Bitcoin (BTC) appears to be continuing its uptrend, but has yet to return to levels above $44,000 it briefly reached earlier this month, with the next move confirmed by the initial BTC value. Just under $50,000 before it’s available for testing. . Exchange Traded Funds (ETFs).
Specifically, according to a chart analysis published in a magazine by cryptocurrency expert Michael van de Poppe, adjustments now appear to be taking place.
According to the same crypto market analyst, the flagship decentralized finance (DeFi) asset could test the $47,000 to $50,000 range just ahead of spot BTC ETF approval by the US Securities and Exchange Commission (SEC). .
Bitcoin Price Analysis
Meanwhile, Bitcoin traded at $42,670, up 3.33% in the last 24 hours. It also increased by 17.05% on the monthly chart and increased by 2.90% in the last 7 days. Data status: 19 December.
In fact, many analysts believe that the launch of the first Spot Bitcoin ETF will trigger the first crypto bull market with an influx of over $70 billion in new capital, given the explosive response to fake Spot BTC. . . ETF approval news in early October
As for possible dates, Bloomberg senior ETF analyst Eric Balchunas said in November that the channel’s research team is looking at January 10, 2024, as Finbold reported on November 29. He said there was a 90% chance of approval. .
