Former SEC official doesn’t believe in approval of Bitcoin ETF
August 15, 2023 4:22 pm
Well, on the 4-hour time frame, it’s even clearer how exactly Bitcoin has been moving in recent months. As we have mentioned before, it spent several weeks in one sideways channel and then simply moved to another. Both channels are visible in the illustration below. The new channel is narrower than the old one, and the price has been in it for three weeks now. Therefore, the conclusions we can draw are the same as before: as long as the price does not leave the flat channel, there is no reason to expect a trending movement. Moreover, if the upper boundary of the channel is breached, it will mean a return of Bitcoin to the first sideways channel. In essence, the flat will persist.
We don’t believe that Bitcoin will grow forever or reach $100,000 by the end of this year. We have heard such a forecast for several years now, and it is based on nothing. It’s just a nice figure. Therefore, we admit that the downward correction (more noticeable in the higher time frame) will continue. Accordingly, the price may very well establish itself below the new sideways channel, which will allow it to continue moving south.
At the same time, John Reed Stark, a former employee of the U.S. Securities and Exchange Commission (SEC), stated that Bitcoin ETFs will not be approved in their current form. In his statement, he mentioned the company Better Market, which openly called on the SEC to reject Bitcoin ETF applications from companies, arguing that cryptocurrency is prone to inflated trading volumes, and manipulations, and is controlled by a small group of individuals. This is, by the way, what we wrote about a few weeks ago. It is already known that more than 75% of coins are controlled by a small group of investors who can manipulate the price and move it in any direction. Thus, Bitcoin cannot be considered “a currency for every person.” It’s the same fiat money but controlled by monopolistic investors who, unlike central banks and governments, are not particularly interested in currency stability.
Stark expects that the attitude towards Bitcoin in the U.S. and the SEC’s attitude towards Bitcoin will only change if a Republican wins the 2024 elections. In this case, Gary Gensler will resign, and his place will be taken by someone more loyal to cryptocurrencies. Then, the SEC will stop its constant attacks on the cryptocurrency sphere, which will contribute to its development. Today, it became known that the first Bitcoin ETF has been launched in Europe.
In the 4-hour time frame, the cryptocurrency has begun a decline, which could last several more weeks. At the same time, the pair is already moving within the sideways channels, and it is best to rely on them while keeping in mind the targets of the daily time frame. We believe that the correction is not over yet, but it is still very sluggish. Short positions should not be large. Shortly, Bitcoin could surge upwards if it receives a message about the approval of a Bitcoin ETF in the U.S.
The material has been provided by InstaForex Company – www.instaforex.com
Well, on the 4-hour time frame, it’s even clearer how exactly Bitcoin has been moving in recent months. As we have mentioned before, it spent several weeks in one sideways channel and then simply moved to another. Both channels are visible in the illustration below. The new channel is narrower than the old one, and the price has been in it for three weeks now. Therefore, the conclusions we can draw are the same as before: as long as the price does not leave the flat channel, there is no reason to expect a trending movement. Moreover, if the upper boundary of the channel is breached, it will mean a return of Bitcoin to the first sideways channel. In essence, the flat will persist.
We don’t believe that Bitcoin will grow forever or reach $100,000 by the end of this year. We have heard such a forecast for several years now, and it is based on nothing. It’s just a nice figure. Therefore, we admit that the downward correction (more noticeable in the higher time frame) will continue. Accordingly, the price may very well establish itself below the new sideways channel, which will allow it to continue moving south.
At the same time, John Reed Stark, a former employee of the U.S. Securities and Exchange Commission (SEC), stated that Bitcoin ETFs will not be approved in their current form. In his statement, he mentioned the company Better Market, which openly called on the SEC to reject Bitcoin ETF applications from companies, arguing that cryptocurrency is prone to inflated trading volumes, and manipulations, and is controlled by a small group of individuals. This is, by the way, what we wrote about a few weeks ago. It is already known that more than 75% of coins are controlled by a small group of investors who can manipulate the price and move it in any direction. Thus, Bitcoin cannot be considered “a currency for every person.” It’s the same fiat money but controlled by monopolistic investors who, unlike central banks and governments, are not particularly interested in currency stability.
Stark expects that the attitude towards Bitcoin in the U.S. and the SEC’s attitude towards Bitcoin will only change if a Republican wins the 2024 elections. In this case, Gary Gensler will resign, and his place will be taken by someone more loyal to cryptocurrencies. Then, the SEC will stop its constant attacks on the cryptocurrency sphere, which will contribute to its development. Today, it became known that the first Bitcoin ETF has been launched in Europe.
In the 4-hour time frame, the cryptocurrency has begun a decline, which could last several more weeks. At the same time, the pair is already moving within the sideways channels, and it is best to rely on them while keeping in mind the targets of the daily time frame. We believe that the correction is not over yet, but it is still very sluggish. Short positions should not be large. Shortly, Bitcoin could surge upwards if it receives a message about the approval of a Bitcoin ETF in the U.S.
The material has been provided by InstaForex Company – www.instaforex.com
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