“Bitcoin and Ethereum Rally After BlackRock’s Spot ETF Filing“
The recent surge in Bitcoin price to $38,000 and Ethereum price above $2,000 is due to BlackRock filing its first Ethereum spot ETF. According to crypto investor and analyst Michaël van de Poppe, the resistance between $38,000 and $40,000 is critical for the continuation of the bullish outlook. He suggests that consolidation beneath this resistance is the best approach.
“Can Bitcoin Price Rally To $50,000 Pre-Halving?”
The spot ETF narrative has been driving Bitcoin price higher. However, investors and enthusiasts expect the bull run to be fueled by the upcoming BTC halving in April 2024, which will reduce the supply of BTC. Poppe predicts a rally to $45,000-$50,000 pre-halving followed by a heavy correction back to $32,000-$35,000.
“BTC Price Hits New 2023 Highs; What’s Next?”
Bitcoin’s rally alongside Ethereum’s price has cleared resistance at $37,000 but stalled at $38,000. However, with support anticipated above $36,000 and bullish indicators like MACD affirming the outlook, Bitcoin price might soon resume the uptrend.
“Hot Take”
Bitcoin’s bullish outlook fueled by potential ETF approval and upcoming halving could lead to a rally to $50,000 before a correction back to around $32,000-$35,000. The current resistance at $38,000 is crucial for further gains. Be cautious of a forming rising wedge pattern signaling a possible trend reversal if resistance at $40,000 is not broken.
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