Bitcoin Surges After SEC Approves Bitcoin ETFs
Bitcoin, the world’s largest cryptocurrency, has experienced a significant surge in price, surpassing $47,000. This increase is attributed to the approval of 11 new Bitcoin Exchange-Traded Funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The approval of these ETFs marks a pivotal moment in the mainstream acceptance of cryptocurrencies as viable investment options.
However, after the initial excitement, Bitcoin has stabilized and is currently trading around $46,600. This development has been closely watched by investors and financial institutions like BlackRock and Fidelity, who are showing a growing interest in the ETF space.
Grayscale Investments is also transforming its bitcoin trust into an ETF after winning a legal battle against the SEC. This move is expected to further boost investor confidence and demand for Bitcoin.
Robert Kiyosaki Predicts Bitcoin to Reach $150K
Following the SEC’s approval of spot Bitcoin ETFs, Robert Kiyosaki, author of “Rich Dad Poor Dad,” predicts that Bitcoin’s value will soar to $150,000. Kiyosaki, who has profited from early Bitcoin investments, intends to invest more in BTC and advocates for Bitcoin, gold, and silver over fiat currencies.
Kiyosaki believes that while silver may face a downturn due to rising inflation, gold will surge due to central bank purchases. He has made bullish predictions for Bitcoin’s future value, ranging from $135,000 to $1 million in the event of a global economic crisis.
Bitcoin Price Analysis
Based on the latest 4-hour chart analysis, Bitcoin is displaying a positive trend within an ascending channel. The pivot point stands at $46,786, with resistance levels at $47,743, $48,584, and $49,509. Support levels are identified at $45,026, $44,007, and $42,58.
The Relative Strength Index (RSI) indicates a market in equilibrium with a moderately bullish sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $45,014, supporting the short-term bullish trend of Bitcoin trading above this EMA.
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