Michael van de Popp says that BTC could rise above $30,000

SEC Chairman Gary Gensler, during a recent speech before Congress, answered questions from politicians about whether the regulator would allow the launch of exchange-traded funds in BTC. Lawmakers were also interested in whether Bitcoin could be classified as a security.

Gensler noted that the SEC does not consider the main crypto coin a security, and the US Securities and Exchange Commission does not regard transactions with BTC as transactions with investment contracts. Therefore, Bitcoin is not subject to the Howey test and securities laws.

However, the SEC chairman still insists that a significant portion of the remaining cryptocurrencies are subject to securities laws. He also pointed out that most cryptocurrency projects in the United States ignore federal legislation and government requirements.

In turn, congressmen demanded that Gensler “immediately approve the listing of ETP for spot Bitcoin.”

Meanwhile, famous cryptanalyst Michael van de Popp is positive about the prospects of the main crypto coin. According to him, Bitcoin has demonstrated relative stability amid a very unpredictable digital asset market this year.

The analyst noted that many BTC investors decided to preserve their crypto assets amid downturns and surges in the market.

“Bitcoin is in a consolidation zone. This makes it very likely that we will test at $28,000 to $30,000, or even higher, fairly soon. My outlook for the fourth quarter is overall very positive,” said van de Popp.

Earlier, Blockstream CEO Adam Back expressed the opinion that the cost of Bitcoin would exceed $100,000 before the halving, which is scheduled for 2024. The expert said he was ready to bet “a million satoshis” on the price of the first crypto coin rising to $100,000 in the coming months.