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Bitcoin ETF Approval Date Hinted By Expert: SEC Decision Expected January 5th – 10th, 2024

Anticipation is building as major asset managers’ predicted approval date for Bitcoin ETF applications approaches 2024. Experts have now issued bold predictions, with Bloomberg exchange-traded fund (ETF) expert James Seyffart pinpointing the potential approval window from January 5th to January 10th. 

The significance of this timeframe has sparked excitement within the cryptocurrency community, as the approval could mark a major milestone for the industry. However, experts emphasize that failure to approve during this window could have significant implications for the SEC and potential ETF applicants.

Bitcoin ETF Approval Expected On January 8th

According to James Seyffart, any potential approval orders for the Bitcoin (BTC) ETF are likely to occur on Monday, January 8th, Tuesday, January 9th, or Wednesday, January 10th. Seyffart and expert Eric Balchunas estimate a 10% chance or less that the approval will fall outside this window. 

Furthermore, Seyffart believes that failure to approve the ETF during the predicted window could indicate a significant shift in the SEC’s stance on cryptocurrency-related financial products. 

This would suggest that either SEC Chairman Gary Gensler and the regulator have taken an aggressive approach or believe the market is not ready for a spot Bitcoin ETF. In the latter scenario, it is possible that ETF applicants such as ARK Invest and 21Shares have voluntarily withdrawn their applications with assurances of future consideration.

Caitlin Long, founder and CEO of Custodia Bank, believes that if the predicted approval window holds true, there will be an intense marketing battle among Bitcoin spot ETF issuers. 

Long highlights that the spotlight will be on these issuers as they compete for investors’ attention and navigate the post-approval landscape. This development is expected to generate excitement among mainstream investors, with many expressing curiosity about Bitcoin’s resurgence following previous periods of doubt. 

The potential approval timing aligns with the April halving event and the US presidential election, adding further intrigue to the market dynamics.

BTC Hits New Yearly High Amidst High Probability Of Approval

According to insider sources, the SEC has conducted extensive meetings with Bitcoin spot ETF issuers. These discussions have indicated a high probability of approval, with a reported 99% confidence level. 

The SEC is said to meticulously review all applications, ensuring that every detail is thoroughly examined and all necessary requirements are met. In the meantime, Grayscale, a prominent cryptocurrency asset management firm, is actively pursuing the possibility of being the first to offer a conversion-based ETF, contingent on a court decision.

Moreover, Bitcoin has recently achieved a new yearly high, solidifying its position as the leading cryptocurrency in the market. The cryptocurrency has been consistently gaining ground, forming higher lows and demonstrating an upward trend, as evidenced by the 1-day chart below.

Bitcoin

Presently, BTC has surpassed the $38,800 mark, surpassing its previous milestone by over $400. The next target in sight is the $40,000 level, which has not been reached since April 2022. 

Over the past 24 hours, the bullish momentum has remained strong, with BTC extending its gains by 2.9%, and over the past 7 days, it has seen a 1.7% increase. 

As the date of the ETF approvals approaches, it remains to be seen how Bitcoin’s price will respond. Additionally, market participants are eagerly observing how the cryptocurrency will perform during the final stretch of the year.

Featured image from Shutterstock, chart from TradingView.com 

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MicroStrategy Boosts Bitcoin Holdings With $590 Million Purchase, Totaling 174,530 BTC

In a testament to its unwavering confidence in Bitcoin (BTC), MicroStrategy, one of the largest Bitcoin holding companies, has once again expanded its cryptocurrency portfolio. 

The company’s former CEO, Michael Saylor, announced the acquisition of an additional 16,130 BTC, valued at approximately $593 million. This strategic move comes as Bitcoin enters a phase of accumulation above the $37,000 mark.

MicroStrategy Adds To Bitcoin Stash

As announced, MicroStrategy’s latest purchase was made at an average price of $36,700 per Bitcoin. With this acquisition, the company’s total Bitcoin holdings now stand at an impressive 174,530 BTC. 

Throughout 2023 and previous years, MicroStrategy has consistently demonstrated its commitment to BTC, accumulating a substantial amount of the cryptocurrency. 

The total cost of MicroStrategy’s Bitcoin investments exceeds $5.20 billion, with an average purchase price of $30,252 per Bitcoin. This significant investment reflects the company’s long-term bullish outlook on Bitcoin’s potential as a store of value and hedge against inflation.

As reported by NewsBTC, the company has reaped substantial gains from the recent uptrend in the overall cryptocurrency market and Bitcoin’s impressive price surge. With BTC experiencing a 36% increase since October, Microstrategy has now amassed over $1 billion in unrealized profits.

