Bitcoin is on a relentless upward trend, with the potential approval of a Spot Bitcoin ETF by the SEC looming on the horizon.
Bitcoin’s Unstoppable Surge
It seems that nothing can stand in bitcoin’s way, except for the resistance it recently encountered at $37,000. With the traditional financial system showing signs of weakness and the possibility of a Spot ETF approval, all eyes are on bitcoin.
The latest surge has propelled bitcoin to $37,440, marking a 128% gain since the beginning of the year. With almost two months left in 2023, the question remains: how much higher can the price go?
Bitcoin has surpassed the 0.382 fibonacci level at $36,000, with the 0.618 golden fibonacci level at $48,500 lying ahead. The possibility of reaching this level before year-end is not out of reach, but a substantial pull-back may be imminent.
A Different Perspective
Nicholas Merten of the Data Dash YouTube channel, who previously cautioned his 511,000 subscribers against buying bitcoin, seems to be reconsidering his stance in light of the 128% price increase this year. However, this shift may come too late for his audience.
While Merten’s prediction of a retracement for bitcoin may still hold true, the impending approval of the Spot ETF could continue to drive prices higher or trigger a significant pull-back.
Ethereum’s Potential Impact
The arrival of a Bitcoin Spot ETF could already be factored into the market, potentially leading to a “sell-the-news” event and triggering a more pronounced pull-back. Additionally, ethereum has shown signs of breaking out, which could impact bitcoin dominance and propel altcoins higher.
The last quarter of the year promises to be an intriguing period for cryptocurrencies as they navigate these developments.
Hot Take: Bitcoin’s Unstoppable Momentum
As bitcoin continues its meteoric rise and market dynamics evolve, it remains to be seen whether it will sustain its momentum or face a significant correction in the near future. The impending approval of a Spot Bitcoin ETF and ethereum’s breakout add further complexity to an already dynamic market landscape.
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