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bitcoin price has fallen 1.26% in the last 24 hours to be quoted in dollarsbitcoin/”>42,686 at 5:20 a.m. EST, with a 12% drop in trading volume.
Towards the end of the year, all eyes remain on the calendar for January 5, when the window for spot bitcoin exchange-traded funds (ETFs) will open. With the approval expected just six days away, the btc market could witness some volatility, and the price of bitcoin is likely to break out of its prevailing pattern.
Meanwhile, an executive at investment bank Goldman Sachs, Mathew McDermott, says that a timely approval of the btc ETF will attract more institutional investors to the cryptocurrency scene.
Goldman Sachs Head of Digital Assets Anticipates Increased Institutional Interest With Approval of Spot btc ETF
Speaking to Fox Business, McDermott technology/digital-asset-markets-poised-grow-in-2024-goldman-sachs-exec-says” target=”_blank” rel=”noopener”>saying that a spot approval of a btc ETF would increase liquidity in the market by creating tradable institutional products separate from naked assets. According to the Goldman Sachs executive, this “would open up the universe of pensions, insurance companies, etc.”
However, he does not anticipate an immediate transformation with the approval of spot bitcoin ETFs, adding that the market could see a gradual change in the landscape throughout 2024 if approval occurs.
Overall, McDermott says 2024 will be an exponential year, with increased commercial applications of blockchain and the growing participation of traditional financial institutions in the space over the last 12 to 18 months driving the growth of the cryptocurrency market.
bitcoin price forecast at the end of the year
bitcoin price is consolidating along an ascending trend line with the $43,770 level as resistance. The level is important as it coincides with the midline of a weekly supply barrier, meaning that a candle close above it on the weekly period would confirm the continuation of the uptrend.
However, the Relative Strength Index (RSI) appears moderate and is moving horizontally even when btc is overbought. This suggests a possible correction. If the RSI crosses below the 70 level, it would trigger a sell signal confirming that btc is ready to sell.
The ensuing seller push could see bitcoin price lose the support offered by the lower boundary of the weekly supply zone at $40,387, with a possible southward extension below the ascending trend line. In the most serious case, bitcoin price could extend the decline to test the critical support of $37,800.
However, for the prevailing bullish outlook to be invalidated, bitcoin price must record a weekly candle close below the psychological level of $30,000.
bitcoin Price: Converse Case
With the Awesome Oscillator (AO) indicator histogram bars flashing green and the Moving Average Convergence Divergence (MACD) indicator moving above the signal line (orange band), the odds still favor the upside.
Further buying pressure above current levels could push bitcoin price above the critical barrier of $43,770. Further north, btc could turn the supply zone into a bullish switch, confirming the move above the psychological level of $48,000.
In very ambitious cases, gains could extend to bitcoin price to test the psychological levels of $50,000 or $60,000, which were last tested in December and November 2021, respectively.
Meanwhile, with the bitcoin market in focus as the countdown to the btc Spot ETF window continues, enlightened investors are looking at BTCMTX. This cloud mining token bitcoin-price-prediction-experts-forecast-bullish-trends-calsona-o1vue/” target=”_blank” rel=”noopener”>Features Among Experts' Picks for Promising btc Alternatives.
Promising alternative to bitcoin
BTCMTX is the native cryptocurrency of the bitcoin Minetrix ecosystem, a cloud mining project that makes btc ownership attainable even for ordinary people. This is through its innovative cloud mining mechanism.
Prefer to #BitcoinMinetrix For perfect mining!
Get into cloud mining and say goodbye to worries about selling hardware. #BTCMTX manages updates, allowing users to focus on their $btc trip, free of problems with obsolete equipment. pic.twitter.com/JX3G4zG2BP
—Bitcoinminetrix (@bitcoinminetrix) December 27, 2023
bitcoin Minetrix is in the pre-sale stage with more than $6,672 million already on the market. The project is quickly approaching the $7.182 million target, and investors looking to buy BTCMTX at the stage 16 value only have about three days to take advantage of the $0.0125 rates before the price rises.
#BitcoinMinetrix Stage 16 has begun!
What risks or challenges could hinder bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoinFuture growth? pic.twitter.com/2KhBINl4CH
—Bitcoinminetrix (@bitcoinminetrix) December 27, 2023
Visit the bitcoin Minetrix website to pre-sell BTCMTX here.
Also read:
- Audited by Coinsult
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- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
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