Bitcoin

Notably, Bitcoin’s positive performance has directly impacted Microstrategy’s stock, traded under the ticker name MSTR. The stock has witnessed a significant surge in value, closely tied to the ongoing bullish momentum of BTC. 

On November 9, as Bitcoin reached its previous yearly high of $38,000, the price of MSTR stock also soared to an all-time high (ATH) of $533 per share. This milestone further proves Microstrategy’s successful investment strategy over the past three years.

Michael Saylor, a prominent advocate for Bitcoin, has been a vocal proponent of the cryptocurrency, emphasizing its superior qualities compared to traditional fiat currencies. 

MicroStrategy’s continued accumulation of Bitcoin reinforces Saylor’s conviction in its long-term prospects and serves as a testament to the company’s belief in the digital asset’s store-of-value properties.

Potential For Short-Term Pullback Looms

In a recent market update by the CryptoQuant author IT Tech, short-term insights on the Bitcoin derivatives market shed light on the current upward momentum and the potential for a minor pullback. 

According to the analysis, the ongoing upward momentum in the Bitcoin market heavily relies on perpetual movement. The rising price of Bitcoin has been a key driving force, contributing to the bullish sentiment. 

However, the Crypto Volatility Divergence (CVD) Spot indicator suggests a relatively flat movement in spot demand. This indicates that a significant increase in immediate spot demand may not support the current price surge.

In the absence of strong spot demand materializing in the market, IT Tech suggests a possible minor pullback in the near term. 

This potential pullback could be attributed to several factors, including profit-taking by traders or a lack of sustained buying pressure from spot investors.

Bitcoin

The analysis also highlights the possibility of Bitcoin liquidations in the short term, which could indicate further upward movement to liquidate late short positions. 

This suggests that additional buying pressure may be from those who have taken short positions on Bitcoin. As these shorts are liquidated, it could continue the upward trend.

Bitcoin

As of the latest update, Bitcoin (BTC) is trading at $37,600, showing a slight decrease of 0.5% over the past 24 hours. However, it has maintained a gain of 1.5% over the past seven days, indicating a period of consolidation for the cryptocurrency

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Eyes New Highs As Bloomberg Analyst Reiterates 90% Chance Of January ETF Approval

Bitcoin (BTC), the leading cryptocurrency, is currently in an upward accumulation phase, inching closer to surpassing its current yearly high of $38,390. 

This upward trend is further fueled by the anticipation surrounding the approval of Bitcoin spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC).

Bitcoin ETF Approval By January 10

In a recent post on X (formerly Twitter), Erich Balchunas, a Bloomberg ETF expert, shared his perspective on the probability of Bitcoin ETF approval. Balchunas maintains a 90% chance of SEC approval by January 10, which has remained consistent for months. 

Balchunas highlights that while debates over specific dates and timelines persist, the SEC and issuers are diligently working behind the scenes to make ETFs ready for this cycle, defying earlier skepticism. Balchunas stated: 

People asking me if we changed odds. No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe). What we watching for now: more amended/final filings to roll in and clarity on in-kind vs cash creates

As predicted by many analysts, Bitcoin is poised for a potential breakout in the upcoming months, both before and after these investment products’ anticipated approval. As reported by NewsBTC, Bitcoin could surge to as high as $50,000 even before the halving event forecasted for April.

In this context, Bitcoin must maintain its position above the key support level of $35,000. This mark serves as a threshold for future gains, both preceding and succeeding the approval of spot ETFs. 

Upholding this support level will be instrumental in determining Bitcoin’s prospects for continued growth and market performance.

Next Resistance Level Holds Key To Surpassing All-Time High

Renowned crypto analyst Crypto Con has shed light on the remarkable strength of the current Bitcoin cycle, drawing comparisons to the previous from 2019 to 2022. 

By examining key resistance levels and price movements, Crypto Con emphasizes the positive outlook for Bitcoin’s price trajectory and suggests that the current cycle is poised for success.

Crypto Con highlights the prolonged weakness observed during the 2019-2022 Bitcoin cycle, characterized by Bitcoin’s struggle to surpass the initial Wave Trend resistance over a year. 

In contrast, the current cycle has demonstrated impressive resilience, effortlessly breaking through this resistance level.

Despite the substantial rise in Bitcoin’s price, Crypto Con points out that the cryptocurrency has yet to reach the next resistance level, called green zone 2, with a price target of $40,000. 

Bitcoin

In a typical cycle, this milestone does not indicate the end of price action but rather marks the beginning of a more significant upward trajectory.

Crypto Con further suggests that subsequent resistance levels, indicated by the color blue in the chart above, can drive Bitcoin’s price even higher, surpassing its previous all-time high.

