Bitcoin ETF Approval on October 18th? [Crypto News 2021]
Looking at the technicals, letting you know what to expect, as well as a word of caution on the markets. Right now, my names lark every day i make videos talking about cryptocurrency investing. So if thats a topic youd like to know some more about, maybe just stay up to date with, then you should definitely subscribe to the lark davis channel. Also, take a quick second tap on the thumbs up button for the youtube algorithm would be super super awesome and obviously, if you want to know when i put out a new video, you should click on the notification bell as well. This is the kind of mood right now in the market. Yes bitcoin. It feels good everybodys. Getting excited, love that movie great movie. The dude abides the dude abides. I love it now. Lets look at the charts. Lets have a little conversation here about what is happening with bitcoin right now. Now this is a beautiful candle. Thats just make a piece of art out of that thats lovely lovely! I like it a lot. What weve, essentially seen is this beautiful rebound from bitcoin breaking out of resistance here. Closing our daily can above that breaking out of resistance again here at 50, 000 posting a nice daily cannibal above that rising volume. The whole time here check that out rising volume, nice strong volume on todays candle, give you some perspective. When was the last time, we saw this kind of bullish volume, its been a while right last times back here in early july, when everybody was getting very excited about the bitcoin rally.
We had that kind of strong volume there and then we posted this candle, which essentially has broken the downtrend for bitcoin. Now bitcoin has been in a downtrend ever since april april, 13th, 14th, 14th april 14th. That was the day that was the day when everything started. Getting a bit pear shaped down, we went whats. Amazing is the recovery that has happened for bitcoin ever since then those people who are saying oh, this is what the dead cat bounce you dont know how to get that cap bounces. Those people who are saying well were in a bear market, really really bitcoins 15 percent away from its all time highs right now that doesnt sound, very bear markety to me. Look back at any crypto bear market. Tell me at what point do we get back within 15 of the all time high with such bullish, looking charts breaking out of a critical downtrend now had we not broken out here? Had we continued moving downward? That would be a different scenario, but thats not what happened. We had this beautiful, beautiful rally come in here for bitcoin and now we have broken above this downtrend word of caution, though. Yes, we have broken above the downtrend, yes, im very bullish on that reality. However, do keep in mind, we could still come back down to retest some of these key lines as areas of support, so that could either be a retest of the downtrend line here, which could see bitcoin coming back down to test around 50 500 or even coming Down to maybe the convergence point of these areas of resistance here over the next few days, where we come down and see bitcoin retesting 50 000 dollars before bouncing higher.
Now, just so, you understand, after a breakout, a retest of previous resistance, as support is a technically bullish move. So if that happened, nothing to be scared about that would be normal and healthy for bitcoin. To do that now it could just rage higher. It could just rage higher, but i want you to understand. That is a possibility that we could be looking at just so youre ready for it. If it happens now, if we do see this happening, you have to understand that uh altcoins. They have a very mixed relationship with bitcoin. So if bitcoin continues to rage higher right now, altcoins will do well. They will do well now theyre going to fall in bitcoin value, theyre going to go up in dollar value, theyre going to fall versus bitcoin, so youre gon na see a lot of money. Moving from all coins to chase the bitcoin pump. Bitcoin season could be here. A lot of the traders in the market are going to be following that thesis throwing money into bitcoin, because why bother with all coins? Right now, if theyre gon na lose value versus bitcoin bitcoin? Is the trade to be in because theyre all going to be chasing? That if bitcoin goes down, alternatively youre going to see altcoins – probably getting quite hit quite hard as well, basically a dicey time to be in altcoins right now. A lot of the market will be thinking like that and preparing for such an eventuality, where we could see altcoins losing some value, definitely versus bitcoin if bitcoin starts raging and if we do get a correction back down to here, alt coins could suffer more dramatically than Uh bitcoin would for bitcoin that could only be a five.
You know five ten percent correction downwards for altcoins that could be a 30 40 50 percent bleed off for some of them right, so something to keep in mind something to keep in mind there. In this scenario, there is a bit of caution to think about, even though its very exciting times i dont want to rain on the parade here, but its just something to think about to keep yourselves uh. You know safe in these markets. Certainly if we do get our dip back down here, ill buy it up ill, buy some more bitcoin there. Just you know for the culture for the culture. Why not? Oh man, anyway, just there, you go thats the technicals for today. If you want to trade, some bitcoin check out femex. This is a great exchange for trading futures as well as trading spot markets. So you can long you can short bitcoin, ethereum solana, polka dot, dogecoin, all of the fun coins. If you use the link down below to start your account, youre gon na get ten percent off of your trading fees over on femex and up to twelve hundred dollars in trading. Bonus is a hundred dollars for making your first deposits and uh doing some simple trades doing your first trades and things like that, as well as eleven hundred dollars for making bitcoin deposits, so go ahead and check that out. If you are a trader now lets get into the next bit of the video here, bitcoin is once again a one trillion dollar asset, one tenth of the way to the market cap of gold, ten percent there, ten percent.
