Bitcoin’s Bullish Momentum
Bitcoin has resumed its upward trend after a brief pullback. It continues to show bullish momentum, unaffected by the traditional financial system. Despite limited media coverage, more and more people are recognizing the potential of this asset class.
An Impending ETF
A significant factor driving bitcoin’s upward movement is the anticipated approval of a Spot Bitcoin ETF, which is likely to happen in early January. This news provides further room for bitcoin to grow over the next three weeks. However, the impact of the announcement on the market is uncertain.
Short Term Resistance
Currently, bitcoin is encountering resistance at $43,130 on the hourly chart. If it surpasses $44,700, it will establish a new yearly high and potentially continue its meteoric rise throughout 2023.
Bitcoin Respects Trend Line
When examining the daily chart from a broader perspective, it becomes evident that bitcoin is respecting an upward sloping trend line that began in mid-October. A break below this line may indicate the start of a deeper pullback.
Bitcoin as a Pristine Asset
Bitcoin remains one of the top-performing assets globally, suggesting that the ongoing bull market is only the beginning. However, investors should be aware that all assets experience peaks and troughs. Bitcoin is no exception and may undergo a correction, possibly up to 40%. Nevertheless, bitcoin is an asset more suited for long-term investment strategies.
Invest Wisely
Purchasing and holding bitcoin has historically generated significant gains. While corrections are inevitable, it is essential to approach cryptocurrency investment with a wise and measured strategy to mitigate risks and maximize potential returns.
Hot Take: Bitcoin’s Bullish Momentum Persists
Bitcoin continues to exhibit its bullish momentum, evading the traditional financial system. Increasing awareness about this asset class suggests a promising future. The pending approval of a Spot Bitcoin ETF in early January further propels bitcoin’s upward trajectory. However, short-term resistance levels and the adherence to its trend line warrant monitoring. As a long-term investment, bitcoin remains a compelling asset, despite the potential for market corrections. Investors should approach this digital currency with a cautious and strategic mindset for optimal results.
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