Bitcoin

At the time of writing, BTC is trading at $37,700, down 0.7% over the past 24 hours, and it remains to be seen if a consolidation above $38,000 will occur.

 Featured image from Shutterstock, chart from TradingView.com

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Bitcoin Storms Past $38,000 Once More, Anticipating Breakout To New Annual Peak

Bitcoin (BTC) has again demonstrated its bullish momentum by surging above the $38,000 mark. Breaking free from the recent trading range between $36,500 and $37,500, BTC currently trades at $38,100, slightly below its yearly high of $38,400 achieved on Friday, November 24. However, this is just one of the many milestones BTC has achieved during its ongoing bullish resurgence.

Bitcoin Achieves New 52-Week Closing Record

According to crypto trading firm The Birb Nest, Bitcoin has set a new 52-week closing record by a small margin, holding above $32,000 for four consecutive weeks, demonstrating the continued strength of the uptrend. 

Per the firm’s analysis, the observed performance aligns with the principles of Elliott Wave Theory and signifies the presence of the third wave within the ongoing bull market.

Notably, of the five waves outlined in the theory, the third impulse wave is a visually captivating and crucial element of the overall pattern.

Bitcoin

Following the consolidation phase of the second wave that Bitcoin experienced between August and October, as seen on the 1-day chart of BTC above, the emergence of the third wave is characterized by a breakout that drives price action in line with the prevailing trend.

In particular, this wave is known for its extended nature, which often exceeds the length of the first wave, which began at the beginning of January 2023 for BTC.

The third wave exhibits a substantial extension relative to the length of the initial wave, typically reaching the 161.8% Fibonacci level. In simpler terms, the third wave can be interpreted as a 161.8% Fibonacci extension of the first wave.

Solid Support Levels Reinforce Positive Outlook For BTC 

According to The Birb Nest, key technical indicators further support Bitcoin’s market momentum. The 200-week moving average (MA) at $29,130 and the 50-week MA at $27,450 serve as solid support levels, reinforcing the positive outlook for the cryptocurrency.

Additionally, Bitcoin’s correlation coefficient has risen to 0.75, indicating an increased synchronization with the performance of the S&P 500. This correlation can be viewed as a positive sign, particularly as the S&P 500 and Nasdaq enter their ‘Best Months’ strategy, which historically has been associated with market gains.

Furthermore, the firm believes that anticipation surrounding the upcoming Bitcoin halving event and the potential approval of a Bitcoin spot exchange-traded fund (ETF) is fueling investor interest. These factors hint at the potential for further market upturns and provide an optimistic outlook for Bitcoin’s future.

It remains to be seen if the current bullish momentum will be sustained and if BTC can consolidate above $38,000 and target the $40,000 level yet to be reached in 2023.

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Sees Influx Of Over $1.5 Billion In 2023: Price Surge Aims For $43,000

Amidst the regulatory scrutiny and enforcement actions faced by the cryptocurrency industry, Bitcoin (BTC), the leading cryptocurrency by trading volume, has remained resilient and maintained its consolidation level between $36,000 and $37,000. It reached a new record for the year, surging to a new yearly high of $38,390 on Friday.

$312 Million Inflows Amid Spot-Based ETF Expectations

The latest report from CoinShares provides further evidence of Bitcoin’s robustness. Despite concerns that the regulatory feud involving Binance might trigger a sell-off of BTC, the report reveals a significant influx of capital into digital asset investment products. 

Last week, these products witnessed a notable inflow of $346 million, marking the largest weekly inflows observed during a nine-week consecutive run.

The CoinShares report highlights that the surge in inflows can be attributed to the anticipation surrounding the potential launch of a spot Bitcoin exchange-traded fund (ETF) in the United States, which has been eagerly awaited by investors but delayed by the US Securities and Exchange Commission (SEC).

Interestingly, this surge is the largest since the bull market of late 2021. CoinShares reports that the combination of rising prices and inflows has pushed total Assets Under Management (AuM) to $45.3 billion, the highest level seen in over a year and a half.

Bitcoin

Bitcoin’s inflows last week amounted to $312 million, bringing year-to-date inflows to just over $1.5 billion. Meanwhile, short-sellers are capitulating, with outflows totaling $0.9 million for the third consecutive week. 

Since the peak in April 2023, AuM has declined by 61%. The use of exchange-traded Products (ETPs) to gain exposure to the asset class remains significant, with ETP volumes representing 18% of total spot Bitcoin volumes last week.

Ethereum (ETH) also experienced a positive shift in sentiment, with inflows of $34 million last week and a four-week run of $103 million. This marks a turnaround from the outflows observed earlier this year. 

