Will bitcoin reach 10k, if Bakkt etf gets approved?

[BitHodler]

No. ETFs dont have any impact on price. Actually I fear they might have a negative impact, but I have a bias against regulations.

The worst thing that can happen is that ETFs turn out to not generate worthwhile demand. I would say that futures markets are more of a negative factor than ETFs with how they make it a whole lot easier to short Bitcoin.

Crypto's worst enemy is speculation. If we can't take off its speculative jacket and focus on actual use, what's it worth? You can't endlessly keep expecting crypto to take over at some point.

If after 2020 we still haven't seen an improvement in that aspect, when will we? What has actually changed since Bitcoin's genesis block was created? We're exactly there where we started, it's just the price that has gone up.

[1713911382]

1713911382

[neonshium]

What do you think guys, will bitcoin get to 10k if Bakkt gets approved or perhaps other etfs?

I believe november 5 is the deadline for etf approval, so perhaps until this date we can see a bitcoin price spike to like 7-8k range? What do you think

I am not sure if it will reach 10k, I mean I definitely agree that if one day any ETF not just bakkt gets accepted the price will definitely go up really high but the 10k mark is a treshold for anyone involved and whenever we reach those levels there is pressure to drop back so that whales would make a killing on the market for their short futures.

It is easy to create fud during 10k than 6k, at 6k it is harder to drop further but at 10k it is easier to drop. Which means 8k is more possible but even if we reach anything above 10k it would be very risky to stay there. Not until 2020 halving at least.

[magneto]

What do you think guys, will bitcoin get to 10k if Bakkt gets approved or perhaps other etfs?

I believe november 5 is the deadline for etf approval, so perhaps until this date we can see a bitcoin price spike to like 7-8k range? What do you think

It's a big if, first of all.

Given the track record of all the ETF rejections that has happened in the past I still remain quite pessimistic about the fact that this particular one is going to be approved in the future. Even if there was a slight chance, there could be postponements that make the decision way later than the suggested date.

Assuming that it does get approved, though, I think that $10k could be possible especially later on in the year because a recovery is near. However, I only think this will be something short term and not going to have any long term effects as more people realise that ETFs honestly don't matter that much to bitcoin users, but only to institutional speculators.

[paxaway21]

It's possible to happen but now the price of bitcoin is not already rising up and you can start buying and hold if they possibility to happen.

[TravelMug]

What do you think guys, will bitcoin get to 10k if Bakkt gets approved or perhaps other etfs?

I have seen lots of article talking about the Bakkt exchange and offerings. It could have given its structuring, encourage big financial institutions not yet currently into crypto, to venture and enter the market. So there's a big possibility that we can see $10k in the horizon.

I believe november 5 is the deadline for etf approval, so perhaps until this date we can see a bitcoin price spike to like 7-8k range? What do you think

ETF's is imminent, but I don't see if happening in 2018. Maybe, just maybe 2019-2020 will be the year when Bitcoin ETF's get approved.

[thecodebear]

I don't know if the price will shoot up as a result of Bakkt coming online, but they do have to buy up Bitcoin to hold for all the trades happening on their exchange. Its different than a normal crypto exchange because normally people send their bitcoin to the exchange, whereas in this situation the exchange itself is buying the Bitcoin off the market, thus raising the price, in order to allow their Wall St client to purchase it from them (but the bitcoin will still be held by BAKKT for safe keeping). At least that is how I understand it. And since we are talking about institutional clients I'm guessing they're gonna need to buy up at least tens of thousands of bitcoin just to start off, and no doubt many times that amount eventually if their platform becomes popular. This will raise the price, the question is, have they already been buying up the bitcoin while the price is low? If they have already been stockpiling then there won't be any immediate boost directly from them, though if Wall St starts piling in to use their exchange they'll have to buy up lots more which will raise the price.

BAKKT doesn't have an ETF, but I think getting a regulated exchange operating on Wall St is a strong step towards an ETF getting approved in 2019. Not sure if the upcoming ETF decisions this Fall will get approved. I doubt they will, but I wouldn't be surprised if the next time the SEC makes a decision on ETFs, maybe in half a year, that it could give the all clear. ETFs would work the same way, the institutions administering the ETFs would house all the Bitcoins for safe keeping which means they'd have to buy up tens or likely hundreds of thousands of bitcoins.

BAKKT is the entry point of Wall St into Bitcoin, I'm not sure of the immediate price impact it will have, but it I believe is the start of what we will see as a wave of money coming from the traditional markets into Bitcoin over the next two years. Within a year its going to be very hard for the average person to buy a single Bitcoin.

[STT]

if the ETF ( VanEck Bitcoin ETF ) were approved, then we would have more conditions to see prices like the $ 10,000, see this article:
I agree, but I agree if VanEck Bitcoin ETF is approved

The only ETF to be approved will be the one based on futures trading.   Thats because its already a market regulated and available for open inspection within USA.    Holding BTC direct I dont think they like so much as with anything not under the control of regulators they cant establish the price is genuine enough to expose US consumers to such an element.   BTC being global is traded in great volume in markets with no contact to Chicago or New York authorities.   
The futures trade is more viable as it already has some safe guards.

Also if we did get news of this sort, the correct target should be more along the lines of 12,000 which will match old trends.   10,000 is just a round number and like a year ago, thats only some line in the sand as of course that round number varies by each nation and does not hold any great importance by itself

[cellard]

Both ETF and BAKKT are obviously bullish forces (just like the Futures were going to be used to manipulate the price on the bear side). As far as it getting approved, I think BAKKT doesn't go through the the same endless approval requests as the ETF proposals do, it will just go live on november and it's confirmed.

