Bitcoin ETF Speculations Spreading in Crypto Community — Analysis, 18 Oct

In the middle of last week, speculations about the potential launch of Bitcoin ETFs spread in the crypto community. First, most crypto-related forums and social media platforms published a copy of the pre-approval notice of Valkyrie Bitcoin Strategy ETF by Nasdaq:Source: TwitterSecond, asset manager ProShares filed an updated prospectus of its potential Bitcoin ETF with the U.S. Security and Exchange Commission — a signal that the launch of this ETF will happen very soon:Source: TwitterThe cryptocurrency enthusiasts expect these Bitcoin ETFs to start trading on Monday or Tuesday this week:Source: TwitterThe beginning of the launch of Bitcoin ETFs in the U.S. may turn out to be a game-changer for the whole crypto industry. Millions of investors from the traditional centralized financial world will receive access to cryptocurrency investing via these ETFs. According to Statista.com, the New York Stock Exchange and Nasdaq (the two largest exchanges in the U.S.) have a combined market cap of over $50 trillion or almost 20x the crypto market cap as of August 2021:Source: Statista.comThe positive news relating to the potential launch of the Bitcoin ETFs was the principal market price driver this past week. Most of the top cryptocurrencies recorded a decent price increase. Bitcoin has surpassed the psychological level of $60,000 for the first time since April-May.Now, the Monday market starts with mixed price dynamics, undergoing a small intra-day consolidation. According to Coin360.com, one Bitcoin costs €53,359.77 (+1.82%), one Ethereum — €3,300.64 (-1.72%), one DOGE — €0.2052 (+6.49%), and one UNI — €22.17 (-4.49%):Source: Coin360.com (Daily crypto market performance)Now, let us look at the price charts of the leading cryptocurrencies against the euro in the most noteworthy time frames.In the weekly chart (1W), after the Bullish Engulfing, BTC/EUR has formed Three White Soldiers — a typical bullish pattern:This candlestick formation confirms the change in…