Furthermore, other cryptocurrencies such as Solana (SOL), Polkadot (DOT), and Chainlink (LINK) saw inflows totaling $3.5 million, $0.8 million, and $0.6 million, respectively.

Ichimoku Cloud Predicts Bitcoin Surge To $43,000

In a bold prediction backed by technical analysis, renowned crypto analyst “Crypto Con” suggests that Bitcoin (BTC) is poised for a significant surge in the coming weeks. 

Crypto Con claims to have accurately predicted BTC’s previous rise to $38,000 two months before it occurred, using the weekly Ichimoku cloud. Now all eyes are on the completion of the current upward move, with the initial target set at $43,000.

For further context, the Ichimoku cloud is a popular technical indicator used to gauge potential future price trends and identify key support and resistance levels. According to Crypto Con, the weekly Ichimoku cloud has projected a bullish cross shortly, indicating that Bitcoin’s upward trajectory is far from over.

Bitcoin

Based on historical data, Crypto Con notes that the completion of previous Bitcoin rallies following a similar cross has taken anywhere from 7 to 11 weeks, with an average duration of 10 weeks. Consequently, the analyst expects the current move to culminate in early January.

When the rise reaches its peak, Crypto Con suggests that the top of the red cloud, a key feature of the Ichimoku cloud, becomes the primary target. While the analyst identifies $43,200 as the most conservative level for this target, Crypto Con asserts that the red cloud’s true top could reach as high as $48,000.

Bitcoin

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Price Boost Ahead: CEO’s Bold Prediction Points To 10 US States Adopting Pro-BTC Laws In 2024

In a recent statement, Dennis Porter, the co-founder and CEO of Satoshi Action Fund, expressed his belief that the year 2024 will mark a crucial turning point in the history of Bitcoin. 

Porter’s remarks amidst growing anticipation surrounding the approval of spot Bitcoin exchange-traded funds (ETFs) and the highly anticipated halving event scheduled for April 2024. 

According to Porter, these events, combined with the efforts of the Satoshi Action Fund, have the potential to impact the price and adoption of Bitcoin significantly.

Satoshi’s Plan To Establish The US As Global Bitcoin Leader

Satoshi Action Fund, a non-profit organization dedicated to informing policymakers and regulators about Bitcoin, has actively shifted the narrative surrounding the world’s leading cryptocurrency. 

The fund aims to promote “hyper-Bitcoinization,” a term coined to describe the widespread adoption of Bitcoin as a global currency.

One of the primary goals of the Satoshi Action Fund is to advocate for the passage of pro-Bitcoin legislation in 10 different US states by 2024. According to Porter, these proposed laws would protect individuals’ rights to self-hold and mine Bitcoin, positioning the United States as a global leader in Bitcoin adoption and mining.

Interestingly, Porter envisions a future where bipartisan legislation empowers Bitcoin and fosters the growth of an emerging digital asset industry.

Recent developments in the Bitcoin ecosystem further bolster Porter’s optimism. The halving event occurs approximately every four years and is anticipated to reduce the rate at which new Bitcoins are created, potentially leading to increased scarcity and upward price pressure. 

Additionally, the long-awaited approval of Bitcoin ETFs by the Securities and Exchange Commission (SEC) has the potential to attract institutional investors and facilitate mainstream adoption.

BTC’s Path To New Heights

Renowned crypto expert Charles Edwards has boldly proclaimed that the recent liquidation of fear, uncertainty, and doubt (FUD) surrounding the crypto market will pave the way for a significant price rebound. 

Edwards believes that the culmination of recent developments, particularly the Binance news, will eliminate sources of FUD accumulated over the past two years.

The market has been gripped by panic triggered by headlines associating the term “guilty” with cryptocurrencies. However, Edwards suggests that the recent news concerning Binance should be viewed more as a settlement rather than a detrimental event. 

Edwards points out that five years ago, exchanges were not compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations, whereas now, they have implemented these practices. Consequently, Edwards believes that the lingering FUD surrounding Binance can finally be restored.

Looking ahead, Edwards highlights several positive catalysts on the horizon for BTC. These include the potential approval of ETFs, the upcoming Bitcoin halving event, expectations of lower interest rates, and the possibility of a recession leading to increased quantitative easing (QE).

Edwards concludes by envisioning a “Bitcoin liquidity atomic bomb” waiting to explode. With the elimination of FUD and a series of positive triggers aligning, the market is poised for a substantial rebound. 

The convergence of ETF approvals, the halving event, accommodative monetary policies, and a potential recession are expected to propel Bitcoin to new heights.