There are big names involved which will use the infrastructure. I even saw Goldman Sachs linked to it, however it seems the information was inaccurate, but they will talk about it and they may trade futures through it.

In any case BAKKT is a big deal because if I got it right they will need to actually buy bitcoin, it isn't like CBOE futures where it's just smoke and mirrors derivatives bullshit, here its supposedly all backed by real actual bitcoin, which means price going up.

[trako]

their approval gives only a short-time increase. Not enough for $ 10,000.
but if the approval supports other events then there may be good developments.

[slocker]

Dont think it will significantly increase price, it will come to small increase in matter of few hundred dollars but this will not effect much the global crypto market. More it will use for some to sell fast and buy latter after price decrease. This is something that i expect to see.

[1Referee]

In any case BAKKT is a big deal because if I got it right they will need to actually buy bitcoin, it isn't like CBOE futures where it's just smoke and mirrors derivatives bullshit, here its supposedly all backed by real actual bitcoin, which means price going up.

It depends though. It's definitely true that they need to have a good amount of coins in reserves to actually deliver, but if you have been looking at the on-chain transactions lately, there is a lot going on where significant numbers of coins move back and forth, which is a clear sign of how the OTC market is exploding while the spot market is bleeding in terms of volumes.

It may very well be that they have bought in their coins through OTC markets already, and it actually makes sense as well. In other words, whenever Bakkt goes live, it's the speculation that has to drive the price up initially, and not so much Bakkt itself.

[rickadone]

What do you think guys, will bitcoin get to 10k if Bakkt gets approved or perhaps other etfs?

I believe november 5 is the deadline for etf approval, so perhaps until this date we can see a bitcoin price spike to like 7-8k range? What do you think

$10k should be really easily achieved if the ETF gets accepted but there are a lot of things that depend on the price of bitcoin and not just ETF. Now ETF would be a great news for the price to go up thats for sure, if people overreact it should be going up, if people do not care about it as much as we imagine they will the price will definitely go up but not insanely.

There are also whales who will change the direction to their liking. They could support the increase and if people are mad about the ETF and going up they could fuel it more and the price would reach 15-20 thousand dollar levels easily let alone $10k (this is based on what I have observed from various levels of this forum members).

If they do not want to see bitcoin going up because their money is tied to some short futures or something than they will try to keep it low as much as they can and at that point even $8k would be a miracle. Hence ETF is automatically something that should increase the price but how much depends on the market and the players.

[gabmen]

their approval gives only a short-time increase. Not enough for $ 10,000.
but if the approval supports other events then there may be good developments.

Well in any case, i think we can reach 10k possibly to end the year with or without that approval. I agree that whatever the results are, it would only have a temporary effect on the market if it even does. I'm positive on a close to 20k end kick.

[exstasie]

Both ETF and BAKKT are obviously bullish forces (just like the Futures were going to be used to manipulate the price on the bear side).

How can cash-settle futures be used to manipulate the spot price downwards? There's no arbitrage mechanism to the spot market. It has little to no effect on it.

There's also no reason why futures could manipulate price downwards, but not upwards. That sounds like a nutty conspiracy theory.

As far as it getting approved, I think BAKKT doesn't go through the the same endless approval requests as the ETF proposals do, it will just go live on november and it's confirmed.

Yeah I think they can self-certify (like with the CME futures).  And just like CME futures, there's no reason to assume it will be a bullish event. It could easily be time to "sell the news."

[samycoin]

What do you think guys, will bitcoin get to 10k if Bakkt gets approved or perhaps other etfs?

I believe november 5 is the deadline for etf approval, so perhaps until this date we can see a bitcoin price spike to like 7-8k range? What do you think

I think what ever the decision about ETF bitcoin will be move up because we see bitcoin before in a high price even without ETF so I think bitcoin will grow .

[figmentofmyass]

i think the launch of bakkt will be a non-event, just like ledgerx. there's way less hype around futures and it doesn't seem like anyone much cares about bakkt---compare to hype around an ETF.

and ledgerx already offers collateralized, physically settled bitcoin swaps. they were granted registration status with the CFTC as a swap execution facility, so they've already got the regulator stamp of approval.

if there is institutional demand for physically delivered futures, we'll see volumes increase in these markets over time.

[Pab]

What do you think guys, will bitcoin get to 10k if Bakkt gets approved or perhaps other etfs?

I believe november 5 is the deadline for etf approval, so perhaps until this date we can see a bitcoin price spike to like 7-8k range? What do you think

Deadline is the end of February 2019
Next news from SEC will be the end of year
There is really great that Fidelity will launch btc and eth trading from the beginning of the year and we have more stable coins coming
I am positive and i think SEC will approve btc ETF
Price that time will be higher than 10k
Gold jumped 300% after ETF approval

[xfaqs01]

What do you think guys, will bitcoin get to 10k if Bakkt gets approved or perhaps other etfs?

I believe november 5 is the deadline for etf approval, so perhaps until this date we can see a bitcoin price spike to like 7-8k range? What do you think

if etf be approve it will be bullish, but bakkt alone is not a guarantee why, because for me bakkt is no different with CBOE they will just flood the market with short traders, the real deal is etf cause it really attracts real investors in the market