas Ngetich

Last Updated: June 11, 2024 6:28 pm

2 mins read

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Bitcoin (BTC) surge, blast above $6,000
The US SEC considering another ETF application

It’s a new milestone for Bitcoin. After Q4 2018 steep losses, Bitcoin (BTC) is trading above $6,000 for the first time in more than five months. Even so, we expect more upsides, and with the US SEC considering another ETF application, prices could soar to $7,500 as sentiment shift, boosting prices.

Bitcoin Price Analysis

Fundamentals

The market is vibrant, and Bitcoin is a standout. After overcoming this week’s FUD thanks to an unexpected Binance heist, market participants are ecstatic. Not only did most analysts project Bitcoin to consolidate below the “mother of all resistances” at $6,000 but most did associate the hack as a sell trigger. True to their words, Bitcoin prices did slide a few hours after Changpeng Zhao announcement.

However, the moment of panic didn’t last long as buyers flew back; supporting prices and the consequent European and NY session saw Bitcoin recouping losses in a trend continuation phase. Now, thanks to positive technical and fundamental factors, it is likely that prices will continue expanding in days ahead.

That is partly because of improving sentiment thanks to bulls blasting above $6,000 and also the US SEC considering a new ETF application from Crescent Crypto Index Services, a subsidiary of Crescent Crypto Asset Management. Crescent, in their application, says the index ETF will include a portfolio of Bitcoin (BTC) and Ethereum (ETH) trading under the XBET ticker symbol in the New York Stock Exchange.

“XBET is an exchange-traded fund. This means that most investors who decide to buy or sell shares of XBET place their trade orders through their brokers and may incur customary brokerage commissions and charges.”

Candlestick Arrangement

At spot rates, Bitcoin (BTC) is up 5.1 percent and 15.8 percent in the last day and week, exchanging hands at around $6,380 in most exchanges except BitFinex. After the USDT—iFinex and NY OAG imbroglio, the premium increased but it has since tapered as opportunities for arbitrage shrink.

Nonetheless, what is noteworthy is the new milestone. By trading above $6,000, our BTC/USD trade conditions are valid. As a result, every low is technically a buying opportunity with traders aiming not only at $8,500 but at $11,500. Because of today’s breach, the bear breakout pattern of Nov 2018 is null.

Besides, bars are banding along the upper BB meaning the underlying momentum is high and could propel prices to $7,500 and later $8,500.

Technical Indicators

Although participation is low meaning there is a divergence, average volumes are up from 9k of Apr-2 to around 11k as of yesterday’s close. At this rate, we expect participation to increase as prices rally to new highs.

Chart courtesy of Trading View

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.