Bitcoin

At the time of writing, Bitcoin (BTC) is trading at $36,500, experiencing a slight decline of 2.2% over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Bulls Buckle Up: Seasonal Trends Point To $50,000 Target

Bitcoin (BTC), the largest cryptocurrency on the market, has again failed to consolidate and reach the $38,000 level for the third time, as it is currently experiencing a 3% pullback. This has led the community to speculate that a significant retracement may occur before the bullish momentum resumes and the next uptrend begins. 

However, renowned crypto analyst Adrian Zduńczyk has recently shed light on Bitcoin’s potential next target of $50,000. Zduńczyk’s analysis considers several crucial factors, including the prevailing bullish market sentiment, the ongoing uptrend, the short-term outlook, miner sentiment, and seasonal trends. 

Evidence Of Dominant Bull Market

Zduńczyk notes that the cryptocurrency industry is in a bull market, with Bitcoin reaching a new 52-week high close and experiencing the third wave of the bullish cycle. The correlation between Bitcoin and the S&P 500 has risen, indicating a favorable environment for Bitcoin. High time frame trends are also rising.

Zduńczyk identifies key macro support levels for Bitcoin at $29,000 and $27,000, highlighting growing demand fueled by the anticipation of the approval of spot Bitcoin exchange-traded funds (ETFs) and the upcoming halving event expected in April 2024.

Notably, the daily chart for BTC remains in an uptrend, according to Zduńczyk. He points to a target of $40,000, supported by the appearance of a “golden cross” pattern.

Furthermore, Zduńczyk believes that the rising Simple Moving Average (SMA) 200 serves as “irrefutable evidence” of a dominant bull market since January. These indicators suggest a continuation of the upward trajectory for Bitcoin.

Zduńczyk also identifies key support levels at $35,000 to $35,800, emphasizing that a bullish sentiment prevails as long as Bitcoin remains above these levels. 

Zduńczyk Eyes Bitcoin November Target Of $50,000

Currently, Bitcoin is ranging between $35,500 and $38,000, Zduńczyk notes that the momentum bands are widening, indicating an increase in volatility. The rising 50-day Average True Range (ATR) trend supports this observation.

Fear & Greed Index stands at 69, indicating a mixed sentiment among market participants. Miners, on average, are enjoying a profit increase of 23%. Zduńczyk maintains a positive outlook based on these factors. 

Regarding seasonal trends, October demonstrated a gain of 27%, exceeding the average performance. Historically, November has been the best month for Bitcoin, which has an average gain of 43%, with a target of around $50,000. Notably, December typically adds 7% to November’s closing price.

Bitcoin

Currently, BTC is trading at $36,400, reflecting a 5% and 22% profit over the past fourteen and thirty days, respectively. The focus now shifts to whether BTC’s price can maintain its crucial support levels and sustain its bullish uptrend, potentially reaching the $50,000 milestone supported by historical patterns.

Featured image from Shutterstock, chart from TradingView.com 

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CoinShares Predicts $141,000 Bitcoin Price, Forecasts $14.4 Billion Inflows From ETFs

In a recently published report by CoinShares, analyst James Butterfill delves into the relationship between inflows into Bitcoin exchange-traded funds (ETFs) and changes in the Bitcoin price. 

The report addresses the critical question of how much inflow into ETFs could be anticipated upon launching a Bitcoin spot ETF in the US and the potential impact of these flows on the Bitcoin Price.

Bitcoin ETFs Could Attract $14.4 Billion Inflows

Butterfill highlights Galaxy’s analysis, which estimates that the United States has approximately $14.4 trillion in addressable assets. Assuming a conservative scenario where 10% of these assets invest in a spot Bitcoin ETF with an average allocation of 1%, it could result in approximately $14.4 billion of inflows within the first year. 

Per the report, this would mark the largest inflows on record, surpassing 2021’s inflows of $7.24 billion, which accounted for 11.5% of assets under management (AuM). 

However, it is worth noting that in 2020, inflows reached $5.5 billion, representing a higher 21.6% of AuM, while Bitcoin’s price surged by 303% compared to 60% in 2021.

The report suggests a correlation between inflows as a percentage of AuM and price changes. Inflows coincide with rising prices, indicating that many ETF investors engage in momentum trading. Conversely, during periods of price stagnation, inflows have tended to moderate. 

However, it is important to note that exchange-traded product (ETP) investors do not necessarily lead price action, as evidenced by volume data indicating that ETP volumes represent an average of 3.5% of daily Bitcoin trading turnover on trusted exchanges since 2018.

