Bitcoin Resumes Bullish Advance, Eyeing $50,000 Test Ahead of Spot Bitcoin ETF Approval
Bitcoin (BTC) has resumed its bullish advance and may soon test the area just below $50,000 as it prepares for the approval of the first spot Bitcoin exchange-traded fund (ETF). The cryptocurrency successfully tested its lows without breaking below them, indicating that the correction phase may be over. Cryptocurrency expert Michaël van de Poppe suggests that Bitcoin is likely to test the zone between $47,000 and $50,000 before the SEC approves the spot Bitcoin ETF. He advises followers to “buy the dips.”
Bitcoin Price Analysis
Currently, Bitcoin is trading at $42,670, showing a 3.33% increase in the last 24 hours and a 2.90% gain over the past seven days. On a monthly chart, it has gained 17.05% as of December 19.
Potential Bullish Rally with Spot Bitcoin ETF Launch
The launch of the first spot Bitcoin ETF is expected to trigger a bullish rally for Bitcoin. Analysts believe this event could bring in over $70 billion in new capital and push Bitcoin to new highs. In October, Bitcoin experienced an explosive reaction to fake news about a spot BTC ETF approval. Bloomberg’s senior ETF analyst Eric Balchunas predicts a 90% chance of approval by January 10, 2024. Bernstein Research also anticipates SEC approval by January 10 for the first spot Bitcoin ETF.
Hot Take: Spot Bitcoin ETF Approval Could Propel Bitcoin to New Heights
The potential approval of the first spot Bitcoin ETF by the SEC has created excitement in the crypto market. If approved, it could unlock significant capital influx into Bitcoin and drive its price to new highs. Analysts predict that Bitcoin could test the $47,000 to $50,000 range before the ETF approval. This presents an opportunity for investors to “buy the dips” and potentially benefit from a bullish rally. As the launch date approaches, market participants eagerly await the SEC’s decision and its potential impact on Bitcoin’s price.
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