Bitcoin Price Price Nears $40,000 as New BTC ETF Coin’s Presale Targets $1 Million!

Bitcoin Millionaire

What a month it has been for crypto’s number one token as it has seen its price increase by over 30% in the last 30 days. At the start of October, many of us were questioning whether the usual ‘Uptober’ conditions were going to set in and things weren’t looking good due to the situation in the Middle East. However, Bitcoin (BTC) has shown resilience all year and managed to drag itself out of bearish conditions and pump.

Something that strongly aided this pump was the Bitcoin ETF applications that have been making progress. From this progress, the project Bitcoin ETF Token (BTCETF) was born. The main idea behind this token is that the positive ETF progress will see it return massive gains for investors.

Later on in this piece, we will see if Bitcoin hit $40k soon but first, we will examine the exciting new Bitcoin ETF Token and why it could be the best presale to invest in right now.


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Bitcoin ETF Token- Presale taking off as whales recognise this project’s potential

The presale of Bitcoin ETF Token (BTCETF) is really starting to take off as it closes in on the $1 million raised mark. There are indications now that the presale is picking up speed that whales are starting to accumulate BTCETF. It is no wonder too as given its ties to the Bitcoin ETF updates it stands to make massive gains if everything stays on track.

We have mentioned the abbreviation ETF a number of times now but what exactly is it? Well ETF stands for Exchange-Traded fund. Basically, the crypto world has been waiting for this update for years. When BlackRock decided to file an application with the SEC for a spot Bitcoin ETF the reaction was so great that the whole market pumped.

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BlackRock is the largest asset management company in the world and most doubts were put to ease that the SEC would block these ETFs when they filed their application. It is estimated that around 9 other Wall Street firms have also filed applications and what this does is legitimize the crypto market and give it a chance to go from niche to mainstream.

Investors that purchase Bitcoin ETFs are, in essence, buying shares or units of the fund that uses Bitcoin as its underlying asset. It is much more like buying stocks on the stock market and eliminates some of the complications associated with purchasing crypto.

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The potential gains for Bitcoin ETF Token are through the roof

So, you have all the background now but why does it apply to Bitcoin ETF Token? Well, as we mentioned, when BlackRock made the first steps in the application process the market was not in the best place, however, this news was so important it dragged the market back into the green. 

The next example of this comes from October 24th. Bitcoin’s price increased by 12% that day which was its biggest increase in price during a 24-hour period in over 6 months. The reason for this was just a small update in BlackRock’s ETF application that saw it appear on their ticker. Bitcoin is traditionally the least volatile crypto so if this news can move the number one token by 12% imagine what is popular for Bitcoin ETF Token.

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It is predicted the SEC will soon grant approval for these Bitcoin ETFs soon but the whole process will still likely take some time. This is actually beneficial for Bitcoin ETF Token as every update will likely cause the token to pump more and more until we get to the final completed stage.

The ETF part of this project is crucial but the inventors have realized the importance of adding utility too. Staking will be the backbone of the ecosystem and with a massive 25% of the total allocation of BTCETF dedicated to the staking pool investors have a real opportunity to earn a decent passive income from staking rewards

Another clever move the Bitcoin ETF Token has made is recognizing the importance of scarcity in the modern-day crypto market. A 5% burn tax will be applied to every transaction and a total of 25% of BTCETF will eventually be burnt. As the project passes milestones a certain percentage of BTCETF will be burnt until the final goal is reached.

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Bitcoin reaching $40k before the end of November could be a coin toss 

The above chart shows us Bitcoin’s (BTC) 24-hour performance on the 16th of November. As readers will notice, crypto’s leading token has been unusually volatile as of lately. Originally this was due to high levels of open interest. However, those levels have come down lately which could indicate that $40k is very much achievable before the end of the month.

On the other hand, however, bulls have struggled to flip new highs as the $37k barrier has been breached but progress has been unsustainable. There are a lot of other outside factors creating a tug-of-war effect too. The US dollar struggles have helped the price of BTC but the SEC dragging their heels on approval of these Bitcoin ETFs has had the opposite effect.

We maintain that the $40k barrier will be breached; it’s only a matter of when not if. With Bitcoin’s upcoming halving event only a matter of months away now, things should likely only trend up. While the SEC may try to muddy the waters we can’t see this being a long-term issue. While November may not be the month for $40k BTC will get there soon be it this year or the next.

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So everything related to Bitcoin seems to be smelling of roses. Crypto’s number one token may have slower progress to $40k than many would have hoped, but it will get there eventually. While investors are waiting, Bitcoin ETF Token is the perfect alternative. It is likely to pump every time we have positive ETF updates and its low market cap means it could make investors very rich indeed.

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