With two full trading weeks left in the month, October 2021 is shaping up to be one of the most interesting periods of the year. The first Bitcoin exchange-traded fund is expected to start trading on October 19 unless the United States Securities and Exchange Commission presents a last-minute objection to the listing of the ProShares Bitcoin Strategy ETF, which will trade under the BITO ticker symbol on the New York Stock Exchange.
The formal arrival of Bitcoin on Wall Street is bound to set off a bullish rally that will improve upon the current $62K trading level. You can certainly bet on pullbacks occurring as a result of active traders taking profits and looking to make a quick buck, but we do not expect to see a major retreat, particularly if we see institutional investors become interested in BITO.
BTC should not be the only token boosted by the SEC approval of the ProShares ETF. Market analysts believe that Ethereum, which was up 0.20% on Sunday night, could touch the $4,000 trading level. If this happens, it will mark the first time since October 2019 when ETH moved above this critical level. ETH has been making some very interesting moves recently, as most analysts say that the price has been too depressed for a long time and its technical indicators suggest that ETH is due for a breakout. If the market turns bullish, the move above $4,000 is still a long way away. However, we are confident that our long-term outlook for ETH is correct, so we do not anticipate any pullbacks from the current price range.
The current market climate is one of risk aversion and many traders are not willing to take any big swings in their trading activities. In such a low-risk environment, investors tend to place greater faith in trading systems rather than individual ideas. This is why long-term forecasts based on technical analysis have become more popular lately, as they can offer investors the best of both worlds – the market action and technical indicators. We should continue to monitor BTC, ETH and the market trends closely and keep an eye on fundamental developments.