Analyst Predicts Imminent Bitcoin Rallies Ahead of Potential ETF Approval
An analyst, known as Credible Crypto, believes that Bitcoin is showing bullish signals in both spot and futures markets. With the anticipation of a potential Bitcoin exchange-traded fund (ETF) approval this week, the analyst suggests that the stage is set for Bitcoin to surge upwards.
Credible Crypto highlights several factors that support a bullish outlook for Bitcoin. These include higher lows and higher highs in price, low open interest levels, a negative perpetual futures basis indicating premium spot trading, and reset funding.
Looking at short-term price action, the analyst suggests that Bitcoin may experience one more dip before breaking through its resistance at $45,500. However, if the $45,500 level is convincingly breached, the expected dip may not occur.
Bitcoin’s Current Price and Closing Thoughts
As of now, Bitcoin is valued at $44,156. The market is eagerly awaiting the potential approval of BTC ETF applications, which could serve as a significant catalyst for Bitcoin’s bullish momentum.
Hot Take: Imminent Bitcoin Rallies on the Horizon
Analyst Credible Crypto predicts imminent rallies for Bitcoin as the market anticipates potential ETF approval. With bullish signals in both spot and futures markets, factors such as higher lows and highs in price, low open interest levels, negative perpetual futures basis indicating premium spot trading, and reset funding point to a favorable outlook for Bitcoin. While there may be one more dip before a breakout occurs, breaching the $45,500 level could eliminate the expected dip. As Bitcoin continues to hold its breath for an ETF approval, market participants are eagerly anticipating a surge in prices.
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