The Predictions of a Financial Analyst
Renowned financial analyst Anthony Scaramucci suggests that the cash-based Bitcoin Exchange-Traded Fund (ETF) approval could be announced as early as next week. He makes this speculation based on a strategic move to coincide with the holiday season and potentially fly under the radar.
The Shift in SEC’s Stance
According to Scaramucci, this significant development could be announced as early as next week, a strategic move to coincide with the holiday season and, thus, potentially, fly under the radar. The U.S. Securities and Exchange Commission (SEC) now insists on a cash-only transaction process for Bitcoin ETFs, deviating from the traditional in-kind redemption method, causing potential concerns for retail investors.
Strategies and Expectations
To anticipate Bitcoin’s potential market movements, QCP Capital suggests that Bitcoin might face resistance in the $45,000 to $50,000 price range but could drop temporarily to around 36k before resuming its upward trajectory. They also recommend selling covered calls and buying out-of-the-money puts to navigate the potential post-ETF dip. Despite the volatility, they remain optimistic about the long-term trend for Bitcoin, especially leading into the anticipated Bitcoin halving event.
Hot Take
With the prediction of a Bitcoin ETF approval and market analysis from QCP Capital, the crypto market appears to be on the brink of a significant change as we head into a new year.
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