The last weekend marked a significant breakthrough in the world of cryptocurrencies – Bitcoin (BTC) surpassed the long-awaited $40,000 level, opening a new chapter in the history of digital currency. Currently, the BTC rate is hovering around $41,300, indicating its strong revival after 18 months of fluctuations. This dynamic refocuses attention on the impact of the expected acceptance of an ETF (Exchange-Traded Fund) and the future of the cryptocurrency market.
Over the past weekend, Bitcoin (BTC) reached a significant milestone, crossing the long-awaited $40,000 threshold. This was a significant event for the cryptocurrency, which is now trading at $41,300, showing strong turnover and signaling its return to strength after 18 months of instability. This increase reignites the discussion about the impact of the upcoming ETF and its consequences for the future of the cryptocurrency market.
Analysts speculate that the upcoming confirmation of the Bitcoin ETF could be a catalyst pushing BTC towards $50,000. The cryptocurrency market is full of fear of missing out (FOMO) and fear, uncertainty, and doubt (FUD) regarding the potential impact of the ETF. The current situation, involving declining inflation and discussions about potential interest rate cuts by the Federal Reserve in 2024, sets the stage for a global surge.
The digital asset industry eagerly awaits the SEC’s verdict on applications from major market players like BlackRock Inc. for the approval of the first U.S.-based ETFs directly based on Bitcoin. These funds are expected to gain SEC approval as early as January, significantly impacting the digital asset market.
Technical analysis suggests that the next resistance for BTC might be at the $42,330 level. Despite the recent rise, the analysis emphasizes relatively low open interest (OI), which historically resulted in a $2,000 drop before stabilization. This indicates a potential bottom after the drop in OI.
Currently trading at $40,500, the local invalidation level for bulls is $39,500. While some predict declines to $30,000 or $35,000, there are doubts about the likelihood of these forecasts.
Maintaining their stance, analysts express confidence in Bitcoin’s momentum staying above the $40,000 level. Some industry experts even forecast that BTC will reach $60,000 before the next reward halving in April 2024.
This recent surge above $41,000 has once again ignited market enthusiasm, painting a promising trajectory for Bitcoin’s value in the near future. The impact of ETF confirmation remains a key point directing BTC’s trajectory, with market experts closely watching its implications for the future of the cryptocurrency market.
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