BTC price continues to rise, bullish momentum remains intact as news about Bitcoin ETF (Exchange Exchanged Fund) improves overall sentiment. In the wake of the recent rally, some trading companies have doubled down on their bullish positions.

As of this writing, Bitcoin is at $24,200 with sideways movement over the past 24 hours. The cryptocurrency rose more than 20% in the previous week, as it was the best-performing coin in the top ten in terms of market cap.

Bitcoin ETF Will Catalyze a Bigger Rally: What’s the Point?

Via social media platform X, QCP Capital trading desk a statement Their next positions in the assembly. The company has been coveting Bitcoin’s volatility through options contracts, taking some profits from its positions as the cryptocurrency rises.

However, the company remains optimistic, sticking with its calls due to expire in December. By then, the company is targeting a higher Bitcoin price of $38,000 to $44,000, based on momentum generated by the potential approval of a Bitcoin exchange-traded fund.

Last week, news resulting from this event changed market sentiment, pushing investors into more favorable territory. However, the company remains cautious about the US Securities and Exchange Commission (SEC) approving a Bitcoin ETF in the short term.

QCP Capital stated the following:

(…) We believe the SEC will avoid playing the role of kingmaker, stick to its own precedent during the approval process for BTC/ETH futures ETFs, and will wait to approve multiple managers at the same time. However, with this bullish break above the 32K level, we believe the market is starting to price in approval as a base case. The only question now is when it will be approved.

The SEC sidesteps industry royalty in approving a Bitcoin exchange-traded fund

The trading company believes the financial instrument will be approved in 2024. The SEC will likely avoid favoring one company to prevent BlackRock or other asset managers from taking a significant portion of clients and trading volume, as happened when the future Bitcoin ETF was approved.

The company believes that the financial instrument could be approved “much later than the market now expects.” As mentioned earlier, investors have begun to price in any price movement associated with the ETF, which could lead Bitcoin into another range until 2024.

The company warned players against taking late buying positions:

(…) We are seeing extended positive funding rates especially on Deribit (BTC over 70% and ETH over 100%) as well as elevated short-term ATM volumes (BTC up to 75%!) – which typically indicates… Exhaustion of short selling range move.

Cover image from Unsplash, chart from Tradingview