In a recent YouTube video, Crypto Analyst Michaël van de Poppe discussed the potential implications of regulatory developments on Bitcoin and the cryptocurrency market at large. He also touched upon the recent performance of altcoins like Litecoin and Bitcoin Cash.
The video’s primary focus was the recent news that most Bitcoin spot ETF filings were deemed inadequate by the Securities and Exchange Commission (SEC). Despite the negative headline, Van de Poppe argued that the news is not as bad as it appears. The SEC’s main issue was that the filings did not specify the exchange they would use for the ETF, which is an easy fix.
According to the crypto influencer, this response from SEC implies that they are actively reviewing these filings, which could hint towards an earlier ETF approval than next year. This, in turn, could stimulate the markets even more.
Van de Poppe also highlighted the performance of altcoins, particularly Bitcoin Cash and Litecoin. Their recent strong performance in the markets could be attributed to two reasons. First is Litecoin’s upcoming halving event, which tends to spur price action. Secondly, the EDX Exchange, backed by two prominent financial institutions, Fidelity and Citadel, plans to start trading Bitcoin Cash, Litecoin, Ethereum, and Bitcoin. Notably, if these assets are incorporated, they would not be categorized as securities, which is positive news that could drive the value of these coins higher.
While the market anticipates a potential breakout, he warned against chasing the current upswing in Litecoin and Bitcoin Cash as they have already seen substantial price appreciation. Instead, he suggested waiting for some consolidation and softer price action before considering an entry.
As for Bitcoin, Van de Poppe believes that the market could bounce back to higher levels in the next few days, provided it could maintain its position above $29.9K. If it falls below this level, it might potentially see a drop towards $28K.
Currently, Bitcoin’s price is at $30,445, with a decrease of 24 USD (-0.08%) compared to the previous value. Bitcoin has shown positive performance over different timeframes, with significant gains of 11.84% in the past week, 6.94% in the past month, 83.23% in the past three months, 84.17% in the past six months, and 52.52% year-to-date.
However, the short-term outlook appears neutral with a slight bearish bias, indicated by the negative price change and the “Sell” signal in the technical analysis section. Traders and investors should carefully assess market conditions, monitor indicators, and consider additional factors before making investment decisions.
To sum up, despite the apparent setback with the Bitcoin ETF filings, there is still plenty of optimism in the crypto market. The SEC’s response indicates active engagement, and the altcoins’ performance could signal a bullish trend, especially if they are not classified as securities. As always, investors should monitor the market trends and make informed decisions.