Bitcoin Price Surge Predicted

By analyzing weekly ETP flows and their percentage of AuM, the report identifies a trend with a coefficient of determination (R2 ) value of 0.31, suggesting a discernible relationship between flows and price changes. 

Utilizing this trendline, the report estimates that the aforementioned $14.4 billion of inflows could potentially drive the price of Bitcoin up to $141,000 per coin.

Nevertheless, accurately predicting the precise level of inflows upon the launch of spot ETFs remains challenging. The report acknowledges the difficulty in determining the exact magnitude of inflows. 

It emphasizes that regulatory approval and corporate acceptance are gradual processes due to Bitcoin’s perceived complexity, which may require corporations and funds to build knowledge and confidence before committing to investment.

The potential wall of demand that could materialize following the introduction of a spot-based ETF is uncertain. While such ETFs offer portfolio diversification and enhanced Sharpe ratios, regulatory approval and corporate adoption may take time due to perceived complexities associated with Bitcoin. 

Ultimately, CoinShares believes that Corporations and funds may require an extended period to familiarize themselves with the asset class and gain confidence before entering the market.

All in all, the CoinShares report sheds light on the potential impact of Bitcoin ETFs on the price of BTC. While it is challenging to precisely determine the level of inflows and their subsequent effect on the market, the report suggests that launching a Bitcoin spot ETF in the US could potentially drive the price of Bitcoin to US$141,000 per coin. 

Bitcoin Price

Currently, Bitcoin (BTC) is consolidating above the significant psychological level of $36,000. Over the past 24 hours, it has experienced a minimal decrease of 0.2%, while showing a 1.3% increase within the 1-hour time frame.

Featured image from Shutterstock, chart from TradingView.com 

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Bearish Divergence? Bitcoin Price Rises, But Network Growth Sends Warning Signals

The recent Bitcoin (BTC) price surge has ignited renewed interest and confidence among investors, leading many to believe that the BTC bull run is accelerating. 

According to trader and crypto analyst Adrian Zduńczyk, Bitcoin has reached a new 52-week closing high and has maintained a close above the previous high of $32,000 for three consecutive weeks. 

This sustained upward momentum indicates a strong bullish trend sentiment and signals the beginning of the third wave of the Bitcoin bull run.

Analyst Highlights Key Trends

Zduńczyk points out several dominant trends that contribute to the positive outlook for Bitcoin. The rising 200-week and 50-week moving averages (MAs) highlight the long-term uptrend strength, with key support levels at $28,800 and $26,600. 

Additionally, there is a growing correlation with the S&P 500, as evidenced by the 7-week correlation coefficient of 0.34. This alignment with traditional markets suggests that Bitcoin increasingly trades similarly to the Nasdaq.

Fundamental drivers also play a significant role in Bitcoin’s upward trajectory. Traders eagerly anticipate the approval of spot Bitcoin exchange-traded funds (ETFs) and the upcoming fourth halving event. 

Furthermore, according to Zduńczyk, the historical pattern of previous halvings indicates that Bitcoin has rallied significantly after each halving and has never retraced to pre-halving prices. 

Examining the daily trend, Zduńczyk highlights the technical strength demonstrated by Bitcoin’s reliable breakout above $32,000. Breakouts often lead to new trend formations that persist over time. 

Despite occasional volatility, the 50-day average true range (ATR) trend and the 50-day relative strength index (RSI) momentum trend are rising, indicating ongoing positive momentum.

Bitcoin’s future appears promising, supported by positive market trends, fundamental drivers, and technical indicators. However, warning signs cast doubt on Bitcoin’s favorable outlook, as renowned crypto analyst Ali Martinez pointed out. 

Bitcoin Bullish Momentum At Risk?

Martinez draws attention to the bearish divergence between Bitcoin’s price and network growth, indicating a potential lack of sustained momentum in the ongoing uptrend.

Bitcoin

The chart above shows a notable disparity between the exponential rise in Bitcoin’s price and the dramatic decline in new addresses over recent days. 

This bearish divergence raises concerns about the overall strength of the current uptrend. While Bitcoin’s value has experienced significant gains, the number of new addresses created has decreased significantly.

According to Martinez, this bearish divergence between Bitcoin’s price and network growth serves as an on-chain sell signal that traders should be aware of. The slowdown in network growth despite the price surge suggests that the current upward momentum may not have enough strength to sustain.

Bitcoin

At the time of writing, BTC is trading at $36,200, down 1.6% over the past 24 hours. However, it is still up a substantial 4.6% over the past 7 days. 

It remains to be seen if a surge in new addresses will be able to support BTC’s bullish momentum and break the current consolidation phase. Alternatively, the cryptocurrency could retest support levels in the coming days.

