'Bitcoin Poised to Approach $50k Following US Approval of First Spot Price ETF'
Summary:
Bitcoin (BTC) may reach near $50,000 following the U.S. approval of the first spot price exchange-traded fund (ETF), suggests analyst CryptoCon. Based on the Ichimoku Cloud indicator, which combines historical, present, and future trading cues, this anticipated rise could be witnessed by early January. Despite enforcement actions against Binance by the SEC and regulatory uncertainties, the crypto sentiment remains strong, with competitor Coinbase seeing a 250% increase in stock value this year.
The first United States spot price exchange-traded fund (ETF) might prompt Bitcoin (BTC) to climb near the $50,000 mark, according to CryptoCon, a well-known analyst. The Ichimoku Cloud indicator, which ties together historical, current, and projected trading cues, is suggesting an imminent increase in BTC’s value. On weekly charts, Bitcoin’s position is exceptional given the signals from the Ichimoku Cloud.
On November 27, CryptoCon used the X platform (previously Twitter) to provide a precise forecast. The crossing of Ichimoku’s leading spans resulted in the creation of a new bullish cloud. Moreover, with the lagging span or Chikou breaking resistance, the price is predicted to rise.
"The Weekly Ichimoku cloud accurately predicted Bitcoin's surge to $38K two months ahead with the future cross projection," stated CryptoCon. "We await for it to fulfill its subsequent predictions, the completion of our climb and the preliminary target of $43K. The fulfillment usually takes between 7 to 11 weeks from the cross, implying our move should be finalized by early January."
CryptoCon clarified that $43,200 is actually the "most modest estimate," and $48,000 could be a plausible upper limit. Despite potential interruptions, the forward-looking indicator implies we have not reached the limit yet.
As intriguing as Ichimoku’s targets are its timing. Should typical timings, based on previous bull markets be follow, the $48,000 move could occur in early January, aligning with the tentative ETF approval date.
Though it is unclear what the U.S. regulators plan, or which ETF products may be approved first, the Securities and Exchange Commission (SEC), overseeing the ETFs' launch, continues to impact crypto sentiment with enforcement actions against Binance, the world's biggest exchange.
This development, together with a whopping $4.3 billion penalty and the replacement of CEO Changpeng Zhao, commonly referred to as "CZ," has raised the stocks of competitor exchange Coinbase by more than 250% so far this year.
This report does not provide investment guidance or recommendations. All investment and trading actions come with a risk, and individuals should perform their own analysis before making a decision.
Published At
11/28/2023 8:42:28 AM
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