Former SEC Official Predicts Delay in US Bitcoin ETF Approval Until 2024 Post-Election.

John Reed Stark, a former chief of the SEC’s Office of Internet Enforcement, recently shared his perspective on the approval timeline for a spot Bitcoin-backed exchange-traded fund (ETF) in the US. Writing on social media platform X, Stark expressed his belief that the current SEC is unlikely to approve a bitcoin spot ETF application this year due to a range of compelling reasons. He anticipates that meaningful changes in crypto enforcement actions will likely have to wait until next year.

While acknowledging the potential challenges this year, Stark emphasized that the crypto-regulatory landscape could undergo significant shifts following the Election Day, particularly if a Republican candidate wins the presidency. In such a scenario, the most senior Republican-appointed SEC Commissioner, Hester Peirce, known as “Crypto Mom” for her pro-crypto stance, is expected to play a prominent role during the transition.

Stark speculated that a Republican-led SEC is likely to reduce crypto-enforcement efforts and focus less on “pure registration violations” by crypto exchanges. Moreover, such an SEC is expected to be more receptive to the idea of a Bitcoin spot ETF and more inclined to take other notable crypto-friendly regulatory actions. This suggests that the environment for Bitcoin and crypto proponents may improve significantly in the year following the election.

Pseudonymous Analyst Predicts Bitcoin Correction, Expects Short-Term Panic with Long-Term Upside.

Inmortal, a respected trader with a following of 195,300 on X, has shared his insights on the Bitcoin (BTC) market. He foresees an imminent correction, projecting a potential dip to the $26,000 level by the end of this month. While this correction might induce fear among market participants, Inmortal believes it’s a necessary step for setting up BTC for a subsequent rise above $36,000.

Inmortal attributes the likely correction to the anticipated delays in the approval of spot-based Bitcoin exchange-traded funds (ETFs). He suggests that these postponements will trigger a shakeout of traders’ positions before regulatory authorities give the green light to a Bitcoin ETF.

As of the current moment, Bitcoin is valued at $29,454. Inmortal sees the current choppy market conditions as a precursor to a bullish price action in the coming year. He predicts a strong uptrend for altcoins in 2024 and 2025.

In the short term, Inmortal advises not to worry about the slow price movement and encourages followers to enjoy the summer. He believes that the excitement in trading altcoins will come in 2024-2025.

As of now, Inmortal has been accumulating positions in Solana (SOL) and Chainlink (LINK). Interestingly, he humorously notes that he accidentally acquired an “indecent amount” of LINK and SOL.

At the time of writing, Solana is trading at $24.55, while LINK holds a value of $7.45.

Billionaire David Rubenstein Affirms Bitcoin’s Endurance Amidst Global Surge in Enthusiasm.

In a recent conversation with Bloomberg, the renowned investor and co-founder of Carlyle Group, a financial services powerhouse, emphasized that Bitcoin’s longevity is assured due to an overwhelming surge of interest in the primary cryptocurrency sweeping across the world.

Rubenstein highlighted that the fascination with Bitcoin (BTC) and other significant crypto assets is gaining momentum on a global scale as individuals increasingly value private transactions.

“At present, with interest rates positioned at such elevated levels, traditional assets like gold aren’t essential for securing substantial returns, given the 5% yield on treasuries. However, this 5% return will likely diminish in the future. I am confident that Bitcoin and other established cryptocurrencies will not fade away. A widespread desire exists globally for the ability to transact privately, outside of governmental oversight. While some might argue against such behavior, it won’t dissuade people from pursuing it.”

Rubenstein underscored the divergence of opinions on cryptocurrencies among US officials, but he noted a growing openness in the rest of the world. He pointed out the strong craving for an alternate currency that exists independently from government control.

“While the Democratic members of Congress, particularly those overseeing regulatory bodies like the SEC, might maintain skepticism toward Bitcoin and other cryptocurrencies, the international interest remains substantial. The downfall of FTX, for instance, left a significant impact… Nonetheless, a considerable number of individuals worldwide wish to engage in transactions with a currency that eludes government surveillance, regardless of the ethical considerations. Thus, I firmly believe that Bitcoin’s significance will endure. It’s noteworthy that the Republican representatives in the Capitol have been notably supportive.”

