Bullish Environment In Crypto Ecosystem
Cryptocurrency $BTC is currently at a strong support zone around six months before the Bitcoin Halving event in 2024. Despite the sideways movement of BTC price, the overall trader sentiment in the crypto market ecosystem remains bullish. Recent developments like the XRP lawsuit Summary Judgment, spot Bitcoin ETF applications, and Grayscale’s victory in a lawsuit have contributed to this positive sentiment. Additionally, the presence of institutional investor MicroStrategy provides confidence in the asset.
Small To Medium BTC Holders Display Confidence
According to Glassnode data, the number of Bitcoin wallet addresses holding over 10 BTC is at a 3-year high of 157,352. These addresses, owned by small to medium BTC holders, are increasingly displaying confidence in the growth potential of Bitcoin. This trend has been consistent since January 2023.
Potential Impact of Spot Bitcoin ETF Developments
The spot Bitcoin ETF space is undergoing significant developments with the US Securities and Exchange Commission (SEC). The next deadline for filings from BlackRock, Invesco, Bitwise, and WisdomTree is scheduled for mid-October 2023. The outcome of these filings could have a substantial impact on the crypto market in October.
Forecasted Surge in BTC Price
Experts predict a surge in BTC price leading up to the Bitcoin Halving event, expected to take place in April or May 2024 at block 840,000. This event has historically influenced trading patterns in the cryptocurrency market.
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