On October 19, the first Bitcoin exchange-traded fund (ETF) debuted on the New York Stock Exchange (NYSE), generating a lot of buzz. On its inaugural day, the ProShares Bitcoin Strategy ETF (BITO) saw over $1 billion in trading volume.
The ETF traded nearly $280 million worth of shares in the first 20 minutes of its inception, and by the time the market closed on October 19, it had surpassed $1 billion in trading activity. From its beginning net asset value of $40, the shares of the ProShares Bitcoin ETF closed up 4.85 percent at $41.94.
Bitcoin’s price continues to rise, eventually approaching its previous all-time high. As buying activity continues to dominate, BTC price is heading towards a new record high.
BTC sees no resistance continuing up, and if accompanied by strong buying pressure, it may easily reclaim its previous all-time high and possibly set its sights on $66,888, the prevailing chart pattern’s topside trend line.
Bitcoin to Explode in 2022!
Lark Davis, a well-known crypto trader, and the market analyst believes that Bitcoin (BTC) will experience a tremendous rise next year.
Davis tells his YouTube subscribers in a new video that long-term Bitcoin holders’ recent Bitcoin accumulation shows that 2022 “may be more bullish than anyone can possibly imagine.”
Davis examines a chart given by on-chain analyst Willy Woo to see how long-term holder accumulation peaks frequently anticipate price spikes.
He says, Long-term investors, have just reached the pinnacle of their holdings. we’re at the pinnacle of accumulation. We’re on the verge of setting a new all-time high price he added.
When we’ve had these enormous price swings in the past, it’s always been because long-term investors were exiting the markets he opines.
“What’s interesting is that we have completely recovered from [the recent] dip. We are now entering into accumulation discovery. That indicates to me that the market is getting ready for a massive period of expansion.”
Bitcoin sentiment, according to the crypto analyst, will continue positive not just next year, but for the rest of the decade.