Presently, the SEC has ongoing legal actions against Coinbase and Binance, two of the world’s largest crypto exchanges, alleging the sale of unregistered securities.

As of the time of writing, Bitcoin is trading at $29,735, reflecting a slight increase over the past 24 hours.

Bitcoin Price Warning: Analyst Nicholas Merten Predicts Potential Dip Below 2022 Low

Renowned crypto analyst, Nicholas Merten, is sounding the alarm on Bitcoin’s future, raising concerns that the cryptocurrency might dip below its 2022 market low. With Bitcoin struggling to break past the $29,000 level, Merten cautions investors about the possibility of a sharp decline. In this article, we delve into Merten’s analysis and the key factors contributing to this potential price movement.

Bitcoin Faces Resistance and Uncertainty:
Merten points out that Bitcoin has been facing a persistent challenge, finding itself stuck in a resistance zone between $28,000 and $32,000. Previously a reliable support area, it turned into a formidable barrier after breaking in June 2022. The period from June to November 2022 saw buyers trying to hold the price in a descending channel, hinting at potential support. Subsequently, a new short-term upward channel emerged, indicating higher lows and higher highs, contributing to an overall upward trend since late 2022.

Critical Indicators to Watch:
The crypto expert emphasizes that the bulls have shown strength, maintaining an optimistic trend for Bitcoin. However, there are some warning signs investors should keep an eye on. The current trend is just a few hundred dollars away from flipping to a bearish signal on the indicator, which could have significant implications for the price trajectory. Moreover, the ongoing proximity to the resistance zone further confirms its significance as a supply zone, reinforcing the idea that it is resistance and not new support.

Potential Price Scenario:
Should the trend indeed reverse, Merten predicts a gloomy outcome for Bitcoin. He suggests that the cryptocurrency king could plummet to levels below the 2022 market low, potentially around $16,000. This forecast, based on his analysis, points to a possibility of such a dip occurring by the end of 2023 or within the first quarter of 2024.

Current Bitcoin Price:
At the time of writing, Bitcoin is trading at $29,322, reflecting a modest 0.3% increase in the last 24 hours.

In conclusion, Nicholas Merten’s analysis raises concerns about Bitcoin’s future price movement, as it continues to face resistance and approach critical indicators. While the cryptocurrency’s current trend remains relatively optimistic, investors are advised to closely monitor key developments to make informed decisions about their investments.

Bitcoin Analyst Warns of Potential Correction Based on Historical Patterns

In a recent strategy session, Benjamin Cowen, a renowned crypto analyst with a substantial YouTube following of 784,000 subscribers, has issued a cautionary message to traders concerning Bitcoin (BTC). He points out that historical data suggests the primary cryptocurrency is currently facing a high risk of undergoing a correction.

Cowen sheds light on the bull market support band, which is a crucial indicator of Bitcoin’s performance. This band comprises the 20-week exponential moving average (EMA) and the 21-week simple moving average (SMA). In previous pre-halving years, Bitcoin tends to breach this support band in the first half, only to dip below it again in the third quarter.

Drawing examples from 2011, 2015, and 2019, Cowen highlights the recurring pattern in the cryptocurrency’s behavior. While he cautions against making absolute predictions based solely on historical data, he believes it is vital to consider the risk of Bitcoin following a similar trajectory as in the previous three pre-halving years. The question remains whether Bitcoin will manage to hold the bull market support band this time or not.

Cowen suggests that such a scenario could have repercussions on other digital assets, like Ethereum (ETH), which are already trading below their respective bull market support bands. He points out that if Bitcoin falls below its support level, it could trigger significant losses for various assets, given their current positions in the market.

Taking Ethereum as an example, Cowen notes that the cryptocurrency is currently close to its 20-week estimate, with the price hovering around $1,859. He emphasizes that this is a critical level to watch as a similar event in 2019 led to a significant downtrend in the latter half of that year.

At the time of writing, Bitcoin is trading at $29,331, while Ethereum is priced at $1,861.

In conclusion, Cowen’s analysis serves as a valuable reminder for traders to be mindful of historical patterns and their potential impact on Bitcoin’s performance and that of other digital assets. While past performance doesn’t guarantee future outcomes, it’s essential to stay vigilant and assess the market with caution.