One question crypto investors and traders always ask is, Will Bitcoin ever be worth $100,000? Did you ever think a ten thousand dollar Bitcoin was possible, not to even talk of a sixty thousand dollar Bitcoin? Bitcoin will break the hundred thousand dollar mark and finally become a six-digit asset, and from the look of the one major fundamental involved, it may even happen towards the end of the year.
This factor will possibly blow up Bitcoin into a six-digit asset by the end of the year; it will attract so much money into Bitcoin when it happens.
The chart above is the Bitcoin one-day chart, we are still watching our 200-day moving average, but we have been unable to break that line. The 200-day moving average is the line we need to break to build up strong momentum for the price of Bitcoin to go crazy.
Aside from Bitcoin, altcoins have been recovering well, and most of them have been trading above the 200-day moving average. Until we break and retake the 200-day moving average, we could still see some lower prices coming in; it will not be bad. It will be a very good opportunity to enhance your position and buy Bitcoin.
The nature of the market is so volatile to the extent that the slightest bad news could spook retail investors and ruin everything for the market.
The Bitcoin ETF is the fundamental that will send the price of Bitcoin to six digits in 2021. The SEC has six Bitcoin ETFs under review; they are looking at six different Bitcoin ETFs, including some of the most popular ones like the Fidelity Bitcoin ETF. There are over 10 Bitcoin ETF applications, and the SEC is already considering saying Yes to one of the ETF applications in review.
Some of the current offerings are being launched by the biggest asset managers in the world, the likes of Fidelity, SkyBridge, NYDIG, and VanEck.
When the Bitcoin ETF happens, it will stimulate the market more than we think. However, some people believe that the launch of the Bitcoin ETF will introduce the bear market, but that may not be the case. A bear market may begin a few months after a Bitcoin ETF has been approved, or the ETF may eventually lead us into a mega bull cycle.
People do not fully understand that a Bitcoin ETF is different from Bitcoin Futures. Bitcoin does not back Futures; they only trade depending on if the price goes up or not. ETF, on the other hand, is physically backed by Bitcoin.
The launch of Bitcoin ETFs in the USA is a big deal because the US equity markets represent 52% of all global equity markets, so a Bitcoin ETF coming for the US is very bullish.
We can see the work of a Bitcoin ETF in Canada; the Canadian ETFs have been going crazy and are very popular with investors.
With the launch of a Bitcoin ETF in the US, we can be getting ready to see a six-digit Bitcoin.
