- Bitcoin approaches a significant yearly high, with the market anticipating an ETF approval by January 10.
- Bloomberg analyst Erich Balchunas maintains a 90% chance of SEC approval for Bitcoin ETFs within this cycle.
- Analysts predict a potential Bitcoin surge, with the next resistance level being a key indicator for future growth.
This article examines Bitcoin’s current upward trend towards its yearly high, influenced by market optimism for the anticipated approval of Bitcoin ETFs by the SEC, and analyzes the potential impact on its price trajectory.
Bitcoin’s Upward Trend Amid ETF Speculation
Bitcoin, currently in an accumulation phase, is inching closer to surpassing its current yearly high of $38,390. This positive momentum is largely driven by the market’s anticipation of the US SEC’s approval of Bitcoin spot exchange-traded funds (ETFs), expected to be decided by January 10.
Bloomberg Analyst’s Optimistic Outlook on Bitcoin ETFs
Erich Balchunas, a renowned Bloomberg ETF expert, has reiterated his stance, maintaining a 90% chance of Bitcoin ETF approval by the SEC within this cycle. Balchunas emphasizes the ongoing efforts behind the scenes to prepare ETFs for launch, countering previous skepticism regarding their approval.
Bitcoin’s Key Support Level and Future Growth Prospects
For Bitcoin’s continued upward movement, maintaining above the $35,000 support level is crucial. This level serves as a pivotal point for potential gains both before and after the anticipated ETF approval. Analysts, including those from NewsBTC, suggest that Bitcoin could reach as high as $50,000 even before its halving event in April.
Analysis of Resistance Levels and Price Projections
Crypto analyst Crypto Con sheds light on Bitcoin’s current cycle, comparing it to the previous one from 2019-2022. Notably, Bitcoin has demonstrated stronger resilience in the current cycle, breaking through initial resistance levels with ease. The next key resistance level, marked at $40,000, is seen as a gateway to a more significant upward trajectory for Bitcoin’s price.
Conclusion
As Bitcoin approaches a crucial yearly high, buoyed by the market’s optimism for an upcoming ETF approval, its ability to consolidate above $38,000 will be a vital indicator of its future growth. The anticipation of ETF approvals and the analysis of key resistance levels provide a positive outlook for Bitcoin’s market performance in the coming months.
