Bitcoin Surges to 18-Month High Amid ETF Speculation
Bitcoin (BTC) has reached its highest price in 18 months, surpassing $37,000, driven by growing optimism about the potential approval of the first spot Bitcoin Exchange-Traded Fund (ETF) by regulators. This surge has led to speculation about a major bull run for the asset based on historical data.
Pseudonymous crypto analyst el_crypto_prof suggested in a Twitter post on November 10 that Bitcoin may be on the verge of the biggest bull run ever, based on rare buy signals on the M-Chart and Bitcoin’s movement above the SMA 20 line. These indicators, according to the analyst, could signal the beginning of a significant bull run in Bitcoin’s history, potentially attracting institutional investors.
“This indicator shows a buy signal on the M-Chart of $BTC, which has only happened once before and that was 8 YEARS ago.<…> One reason why I believe we’re facing the biggest bull run ever. Institutions are here,” he said.
Bitcoin Searching for Record High Amid ETF Speculation
The recent surge in Bitcoin’s price is significant as it aligns with a period when Bitcoin is searching for the next all-time high amidst regulatory uncertainty. The potential approval of 12 separate Bitcoin ETF spots over the next week has contributed to this momentum. The U.S. Securities and Exchange Commission (SEC) has until November 17 to review and potentially approve several high-profile offerings from prominent U.S. fund managers, including BlackRock (NYSE: BLK).
While there is anticipation about a potential Bitcoin rally following an ETF approval, some in the crypto market suggest that this does not guarantee a subsequent rally. Currently, most Bitcoin holders are making a profit, and $34,000 is considered a pivotal support level.
Bitcoin Price Analysis
At present, Bitcoin is valued at $37,026, reflecting less than 1% gains in the past 24 hours and a 6% increase over the last seven days. Technical indicators from TradingView suggest a bullish outlook for Bitcoin with moving averages signaling a ‘strong buy.’ However, oscillators indicate a ‘sell.’ The focus now is on surpassing the $40,000 resistance level.
Hot Take: Potential ETF Approval Could Propel Bitcoin into Uncharted Territory
The potential approval of a Bitcoin ETF by regulators could mark a significant turning point for the cryptocurrency market. If approved, this could attract more institutional investors and drive Bitcoin to new record highs. However, caution is advised as previous rallies have shown that an ETF approval does not guarantee sustained upward momentum for Bitcoin.
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