The Bitcoin Price Reaches Highest Weekly Close in 550 Days
Last week, the price of Bitcoin reached a weekly close of $34,525, which is the highest it has been in 550 days. This is significant as it surpasses the main long-term resistance at $30,500 that had been in place since May 2022.
Looking at the weekly timeframe, the Bitcoin price has experienced a sharp increase over the past two weeks. It broke out from the $30,500 area and reached a new yearly high of $35,380 before settling at $34,525 for the weekly close.
This marks the highest weekly close in 550 days since April 2022 when Bitcoin closed at $38,468 during a significant downward movement.
The Impact of Institutional Investment on Bitcoin
The approval of a Bitcoin Exchange-Traded Fund (ETF) could have a major impact on the future price of Bitcoin. If approved, it has the potential to attract institutional investors, boost confidence in the cryptocurrency market, and drive up demand and prices. On the other hand, if the ETF is rejected, it could create a short-term bearish sentiment.
Institutions like BlackRock getting involved in Bitcoin demonstrates its growing importance in finance and its recognition as a potential store of value or investment.
This institutional investment can drive up prices in the short-term and provide stability in the long-term since institutional holdings are typically less volatile than retail investments.
BTC Price Prediction: How Long Will Increase Continue?
According to technical analysts using the Elliott Wave theory, Bitcoin is currently in wave three of a five-wave upward movement. It is currently in sub-wave four, which is a corrective phase. Once this correction is complete, it is expected to reach a target of $39,200, which is 13% higher than the current price.
This target is based on the 0.618 Fibonacci retracement length of waves one and three combined, as well as the resistance trendline of an ascending parallel channel.
However, if the price of Bitcoin closes below the support trendline at $33,000, it would invalidate this count and a 13% drop to the nearest short-term support at $30,000 could be expected.
Hot Take: Bitcoin Price Surges to Highest Level in Over a Year
The Bitcoin price has reached its highest level in 550 days, closing at $34,525 last week. This surge comes after breaking through a key resistance level at $30,500 that had been in place since May 2022. Additionally, there is anticipation around the potential approval of a Bitcoin ETF, which could attract institutional investors and drive up demand and prices. However, if the ETF is rejected, it could have a short-term negative impact on the market. Technical analysis suggests that Bitcoin’s upward movement will continue, with a potential target of $39,200. However, caution is advised as a close below $33,000 could invalidate this prediction.
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