Bitcoin’s Current Position
Bitcoin (BTC) has been struggling to surpass the $38,000 mark recently but remains comfortably over the $35,000 support zone as the market anticipates the next whole lot of move.
Most market participants agree that Bitcoin (BTC) is poised for a rally towards a new record-breaking peak. This optimism is driven by probable spot Exchange-Traded Fund (ETF) approval and next year’s halving event.
In a November 17th TradingView post, prominent cryptocurrency analyst TradingShot suggested that Bitcoin (BTC) is potentially gearing up for a parabolic rally as it enters the pre-and post-halving phase of its market cycle, comparing the present cycle to previous ones.
Bitcoin’s Next Move
The current analysis places Bitcoin (BTC) in the pre-and post-halving phase, with the fourth halving event expected in April 2024. During this phase, BTC’s price tends to touch or surpass the 0.786 Fibonacci retracement level, with the 0.382 Fibonacci level acting as a critical support.
As of now, Bitcoin (BTC) is positioned at the 0.786 Fibonacci level, set at $50,000. According to the TradingShot model, the digital currency is expected to reach this level imminently or within 3-4 months following the upcoming halving event. The analysis likewise underscores the importance of maintaining support over the 0.382 Fibonacci level of $27,000.
“Once the 0.786 Fib breaks, Bitcoin should test the $69,000 All Time High (ATH) in a matter of weeks,” stated TradingShot.
BTC’s Future Trajectory
The analysis likewise pointed out historical cycles and highlighted diminishing returns theory. With increasing adoption, a realistic projection suggests no more than a 1.382 Fibonacci extension equivalent to slightly over $120,000 or a more conservative estimate at $100,000.
The future trajectory of BTC’s value depends on numerous fundamental factors including adoption evolution and financial resources inflow if ETF approval occurs. Nonetheless, recent volatility was triggered by news surrounding ETF approval regardless of SEC delays in approving spot ETFs from Franklin Templeton and Worldwide X.
Bitcoin (BTC) Price Analysis
By press time, Bitcoin (BTC) was valued at $36,359 with daily gains of about 0.20% and weekly losses of almost 2%. Technical analysis suggests positive trend sentiments dominate with moving averages for ‘strong buy’ and oscillators for sale. As of now, Bitcoin (BTC) is in a consolidation phase with a focus on reclaiming the $37,000 spot.
Hot Take: The Future of Bitcoin
Bitcoin (BTC) continues to remain stable over key support levels while analysts project a probable rally toward new all-time highs in light of upcoming halving events and ETF approvals. Regardless of recent volatility due to news around ETF approvals and SEC delays, there remains an optimistic outlook for Bitcoin’s future trajectory based on historical market cycles and fundamental factors driving adoption and financial resources inflow.
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