Bitcoin Price Hits All Time High of $66,000 - Will It Go Higher?
With the launch of the very first Bitcoin ETF this past Tuesday - October 18 2021. There has been an uptick in the asset’s spot market price. Now whether or not that uptick is directly correlated with the actual ETfF product remains to be seen. Currently at the time of this article the digital asset is sitting at $66,605 where only 6 days ago the price was floating around at about $56,000.
Any exposure that bitcoin gets from Wall Street can be good. Or it can be bad. I personally don’t think that the asset needs any wall street products in order for its value to rise. A true increase in price should be attributed to an asset’s actual utility and not a “buzz.” Don’t get me wrong. I appreciate any help it can get but the narrative should always read that an asset’s price has increased because of it’s core utility and not because of some derivative product made available to the consumer.
Venezuela’s Bitcoin Beach where the digital asset has been adopted not only by the vendors that setup their businesses selling food and misc merchandise. It has been adopted by the country as legal tender.
So Where Will The Price Go From Here?
In my opinion - Up.
Now there will be pullbacks where people will take profits. Manipulation is and always will be a factor until we have reached a stabilized price of about $200-$250k in my humble opinion. I believe this year has already been huge for the space and the price of BTC will continue to climb.
With the announcement of other ETPs on the horizon such as VanEcks Strategy ETF as well as Grayscale’s filing to turn their Btc holdings into an actual Spot Market ETF.
Which is really the one we need.
As far now let’s keep our eyes open.
Jk
