High Anticipation for Bitcoin ETF Approval Set to Ignite Bull Run in 2024
Summary:
In the world of cryptocurrency, there is high anticipation for the potential approval of the Bitcoin (BTC) spot exchange-traded fund in January. Market predictions suggest a significant bull run for Bitcoin in 2024 due to the halving event in April and the potential ETF spot. There is balanced buying and selling action across various leading cryptocurrencies including Bitcoin, Ether (ETH), BNB (BNB), and more. The prediction based on current trends and support levels indicates a potential surge in various cryptocurrencies, however, given the inherent risks in trading cryptocurrencies, thorough research is advised before investing.
In the cryptocurrency sector, speculation is rife that the Bitcoin (BTC) spot exchange-traded fund might finally be granted approval come January. According to a report from analysts at K33 Research on December 19, recent news about BlackRock and ARK Invest's agreement to a cash creation structure for their funds could be a clear hint that an approval is imminent in January. In a Bloomberg interview, MicroStrategy's co-founder, Michael Saylor, highlighted that the approval could potentially be the most significant Wall Street development in the last three decades. Alongside the Bitcoin halving event due in April, these developments could set the stage for a significant cryptocurrency bull market in 2024.
Amplifying the bullish sentiment, Grayscale's CEO Michael Sonnenshein shared in a CNBC interview that the approval could potentially unlock about $30 trillion worth of advised wealth into the market. However, whether Bitcoin and other cryptocurrencies will break past their recent highs or attract increased selling at higher price points is to be seen and is described in the subsequent price analysis of the leading cryptocurrencies.
To begin with, Bitcoin dropped below the 20-day exponential moving average ($41,760) on December 18 but rebounded strongly, showcasing aggressive acquisition during the dips. The price rose above the downtrend line on December 19 and has broken past the immediate resistance mark of $43,500, pointing to a possibility of a rally past the 52-week high at $44,700 and potentially reaching $50,000.
Evaluated next is Ether (ETH) which has been seeing a tug-of-war band between bears and bulls around the strong support at $2,200. The lack of success in pushing the price below this mark by bears leads to the assumption that buying is continuing at lower levels. The price seems to be in a range-bound phase with both buyers and sellers taking their positions and defending their respective zones.
BNB (BNB), fell below the moving averages on December 18, but quickly reversed signaling robust buying at lower levels. If bulls maintain the price above $260, BNB could potentially test the neckline of the inverse head-and-shoulders pattern.
Solana (SOL) is in a strong uptrend, indicating a likely bullish continuation if the price maintains above $80, potentially triggering the next leg of rally to $100. On the other side, if bears are able to pull the price below the 20-day EMA, several traders may exit their positions, pulling the price to the 50-day SMA, and potentially down to $50.
The charts point to continuous buying of various other cryptocurrencies, including Cardano (ADA), Dogecoin (DOGE) and Avalanche (AVAX), at lower levels and resistance at specified positions. Chainlink (LINK) has been trading in the region between $12.85 and $16.60, with bearish crossovers indicating minor advantage to sellers. Cryptocurrency returns involve risk, and it is advisable that readers conduct thorough research before deciding to invest.
Published At
12/20/2023 8:43:25 PM
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