Bitcoin set a record on Wednesday after the ProShares Bitcoin Strategy Exchange Traded Fund (ETF) began trading on the New York stock exchange. Strategists think that the next stop in Bitcoin’s rise may be $90K.
Bitcoin has stabilized around $62k after hitting a record high of $66,976 on Wednesday, October 21, 2021. Strategists think that the resistance in the next rally will be between $90-100k.
“Initial resistance on upside targets for Bitcoin is $72,500, then $89k,” Fundstrat said in a report on Wednesday.
Fairlead Strategies Founder Katie Stockton said that seeing new highs before the record on Monday indicates a positive long-term trend and that Bitcoin could see $89,800.
New all time high post ETF
After the ProShares Bitcoin Strategy Exchange Traded Fund (ETF) started trading on the New York stock market, Bitcoin rose by 2.1 percent, exceeding $ 66 thousand and breaking a record. Thus, the rise of Bitcoin since the beginning of 2021 has exceeded 120 percent.
Other major crypto assets also found support from Bitcoin’s rise. Ether, the second largest digital currency, also rose, while the Bloomberg Galaxy Crypto Index gained.
Jesse Proudman, co-founder and CEO of crypto consulting firm Makara, described the Bitcoin ETF’s launch as “a confirmation moment”. “It is no longer a question of whether this asset class will continue to exist – I think this is a really important moment in the history of the broader digital asset class,” Proudman said.
The first Bitcoin-linked exchange-traded fund to be listed on the US stock market, entered the markets as the second most traded fund on record.
More than 24 million shares have changed hands in the ProShares Bitcoin Strategy ETF, according to data compiled by Bloomberg. Bloomberg Intelligence ETF Analyst Athanasios Psarofagis reported that the ProShares Bitcoin Strategy ETF, with a trading volume of approximately $1 billion on the first trading day, is placed just after BlackRock’s carbon fund, which holds the record for the first trading day.
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