Featured image from Shutterstock, chart from TradingView.com

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Bitcoin Bloodbath: Fake Spot ETF Approval Sparks BTC Surge, Obliterates $78M Shorts At $30,000

In a flurry of market activity, false news surrounding the approval of a Bitcoin (BTC) Spot Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission (SEC) sent shockwaves through the cryptocurrency community. 

False Rumors of BTC Spot ETF Approval Trigger Volatility

Initially reported by Cointelegraph, the news claimed that BlackRock’s iShares Bitcoin Spot ETF had received regulatory approval. 

However, Bloomberg analyst James Seyffart promptly cast doubt on the report’s authenticity, stating that he could not find any confirmation of the news at the time. Seyffart stated: 

I believe this to be fake news. While this would be positive for the things we’ve been saying. I can’t find anything that would confirm this at the moment. 

Subsequently, BlackRock confirmed to FOX reporter Eleanor Terret that the application was still under review, rendering the initial report false.

The repercussions of this misinformation were immediately evident in the market. BTC experienced a brief surge from $27,800 to $30,000 within minutes as traders reacted to the purported ETF approval news. However, as the truth emerged, the market corrected itself, causing a wave of liquidations.

According to data from Glassnode, the aftermath of the surge saw a significant increase in liquidations. Within four hours, $113.75 million in long positions and $78.87 million in short positions were liquidated, reflecting the volatility and sudden reversal prompted by the false news.

The incident also prompted Cointelegraph to apologize for a post that had disseminated inaccurate information regarding the BlackRock Bitcoin ETF. 

The media outlet announced that an internal investigation is underway to determine the source of the misinformation. Cointelegraph stated:

We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF. An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours.

False Breakout Fails To Dampen Bitcoin Profitable Streak

Despite the false breakout above $30,000, Bitcoin has retained significant profits within 24 hours. Currently trading at $28,100, it remains $1,000 higher than the initial price before disseminating the fake news across all platforms. This marks a 5.1% profit during this period.

Consequently, this positive turn of events has caused Bitcoin to shift from negative to positive figures across various time frames. In the past 7 days, Bitcoin has recorded a 2.6% profit, while over 30 days, it has seen a 6.4% increase. Only in the 14 days was a slight decrease of 0.4%.

Bitcoin

Furthermore, a closer examination of BTC’s 1-day chart reveals its ability to surpass significant resistance levels. Notably, Bitcoin successfully overcame two critical moving averages: the 50-day MA at $27,150 and the 200-day MA at $27,030. 

These moving averages posed major obstacles for Bitcoin’s price after initially dropping below this threshold.

In addition, Bitcoin managed to break through the $28,000 resistance level, which had previously acted as a significant barrier following the false breakout above this mark.

Moving forward, the sustainability of Bitcoin’s current price level and bullish momentum remains to be seen amidst the circulating rumors surrounding the long-awaited ETF decision by the applicants and the US SEC.

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Price Rally On The Horizon? BTC Spot ETFs May Get The Green Light Today

In what could be a pivotal day for the Bitcoin price, the last day for the US Securities and Exchange Commission (SEC) to appeal the Grayscale Bitcoin (BTC) spot Exchange-Traded Funds (ETF) decision is approaching, and the crypto community is eagerly awaiting the outcome.

The implications of this decision are significant, as it could pave the way for the approval of several other spot Bitcoin ETFs. 

Impending Approval Of All Proposed Bitcoin Spot ETFs? 

According to crypto YouTuber Crypto Rover, if the SEC does not appeal the court’s ruling by the end of the day, it would potentially lose its ability to deny future applications, resulting in the likely approval of all proposed spot ETFs.

The current list of applicants seeking approval includes prominent names such as Grayscale Bitcoin Trust, Ark/21 Shares Bitcoin Trust, Bitwise Bitcoin ETF Trust, BlackRock Bitcoin ETF Trust, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Valkyrie Bitcoin Fund, Invesco Galaxy Bitcoin ETF, and Fidelity Wise Origin Bitcoin Trust.

If all Bitcoin spot ETFs are approved, the move would mark a significant milestone in the mainstream adoption of cryptocurrencies. 

Accepting these financial instruments would provide investors with a regulated and easily accessible avenue to gain exposure to Bitcoin’s price movements without directly owning the underlying asset. 

The approval would also vote for confidence in the cryptocurrency market, attracting institutional investors and potentially injecting fresh capital into the space.

The approval of Bitcoin spot ETFs also can ignite a renewed sense of optimism and investor sentiment. The anticipation of such a development has already fueled speculation of a Bitcoin rally, with market participants eyeing a new annual high. 