There were not that far away guys uh, but no its awesome, seeing bitcoin again at a trillion dollar market cap. I think its just its a nice round number for bitcoin bitcoin over a trillion. It feels good. It feels good now, as the market started heating up here. Apparently somebody bought 1.6 billion dollars of bitcoin via market orders in just five minutes. Who was that who? Who, which one of you guys did this huh, which one you guys bought 1.6 billion dollars of bitcoin on market orders, holy cow? That of course pushed up the markets quite a bit in a very short amount of time. Didnt really liquidate that many shorts. So its kind of one of those weird situations where its, not in wales, looking to liquidate a bunch of shorts, so pretty interesting, pretty interesting whales out there just gobbling up incredible amounts of bitcoin, because once we broke over uh 51 000. Once we broke our trend right, we broke out of the downtrend somebody with apparently a truck ton of money came in and said i want to buy a bunch of bitcoin. I can see the trend is changing im going to take my 1.6 billion dollars and uh. You know turn it into 10 billion over the next few months as bitcoin rallies, higher crazy stuff man crazy stuff. Now, what is causing the pump, while some people are saying that it is based on the speculation that we could see a bitcoin etf approved on october 18th, so that could be coming up pretty soon.
I mean october 18th, thats 11 days away now in particular, this is a bitcoin futures etf, so the pro shares bitcoin strategy etf. It has an october 18th deadline, be interesting to see if it does end up actually getting approved. Now these guys um the analysts here from bloomberg. They say they think its got a 75 chance of getting approved in october. This rumor just keeps circling around a lot of people are thinking that were going to see a bitcoin etf approval in october october 18th course is the deadline for that. Now you have to understand. If it gets approved on october 18th, its not going to start trading, then on the 19th itll probably be a month or two months or even three months before it actually gets listed somewhere thats just you know, youre allowed to do this now lets work on rolling It out might be quick, might be, quick might be two or three weeks, but uh likely itll be a couple months from the time of approval until the time of trading. If we saw that, for example, being approved for like december, that would just be im telling you like whats, going on here, its so crazy. That would just be like an almost a repeat of 2017, where we saw the cme futures getting approved by the sec and then starting trading in december. It would just be crazy. Is that whats gon na happen? I dont know man, i dont know i dont know red team go red team go.
Maybe maybe it is, but you have to understand. The pro shares bitcoin strategy etf. It is a futures backed etf, so its based on cme bitcoin futures, its a wall street manipulation tool. This is not the bitcoin etf that we want. This. Is the bitcoin etf thats, probably going to give the market a pretty damn big pump? To be honest, when it happens, but its not a good bitcoin etf, its not the kind of bitcoin etf that almost anyone in the market wants to see now the guys who put in bitcoin futures etf applications. They just want to make money. So why wouldnt they? But the real bitcoin etfs we want are spot, backed bitcoin etfs, because that actually has a real impact on bitcoin, because these futures backed etfs theyre, just paper garbage, not a single satoshi backs any of it. Billions of dollars of cme futures contracts, trade and its not backed by a cent of bitcoin, so its not good, particularly for the market. It allows wall street to bring more manipulation into the market. You want to start talking about the cme gap. Remember we talked about the cme gap all the time. Some people still talk about the cv gap all the time. What do you think is going to happen? We have a bunch of etfs buying hundreds of millions or billions of dollars worth of these etfs, its going to give more power to the cme and more power to the cme gap right.
They want the cme to be the price discovery mechanism for bitcoin. I dont want that, because that puts wall street in charge. Nobody wants ball street in charge, theyre bad players, obviously, but the bitcoin etf, its coming, whether it happens on the 18th of october or not, who knows, i think there is a pretty decent chance. That is going to happen. The sec has literally said there. They want to approve a futures backed bitcoin etf. So why not? Why not this one? Maybe it will happen. Hopefully, a futures etf is a gateway drug to a spot etf and, of course, we want to see an ethereum etf getting approved as well. What happened in canada? They approved bitcoin spot etfs, they didnt, you know, sell out to wall street and launch any of this futures garbage like the sec is doing now, but still they did a bitcoin etf first then they did an ethereum etf. Both of these things were very, very good for the market, so when we get both of these etfs in the usa, the worlds biggest equity markets with more than 50 percent of the entire global equity market value, we are going to see these cryptos moon, bitcoin and Ethereum will leave the charge. Everything else will come up behind them, its just a matter of when this happens. Final thought for today. I did this poll yesterday on twitter, and i want to ask it to you here as well down below in the comment section.
This is your question for today. This i think, is really about your attitude towards taking profits towards selling your crypto at some point which of these two options, would you regret more option one? Would you regret selling your crypto to lock in a million dollars of profit? Then you watch that crypto bag that you sold pump up to two million dollars without you. So you locked in a million bucks, but you missed out on making an extra million or you dont sell at a million, because you think its gon na go up to two million and you watch your million dollars turn into just a hundred thousand dollars of profit, Which of those two scenarios, would you regret more? Let me know down below in the comments section option one or option two anyway, just my two satoshis for the day. Thank you so much for watching todays, video and peace out till next time.