Bitcoin Nearing Yearly High Amidst ETF Approval Anticipation
Bitcoin, the leading cryptocurrency, is currently in an upward accumulation phase and is getting closer to surpassing its current yearly high of $38,390. This upward trend is 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
Erich Balchunas, a Bloomberg ETF expert, maintains a 90% chance of SEC approval for Bitcoin ETFs by January 10. Balchunas states that despite debates over specific dates, the SEC and issuers are working diligently to prepare for this cycle, defying earlier skepticism.
Potential Breakout and Support Level
Analysts predict a potential breakout for Bitcoin in the coming months, with the cryptocurrency surging to as high as $50,000. To sustain this growth, Bitcoin must maintain its position above the key support level of $35,000.
Next Resistance Level Holds Key To Surpassing All-Time High
Crypto analyst Crypto Con highlights the strength of the current Bitcoin cycle, comparing it to the previous one from 2019 to 2022. The current cycle has shown resilience by breaking through resistance levels. However, Bitcoin has yet to reach the next resistance level at $40,000.
Further Upside Potential
Crypto Con suggests that surpassing the next resistance level could lead to even higher prices for Bitcoin, potentially surpassing its previous all-time high. Subsequent resistance levels can drive Bitcoin’s price on an upward trajectory.
Bitcoin’s Current Price and Future Consolidation
At present, Bitcoin is trading at $37,700, down 0.7% over the past 24 hours. The consolidation above $38,000 remains to be seen.
Hot Take: Bitcoin Bulls Poised for a Strong Start in 2022
With the anticipation of Bitcoin ETF approval and the potential for a breakout, Bitcoin bulls are optimistic about the cryptocurrency’s prospects in 2022. The current upward accumulation phase, coupled with the strength of the current cycle, suggests that Bitcoin could reach new all-time highs in the near future.
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