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Bitcoin Price Could Rally To $40,000 Mark In November, While Bitcoin ETF Token Ico Raises $40k 

Many are wondering after a good run, can Bitcoin continue to rally to $40k. As positive Bitcoin ETF news develops, one presale coin could capitalize and pump 

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Bitcoin
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It has been a great month or so for crypto’s number-one currency. September was a poor month and October looked like it was going to continue the same for the whole market. However, as has been a recurring theme this year, Bitcoin (BTC) showed resilience and pushed through the bearish conditions to break previous difficult resistance points. 

Despite the conflict in the Middle East and inflation rates still very high, Bitcoin managed to drag the crypto market out of the poor conditions to make sure ‘Uptober’ lived up to its name. Now we have more good news in regards to the approval of a spot Bitcoin exchange-traded fund (ETF) that has birthed the new coin Bitcoin ETF Token (BTCETF). 

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This token is hoping to capitalize on the eventual approval of these spot ETFs by the SEC and if all goes to plan this should see the project explode in popularity. Later on in this piece, we will examine Bitcoin’s chances of breaching $40k before the end of the month, but first, let’s examine this new presale. 

Bitcoin ETF Token- This Bitcoin alternative could have explosive growth in the near future 

The concept of a Bitcoin ETF has been one that has tantalized crypto lovers and in particular, Bitcoin investors for years. In short, a Bitcoin ETF would give the crypto market legitimization it has never had before. This all started a few months ago when BlackRock, one of the world's biggest asset managers, took the first steps toward applying for a spot Bitcoin ETF. 

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This news alone caused a spike not only in Bitcoin but most coins market-wide. After BlackRock many other Wall Street entities followed suit and now Ethereum spot ETFs are expected to start their journey towards SEC approval too. ETFs will make investing in Bitcoin much easier by allowing stock market traders to purchase shares representing the digital asset through traditional brokerage accounts. 

This is where Bitcoin ETF Token (BTCETF) comes in. If we have learned anything from the market over the years it's that timing is crucial in crypto. Launch a project at the wrong time and you could be doomed to never seeing a day in the green. On the other hand, time it right and you could see massive gains for you and your investors. 

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Why Bitcoin Token ETF chose the perfect time to launch their project 

Bitcoin saw its biggest price surge in a single day in over a year on the 24th of October when it gained 14% in just 24 hours. The reason for this? The ticker of BlackRock’s spot Bitcoin ETF, IBTC, had been listed on the Depository Trust & Clearing Corporation (DTCC) website. Experts consider this a big step for the progress of the spot Bitcoin ETF. 

What is clear to see here is that the ETF progress seems to have more power over the price of Bitcoin than anything else on the market. This shows that Bitcoin Token ETF has chosen the right moment to launch its presale. They can journey along the same ride as Bitcoin and pick up wins all along the way which should cause its price to pump each time. 

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The token isn’t just reliant on this, however, it also has made sure to add utility to its project. In fact, 25% of the total allocation of coins will be dedicated to staking rewards which shows some real loyalty to its future investors. Of course, the presale has just begun and the number will decrease but the APY currently stands at 4849% showing that this project means business. 

Bitcoin ETF Token also understands the importance of scarcity. A burn tax will be applied to 5% of every transaction and, as the project meets certain goals on its roadmap, 25% of the total supply of BTCETF will eventually be burnt. The presale is literally hours old but has already surpassed $40k raised, we are expecting big things for this project so potential investors should act soon. 

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Why Bitcoin may have to wait a little longer before it breaks $40k again  

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As you can see from Bitcoin’s (BTC) 7-day performance chart above, things have been much more volatile than we have come to accept from crypto's number one token. Despite this, the 8th was a good day for Bitcoin and brought it up over the 2% growth mark. However, the volatility is still worrying. 

But where does it come from? Crypto experts believe it is due to the high open interest levels that have now hit their highest point in over 6 months. This tends to cause confusion among investors as the open contracts could go either way and no one can be sure, thus causing price volatility. 

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As you can see J. A. Maartunn from the on-chain analytics site  CryptoQuant is very worried about the high open interest levels. At the time of writing, levels are now even above $16 billion which is certainly worrying.  

However, the period of growth on the 8th could also show that those in the know think these active positions will close favorably for Bitcoin. It is difficult to make a prediction now but November, historically, does tend to be a period of growth for Bitcoin and many thought the $35k mark would be tough to break. We think $40k is coming, but maybe not in the 3 weeks. 

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Conclusion  

So to finish up, it certainly is an exciting time for Bitcoin. The main currency has its halving event on the horizon and also has potential positive ETF news not far away. While Bitcoin ETF Token could be a perfect investment for now. As Wall Street progresses with its spot Bitcoin ETFs this coin should pump, meaning a chance of big gains for investors. 

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