Bitcoin Eyes New Highs As Bloomberg Analyst Reiterates 90% Chance Of January ETF Approval
November 29 2023 - 4:00PM
NEWSBTC
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. Related
Reading: A Golden Opportunity For Ethereum? 600% Buy Signal Returns
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. Related Reading: XRP Community And Cardano Founder
Engage In Heated Clash 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. 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. 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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