bitcoin (btc), the leading cryptocurrency, is currently in an upward accumulation phase, getting closer and closer to surpassing its current yearly high of $38,390.
This bullish trend is further fueled by the anticipation surrounding the approval of spot bitcoin. exchange traded funds (ETF) by the US Securities and Exchange Commission (SEC).
bitcoin ETF Approval Before January 10
In a recent mail On X (formerly Twitter), Erich Balchunas, a Bloomberg ETF expert, shared his perspective on the likelihood of bitcoin ETF approval. Balchunas maintains a 90% chance of getting SEC approval by Jan. 10, which has held steady for months.
Balchunas highlights that while debates persist over specific dates and timelines, the SEC and issuers are working diligently behind the scenes to prepare ETFs for this cycle, defying previous skepticism. Balchunas stated:
People ask me if we change the odds. No, we’re still holding the line at a 90% chance of approval by January 10 (aka this cycle), the same odds we’ve had for months (before it was cool/safe). What we’re watching for now: More amended/final submissions to implement and clarity on the distinction between kind and cash
As foretold According to many analysts, bitcoin is primed for a potential breakout in the coming months, both before and after the early approval of these investment products. As reported According to NewsBTC, bitcoin could rise as high as $50,000 even before the halving event planned for April.
In this context, bitcoin must maintain its position above the key support level of $35,000. This mark serves as a threshold for future gains, both before and after the approval of spot ETFs.
Maintaining this level of support will be critical in determining the prospects for continued growth and performance of the bitcoin market.
The next resistance level is key to surpassing the all-time high
Renowned crypto analyst crypto Con has shed light on the remarkable strength of today’s bitcoin cyclemaking comparisons with the previous one from 2019 to 2022.
By examining key resistance levels and price movements, crypto Con emphasizes the positive outlook for bitcoin‘s price trajectory and suggests that the current cycle is prepared for success.
crypto Con highlights the prolonged weakness seen during the 2019-2022 bitcoin cycle, characterized by bitcoin‘s struggle to overcome initial Wave Trend resistance for a year.
In contrast, the current cycle has demonstrated impressive resilience, effortlessly overcoming this level of resistance.
Despite the substantial rise in bitcoin price, crypto Con notes that the cryptocurrency has not yet reached the next resistance level, called green zone 2, with a price target of $40,000.
In a typical cycle, this milestone does not indicate the end of price action, but rather the beginning of a more significant upward trajectory.
crypto Con further suggests that subsequent resistance levels, indicated by the blue color in the chart above, may cause bitcoin price to rise further, surpassing its previous all-time high.
At the time of writing, btc is trading at $37,700, down 0.7% in the last 24 hours, and it remains to be seen if a consolidation above $38,000 will occur.
Featured image from Shutterstock, chart from TradingView.com
