Benzinga - Investors bullish on Bitcoin (CRYPTO: BTC) see it approaching the $50,000-level by "this month or next," even as the token witnessed a slight pullback after nearing the $38,000-mark this week.
What Happened: Bitcoin's bull rally is still intact despite the Securities and Exchange Commission (SEC) delaying the hotly anticipated spot exchange-traded fund (ETF) approvals, according to analyst Rachel Lin, CEO of SynFutures.
Bitcoin was testing the current resistance level of $38,000 this week, but SEC's delay has caused a pullback to under $37,000.
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Despite this, investors have remained steadfast in their bets, with options remaining unchanged, according to an analysis by Lin.
According to Lin, the $30,000 to $50,000 call options have the "most open interests for November and December."
"Open interest call to put ratio now stands at two to one, showing a strong bullish bias," Lin told Barrons.
Popular cryptocurrency analyst Michaël van de Poppe actually thinks that SEC's delay in approving spot Bitcoin ETFs is not a bad thing.
"The fact that the SEC is actively seeking for contact with all the parties applying for a spot Bitcoin ETF is progressive and positive," he said.
The fact that the SEC is actively seeking for contact with all the parties applying for a spot #Bitcoin ETF is progressive and positive.Most likely, during December, the momentum and hype should come back in the markets projecting an approval of those ETF applications.
— Michaël van de Poppe (@CryptoMichNL) November 17, 2023
Why It Matters: Even after the pullback from $37,885 earlier this week to $36,426 now, Bitcoin prices have rallied by nearly 45% in the last three months.
According to van de Poppe, Bitcoin is almost in its first year of bull run. His analysis suggests that Bitcoin prices could reach $50,000 to $55,000, which also aligns with Lin's analysis.
"Calls of up to $50,000 imply investors see Bitcoin approaching that level this month or next," Lin said.
While the sentiment is bullish, van de Poppe says the momentum in Bitcoin could come back in December.
"Most likely, during December, the momentum and hype should come back in the markets projecting an approval of those ETF applications," he said.
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