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bitcoin price fell more than 1% in the last 24 hours to trade at $36,804.18 at 9:45 am EST as investors cash in their profits from the cryptocurrency king’s positive week.
Despite the slight price pullback, Real Vision CEO and former Goldman Sachs executive Raoul Pal predicts in a report That liquidity could lead to bitcoin‘s rally continuing well into 2024.
“Our models for the global liquidity cycle bottomed in October last year and continue to suggest an upward trajectory well into 2024,” Pal said.
The price of bitcoin: seeking to establish the support necessary to reach $40,000
Monthly chart for btc/USDT (Source: TradingView)
He bitcoin The price broke through the key support level of $34,100 over the past week. If it closes this month’s candle above this important price point, it may continue to rise towards the $40,000 resistance level in the coming months.
Continued buying pressure could push the price of the leading cryptocurrency as high as $48,550 by the first quarter of 2024.
bitcoin price: momentum favors buyers
The technical indicators on the btc monthly chart suggested that the momentum is in favor of the buyers. Both the Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI) support a bullish outlook.
The MACD line surpassed the MACD signal line for the past 2 months and traders generally view that technical flag as a signal for a cryptocurrency. bullish The trend continues in the medium term.
Buyers have the advantage
Buyers also seemed to have gained a significant amount of strength against the bears, as the monthly RSI line positioned above the RSI simple moving average (SMA) line.
The strength of the bulls also seemed to be increasing, as the monthly RSI line was sloping positively towards overbought territory. There was also huge upside potential for btc to continue rising, with the monthly RSI just below 60.
However, there may still be a correction in btc price on its journey towards the aforementioned $48,550 target. He bitcoin The price closing this month’s candle below $34,100 could lead to this possible drop in price.
In this bearish scenario, the cryptocurrency could fall to the $29,500 support level in the coming weeks. Given the bullish technical flags present on the btc monthly chart, any pullback in bitcoin bitcoin-stalls-below-38k-analysis-notorious-b-i-d”>price It may simply be a liquidity move before another strong bullish move.
The potential for the btc rally to continue into the new year, coupled with growing anticipation for the first spot bitcoin ETF (exchange-traded fund) in the US, makes bitcoin ETF Token a promising project with which to face the probable bitcoin rally.
The first project of its kind
bitcoin ETF Token is a pioneering project that aims to reward its holders following any positive developments around bitcoin spot ETFs. With the first spot bitcoin ETF expected to receive approval in January 2024, investors looking to purchase this gem may want to do so very soon.
It sells for only $0.0056, bitcoin ETF Tokens The native cryptocurrency BTCETF could comfortably generate 20x returns for early-stage investors. This promising cryptocurrency can be purchased through its pre-sale, and the price of BTCETF is expected to increase in the next 3 days.
Investors are betting big on this bitcoin ETF-leveraged project
@ARKInvest persists in his bid for a position #BitcoinETFpresenting another update for the #ARK 21Share the bitcoin ETF with the #SECOND.
The journey continues!
Do you think we will see a bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin #ETF approved in 2024?#BTCETF It has also raised over $1.2 million! pic.twitter.com/jh06EPQiqU
– BTCETF_Token (@BTCETF_Token) November 20, 2023
bitcoin ETF Token has already raised over $1.2 million through its pre-sale. As the hype around bitcoin spot ETFs continues to grow, BTCETF holders are sure to receive a return on their investment even before the first bitcoin spot ETF is approved.
Adding to the project’s potential is the expected continuation of the btc rally. bitcoin ETF Tokens Chances are, playing around with the phrase “bitcoin ETFs” will also continue to attract investors.
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