The price of bitcoin soared past the $55K handle on Wednesday for the first time in four months giving proponents hope the crypto bull run has been re-ignited. Some speculate that a bitcoin exchange traded fund (ETF), will soon be approved. Others believe bitcoin will outperform all other crypto assets in this month.

ETF Analyst Eric Balchunas discusses Bitcoin Exchange Traded Fund Approval Odds

While 13 digital currencies outperformed bitcoin (BTC) this past week, BTC has been a top performer gathering 34.2% over the last seven days. On Wednesday, statistics indicate that BTC gained more than 7% in value and tapped a daily high of $55,800.

One of the main reasons for bitcoin’s recent price rise is the rumor about an exchange-traded funds (ETF) being approved by the U.S. Securities and Exchange Commission. Eric Balchunas, Bloomberg ETF analyst, shared his thoughts on the possibility and a screenshot of the odds. Balchunas also spoke out about Gary Gensler (SEC chairman), and how he likes futures versions of bitcoin ETFs.

“Yes, the SEC has kicked can on bitcoin ETF approval,” Balchunas tweeted. “BUT that is for the physically-backed ones under ’33 Act. The futures ETFs filed under the ’40 Act (which Genz loves) are very much alive and likely on schedule (we think 75% chance approved in Oct).”

The odds of Balchunas, an ETF analyst, are shown below.

Titan crypto adds more weight behind Bitcoin

In addition to the odds from the ETF analyst, the mobile hedge fund and investment firm backed by a16z, Kevin Durant, Ashton Kutcher, and Will Smith, Titan, revealed that the actively managed crypto fund for Titan clients will be changing positions in the space to put more weight behind bitcoin.

” We’ve reduced our other positions in order to support bitcoin. We believe it’s bitcoin’s time to shine,” Titan said on Wednesday evening (EST). “October has started with significant gains after a difficult September in crypto markets. Some were surprised that bitcoin held $40K through September, despite an onslaught of bad news.” Titan added:

But — as noted in our previous updates — on-chain data continued to show bullish broader accumulation trends by institutional investors and whales, who seemed wholly unfazed in spite of heightened volatility. We’ve now seen bitcoin spike as high as ~$55K this week, but we see more room to run.

Titan cites four reasons why Titan researchers believe that bitcoin’s value will “exponentially increase in October while other crypto assets might plateau.”

• “We believe bitcoin ETFs are coming: Approval of U.S.-based bitcoin futures ETFs could come as soon as this month, with promising comments from SEC Chair Gary Gensler.”
• “Bitcoin is playing catchup: We’ve seen altcoins make new all-time highs over the last month, while bitcoin has consolidated between $40-50K. We believe Bitcoin is about to catch up to the pack.”
• “Taking a pause from altcoin season: The Altcoin Season Index shows that altcoin season may have already reached a local peak, with the market returning to bitcoin season in the short term.”
• “Institutional flows reversal: After suffering its longest run of institutional outflows, bitcoin has started to see strong inflows over the last two weeks. This is due to institutional investors’ growing confidence in bitcoin. Once an institution buys bitcoin, you can generally expect them to HODL.”

Crypto Derivatives Exchange CEO – ‘Money to Rotate into Bitcoin From Alts Going Forward ‘

The crypto derivatives exchange Delta Exchange and its CEO Pankaj Balani share a similar view that BTC is expected to outperform other crypto assets. Balani stated that bitcoin has risen after the September seasonal correction. This was in a note to Bitcoin.com News. The price action is very bullish due to the fact that bitcoin has strength despite global macro weakness. “Bitcoin has also taken in all of the negative news from China over the past weeks, which is a very encouraging sign.” Balani said:

There has been fresh spot buying activity in bitcoin and looking at the price action we expect to see a fresh ATH in the coming weeks. We expect bitcoin to outperform altcoins, and that the money will continue to flow into bitcoin from altcoins.

What do you think about the prediction that the month of October will see bitcoin outperform other crypto assets? Are you positive that a bitcoin ETF would be approved?

Please comment below.

This story contains tags

$55K, A16Z, Altcoin Season, approval, Ashton Kutcher, Bitcoin, Bitcoin (BTC), bitcoin etf, Bloomberg ETF analyst, BTC, Delta Exchange, Eric Balchunas, ETF Bitcoin, Gary Gensler, Genz, Kevin Durant, Odds, Pankaj Balani, SEC, sec approval, TITAN, Titan Crypto, Titan Hedge Fund, US SEC, Will Smith

Image Credits: Shutterstock, Pixabay, Wiki Commons, Titan, Bloomberg ETF analyst Eric Balchunas, Twitter,

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

Read More