{"id":557514,"date":"2023-10-25T17:00:05","date_gmt":"2023-10-25T17:00:05","guid":{"rendered":"https:\/\/uniquehot.com\/?p=557514"},"modified":"2024-06-11T08:07:10","modified_gmt":"2024-06-11T08:07:10","slug":"bitcoin-etf-will-send-btc-back-to-44000-why-this-trading-firm-is-betting-on-this-scenario","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-etf-will-send-btc-back-to-44000-why-this-trading-firm-is-betting-on-this-scenario\/","title":{"rendered":"Bitcoin ETF Will Send BTC Back To $44,000, Why This Trading Firm Is Betting On This Scenario"},"content":{"rendered":"

The price of BTC continues to push higher, and the bullish momentum remains intact as news around the Bitcoin ETF (Exchange Traded Fund) improves overall sentiment. In the wake of the recent rally, some trading firms doubled down on their bullish positions. <\/strong><\/p>\n

Related Reading: Galaxy Foresees Stellar 74% Bitcoin Price Surge In Post-ETF Debut Year<\/a><\/div>\n

As of this writing, the price of Bitcoin stands at $24,200 with sideways movement in the last 24 hours. The cryptocurrency rose by over 20% the previous week, operating as the top performer in the top 10 by market capitalization.<\/p>\n

\"Bitcoin
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin ETF To Trigger Larger Rally: What\u2019s The Target?<\/strong><\/h2>\n

Via social media platform X, trading desk QCP Capital disclosed<\/a> their positions coming into the rally. The firm longed Bitcoin volatility with options contracts, taking some profits on their positions as the cryptocurrency rallied.<\/p>\n

Still, the firm remains optimistic, holding on to their calls due to expiry in December. By then, the firm targets a BTC price above $38,000 to $44,000, based on the momentum generated by a potential Bitcoin ETF approval.<\/p>\n

In the last week, the news generated by this event has shifted market sentiment, leading investors to a more favorable area. However, the firm remains cautious about the US Securities and Exchange Commission (SEC) approving a spot Bitcoin ETF in the short term.<\/p>\n

QCP Capital stated:<\/p>\n

(\u2026) we believe the SEC will avoid playing the role of kingmaker, sticking with its own precedent set during the BTC\/ETH futures ETF approval process and will wait to approve multiple managers at the same time. Nonetheless with this bullish break of 32k, we believe the market has started to price in an approval as the base case. The only question now is when the approval will happen.<\/p><\/blockquote>\n

\"Bitcoin
BTC’s price is approaching 0.38 Fibonacci levels, which hints at a reversal. Source: QCP Capital<\/figcaption><\/figure>\n

SEC To Avoid Kingmaking In Bitcoin ETF Approval.<\/h2>\n

The trading firm believes the financial instrument will get approved in 2024. The SEC will likely avoid favoring one firm to prevent BlackRock or other asset managers from taking a large portion of the clients and the trading volume, as when the future Bitcoin ETF was approved.<\/p>\n

The firm believes the financial instrument could get approved \u201cmuch later than the market expects now.\u201d As mentioned, investors have begun pricing in any price action associated with the ETF, which could lead BTC to another range until 2024.<\/p>\n

Related Reading: Bitcoin\u2019s Surge Shakes Up ETF World: Who\u2019s Soaring And Who\u2019s Crashing?<\/a><\/div>\n

The firm cautioned<\/a> players from taking late long positions:<\/p>\n

(\u2026) we are seeing stretched positive perp funding rates especially on Deribit (BTC over 70% and ETH over 100%) as well as elevated short-end ATM vols (BTC up to 75%!) \u2013 typically indicative of an exhausted short-term move.<\/p><\/blockquote>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

The price of BTC continues to push higher, and the bullish momentum remains intact as news around the Bitcoin ETF (Exchange Traded Fund) improves overall sentiment. In the wake of the recent rally, some trading firms doubled down on their bullish positions. Related Reading: Galaxy Foresees Stellar 74% Bitcoin Price Surge In Post-ETF Debut Year As of this writing, the price of Bitcoin stands at $24,200 with sideways movement in the last 24 hours. The cryptocurrency rose by over 20% the previous week, operating as the top performer in the top 10 by market capitalization. Bitcoin ETF To Trigger Larger Rally: What\u2019s The Target? Via social media platform X, trading desk QCP Capital disclosed their positions coming into the rally. The firm longed Bitcoin volatility with options contracts, taking some profits on their positions as the cryptocurrency rallied. Still, the firm remains optimistic, holding on to their calls due to expiry in December. By then, the firm targets a BTC price above $38,000 to $44,000, based on the momentum generated by a potential Bitcoin ETF approval. In the last week, the news generated by this event has shifted market sentiment, leading investors to a more favorable area. However, the firm remains cautious about the US Securities and Exchange Commission (SEC) approving a spot Bitcoin ETF in the short term. QCP Capital stated: (\u2026) we believe the SEC will avoid playing the role of kingmaker, sticking with its own precedent set during the BTC\/ETH futures ETF approval process and will wait to approve multiple managers at the same time. Nonetheless with this bullish break of 32k, we believe the market has started to price in an approval as the base case. The only question now is when the approval will happen. SEC To Avoid Kingmaking In Bitcoin ETF Approval. The trading firm believes the financial instrument will get approved in 2024. The SEC will likely avoid favoring one firm to prevent BlackRock or other asset managers from taking a large portion of the clients and the trading volume, as when the future Bitcoin ETF was approved. The firm believes the financial instrument could get approved \u201cmuch later than the market expects now.\u201d As mentioned, investors have begun pricing in any price action associated with the ETF, which could lead BTC to another range until 2024. Related Reading: Bitcoin\u2019s Surge Shakes Up ETF World: Who\u2019s Soaring And Who\u2019s Crashing? The firm cautioned players from taking late long positions: (\u2026) we are seeing stretched positive perp funding rates especially on Deribit (BTC over 70% and ETH over 100%) as well as elevated short-end ATM vols (BTC up to 75%!) \u2013 typically indicative of an exhausted short-term move. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":557515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,679,1119,86857,1122,78790],"class_list":["post-557514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-price","tag-btc","tag-btc-etf","tag-btc-price","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin ETF Will Send BTC Back To $44,000, This Firm Bets On It<\/title>\n<meta name=\"description\" content=\"The price of BTC continues to push higher, and the bullish momentum remains intact as news around the Bitcoin ETF keep surging.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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