Bitcoin (BTC) Price Forecast
Bitcoin (BTC) has recently struggled to surpass the $38,000 mark but maintains a comfortable position above the $35,000 support zone as the market awaits the next significant move.
Notably, part of the prevailing consensus among most market participants is that Bitcoin is poised for a rally towards a new all-time high. This optimism is fueled by developments surrounding a potential spot Exchange-Traded Fund (ETF) approval and next year’s halving event.
Bitcoin is in the pre-and post-halving phase, with the fourth halving event expected to occur in April 2024. During this phase, Bitcoin’s price tends to touch or surpass the 0.786 Fibonacci retracement level, with the 0.382 Fibonacci level acting as a crucial support, excluding exceptional circumstances such as the pandemic crash in early 2020.
Currently, Bitcoin is positioned at the 0.786 Fibonacci level, set at $50,000. The cryptocurrency is expected to reach this level imminently or within 3-4 months following the upcoming halving event. This also underscores the importance of maintaining support above the 0.382 Fibonacci level of $27,000.
It is worth noting Bitcoin’s recent rally was primarily fueled by developments related to ETF approval. In the meantime, the Securities and Exchange Commission (SEC) has again delayed approval for a spot ETF. In the latest update, the SEC postponed decisions on approvals for Franklin Templeton’s and Global X’s spot Bitcoin ETF applications.
At the same time, reports on the approval have intensified following indications that the SEC has been engaging with exchanges regarding numerous spot Bitcoin ETF applications. However, it is key to note that nothing has changed despite the speculation around the approval.
Bitcoin price analysis
Bitcoin was valued at $36,359 by press time with daily gains of about 0.20%. On the weekly chart, Bitcoin has plunged by almost 2%.
Notably, part of the prevailing consensus among most market participants is that Bitcoin is poised for a rally towards a new all-time high. This optimism is fueled by developments surrounding a potential spot Exchange-Traded Fund (ETF) approval and next year’s halving event.
Bitcoin is in the pre-and post-halving phase, with the fourth halving event expected to occur in April 2024. During this phase, Bitcoin’s price tends to touch or surpass the 0.786 Fibonacci retracement level, with the 0.382 Fibonacci level acting as a crucial support, excluding exceptional circumstances such as the pandemic crash in early 2020.
Currently, Bitcoin is positioned at the 0.786 Fibonacci level, set at $50,000. The cryptocurrency is expected to reach this level imminently or within 3-4 months following the upcoming halving event. This also underscores the importance of maintaining support above the 0.382 Fibonacci level of $27,000.
It is worth noting Bitcoin’s recent rally was primarily fueled by developments related to ETF approval. In the meantime, the Securities and Exchange Commission (SEC) has again delayed approval for a spot ETF. In the latest update, the SEC postponed decisions on approvals for Franklin Templeton’s and Global X’s spot Bitcoin ETF applications.
At the same time, reports on the approval have intensified following indications that the SEC has been engaging with exchanges regarding numerous spot Bitcoin ETF applications. However, it is key to note that nothing has changed despite the speculation around the approval.
Bitcoin price analysis
Bitcoin was valued at $36,359 by press time with daily gains of about 0.20%. On the weekly chart, Bitcoin has plunged by almost 2%.
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