Perhaps you’re already aware that several Bitcoin ETFs have been approved in North America in recent weeks. The Canadian authorities approved Evolve Bitcoin ETF and Purpose Bitcoin ETF, both of which are now trading on the Toronto Stock Exchange.
That this is coming on the heels of soaring Bitcoin prices is not surprising. It’s impact however may not be as pronounced in comparison with what’s coming.
Bitcoin is presently trading at $57,805 and there is no sign that the market is close to the next big crash. A whole lot of people seem not aware of this fact. The crash or correction will happen. What is uncertain is its intensity and at what point.
The third ETF approved by the Canadian authorities is the CI Galaxy ETF which commenced trading on TSX on Tuesday March 9, 2021.
With the increasing involvement of institutional investors with Bitcoin, it is obvious that the cryptocurrency is close to mainstream adoption, many investors wouldn’t want to be left out. Next week will likely see the BTC trade above $60, 000 but this may not be just another point of inflection.
So how high will Bitcoin rise before the next price crash?
A market analyst Bossian said that he expects the next price crash to occur somewhere around $150,000 – $200,000. According to their prediction based on Pi cycle top indicator which has proven a high degree of accuracy with respect to a cycle from 2013 to 2017, Bitcoin is poised to experience massive upward price movement.
Working with a 111-day (111DMA) moving average and multiple 350-day moving average (350DMA x 2), it has been observed that Bitcoin price peaks when these two lines cross. Presently, the analyst believes that the price of BTC will soar for another 3 months.