The thawing of the crypto winter and the approval of these ETFs could create a perfect storm for a Bitcoin price to surge, potentially breaching the $30,000 mark and beyond.

Bitcoin Price Awaiting ETF Relief

The largest cryptocurrency in the market is striving to reclaim the crucial $27,000 level, trading at $26,700. This level holds significant importance for bullish investors as it represents a key threshold to break the mid-term downtrend structure observed in BTC’s 1-day chart since its yearly high of $31,800 on July 13

Bitcoin price

Additionally, the failure of the Bitcoin price to hold its 200-day (yellow line) and 50-day (brown line) moving averages (MAs) as support lines is a cause for concern among bullish traders. These MAs, similar to the situation in March 2023, are currently converging.

However, the potential approval of a BTC spot ETF could provide much-needed relief to Bitcoin’s price. Forming a complete rally would require overcoming various resistance levels in such a scenario.

In the short term, Bitcoin’s price will likely face a significant obstacle at the $27,900 level, which was briefly surpassed on October 2nd. Furthermore, BTC encounters a 3-month resistance at $28,700, marking the final hurdle before reaching the $30,000 level, serving as another resistance line.

Nevertheless, the community anxiously awaits the approval of BTC spot ETFs, hoping that it will bring a sense of relief and bullish momentum for investors and Bitcoin’s price. 

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin Price Projection Soars: BTC-Gold Ratio Indicator Proposes $120,000 Price Target

Over the past week, Bitcoin price has displayed a notable bullish momentum. This comes after a prolonged consolidation phase during which the leading cryptocurrency remained stagnant below the $27,000 mark for an entire month.

However, with the recent breakout and the resurgence of bullish sentiment in the market, experts are now predicting a potential surge that could propel Bitcoin’s price above $30,000.

Bitcoin Price Bullish Momentum Continues

Technical analyst Gert Van Lagen highlights a significant breakout from a long-term descending channel, signifying the end of a corrective wave and paving the way for a parabolic surge in Wave 5. 

Gert Van Lagen emphasizes the monumental breakout of a 2.25-year descending channel, marking the end of an expanded flat corrective wave 4. 

Bitcoin price

The channel, determined by the green dots, has contained the ABC correction of wave 4. With wave five on the horizon, breaking 10% above the channel, around $30,000, is expected to trigger a parabolic surge. 

Notably, Gert believes that wave 5, a “blow-off wave,” may exhibit steep growth, with the final impulse indicating a significant upward movement.

While the potential for further upside gains is promising, remaining aware of key considerations and potential invalidation points is crucial. In this context, paying attention to $13,800 would be essential, as the invalidation point lies when wave four falls below wave 1. 

Bitcoin-Gold Ratio Indicator

Prominent figures in the crypto analytics industry, the co-founders of Glassnode, have expressed their belief in Bitcoin’s potential to reach six figures. Drawing attention to the BTC-Gold ratio, they suggest that Bitcoin could rise to approximately 98 times the price of Gold. 

The BTC-Gold ratio serves as a critical metric for understanding the relative performance and value of Bitcoin compared to Gold. Analyzing this ratio, the Glassnode analysts note several positive indicators suggesting a Bitcoin price surge. 

Bitcoin price

The rising RSI (Relative Strength Index) and its position above 50 indicate increasing buying pressure and positive momentum. Additionally, the bullish MACD (Moving Average Convergence Divergence) crossover and a rising trend reinforce the bullish sentiment surrounding Bitcoin.

Using Fibonacci extensions provides further insight into potential price levels for Bitcoin. These extensions, derived from mathematical ratios, are often used to identify price targets during upward trends. 

Based on the analysis, the Fibonacci extensions suggest that Bitcoin could reach valuation levels around $120,000, while Gold maintains a price of around $1,200.

The Glassnode co-founders’ analysis fuels optimism within the crypto community. Bitcoin’s potential for six-figure valuations could attract more investors and solidify its status as a digital store of value. 

The predicted surge in Bitcoin’s price would likely have a ripple effect, generating increased interest and investment in the broader cryptocurrency market.

Bitcoin price

When writing, BTC is trading at $27,900, just below the significant psychological level of $28,000. This level currently represents a crucial threshold for bearish sentiment towards BTC.

BTC must maintain support at the $27,000 level to sustain its bullish momentum. By surpassing the current resistance line at its current trading level, BTC can reclaim the $30,000 mark and set its sights on the annual high of $31,800. 

This upward movement could position the cryptocurrency to challenge the 1-year resistance level at $39,000, with the potential for consolidation above the $40,000 mark.

Featured image from Shutterstock, chart from TradingView.com