Bitcoin Price Forms “Golden Cross” Pattern
Bitcoin’s price officially formed a “Golden Cross” on October 30, which indicates a bullish trend. This pattern occurs when the 50-day moving average crosses above the 200-day moving average. Traders and institutional investors have been closely monitoring this chart pattern and have already made significant investments in anticipation of a potential all-time high (ATH) for Bitcoin. Additionally, there is speculation that the U.S. Securities and Exchange Commission (SEC) may approve a spot Bitcoin exchange-traded fund (ETF) later this year.
BTC Price Rally and Regulatory Pressure
In recent months, Bitcoin has experienced sideways movement due to regulatory pressure, low volumes, liquidity issues, and scrutiny following the collapse of FTX. However, the price of BTC has rallied by 30% this month due to optimism surrounding the potential approval of a spot Bitcoin ETF by the SEC and the formation of the “Golden Cross” pattern.
Bitcoin Halving and ATH Predictions
Bitcoin’s upcoming halving is expected to take place in April 2024. Many experts predict that the ATH will occur after the halving. Matrixport research suggests that Bitcoin’s price could reach $45k in 2023 and $125k by December 2024. The next bull market is believed to be driven by institutional adoption, as evidenced by significant inflows of crypto funds from institutional investors.
Buy Bitcoin at Low
PlanB, the creator of the Bitcoin Stock-To-Flow model, recommends buying Bitcoin at its current low price in anticipation of the halving. The model suggests that now is an opportune time to invest based on historical performance.
Current BTC Price and Trading Volume
As of now, Bitcoin’s price is trading at $34,628 with a 1% increase in the last 24 hours. The trading volume has also seen a significant increase of 70% recently.
Hot Take: Anticipating a Bullish Future for Bitcoin
With the formation of the “Golden Cross” pattern and the potential approval of a spot Bitcoin ETF, Bitcoin’s price is poised for a bullish future. Experts predict that the ATH will occur after the halving in April 2024, with prices potentially reaching $125k by December 2024. Institutional adoption and significant inflows of funds from institutional investors support this optimistic outlook for Bitcoin’s price. Now may be a good time to consider buying Bitcoin at its current low price in anticipation of future growth. However, it is important to conduct thorough market research before making any investment decisions.
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