- From Poppe’s evaluation, there was a significant sense of upward movement emphasizing the transition of the “party’s” $29,800 resistance barrier to a solid support base.
- The prolonged consolidation phase reflects a broader sensitivity surrounding the cryptocurrency space, with industry experts particularly emphasizing the importance of regulatory clarity in the United States.
- At the center of regulatory possibilities is the U.S. Securities and Exchange Commission (SEC), which currently has authority over spot Bitcoin ETF applications.
Bitcoin price tested above $30,000; According to the evaluation of a famous analyst, the Bitcoin price is now closer to the party.
Bitcoin Price Now Closer to the Party
Famous analyst Michaël van de Poppe presented a sharp analysis of Bitcoin’s (BTC) current situation on August 9th. During this period when Bitcoin was hovering around the $29,800 level, Van de Poppe identified a critical point where BTC was trying to regain the psychological threshold of $30,000 and stated that the party was close.
From Poppe’s evaluation, there was a notable sense of upward movement emphasizing the transition of the “party’s” $29,800 resistance barrier to a solid support base. Bitcoin has seen a decline since its peak of $31,818 on July 13th. This decline occurred within the boundaries of a descending parallel channel and reached its peak by reaching $28,585 on August 1st.
However, despite this decline, it is noteworthy that the $28,800 horizontal support level has maintained its significance and has been confirmed through various tests. This confirmation was manifested by the creation of extended lower wicks, which is considered a sign of intensified buying pressure.
As for price movement, Bitcoin has experienced a positive change with an increase of over 2% in the past 24 hours. This value increase can be attributed to the growing optimism surrounding the potential approval of a spot Bitcoin ETF (Exchange Traded Fund).
Particularly interesting is Bitcoin’s relative adherence to a relatively narrow trading range between $29,000 and $30,000. This prolonged consolidation phase reflects a broader sensitivity surrounding the cryptocurrency space, with industry experts particularly emphasizing the importance of regulatory clarity in the United States. The anticipation of regulatory clarity is ready to act as a catalyst for a bullish leap above the $30,000 threshold.
Bitcoin ETF Frenzy
At the center of regulatory possibilities is the U.S. Securities and Exchange Commission (SEC), which currently has authority over spot Bitcoin ETF applications. In particular, two leading figures in the cryptocurrency space are publicly predicting that these initiatives will eventually receive approval from the SEC.
Michael Novogratz, the head architect of crypto investment giant Galaxy Digital, claimed that a Bitcoin ETF is coming in the near future and predicted that it could start within the next four to six months. This statement is based on internal sources and aims to substantiate investor speculation that such approval would attract institutional capital to Bitcoin.
In a competitive race for the first ETF approval, competitors are striving to capture the market’s excitement from the outset. There is a widespread belief among industry experts that the SEC’s approval will not be a one-time event, but rather will involve multiple approvals. Cathie Wood, the visionary CEO of ARK Investment Management, shared this perspective and suggested that the SEC’s final decision could encompass multiple Bitcoin ETFs.
Wood’s own Ark21 Shares ETF technically took the lead for regulatory approval on August 13th. However, the general consensus among analysts is that this approval date will likely be extended, aligning with broader expectations surrounding the SEC’s deliberations.
