Bitcoin’s technical situation points to an imminent explosion once the United States Securities and Exchange Commission (SEC) clears the approval of a BTC spot exchange-traded fund, commonly known as an ETF. Below, we tell you the keys.
Since a year ago, the cryptocurrency par excellence has appreciated by 160%, going from $16,000 to the current $44,000. 2023 was a good year for the markets, both Bitcoin and technology stocks experienced an important rally after a 2022 marked by high inflation, rising interest rates and the war in Ukraine that marked a before and after causing a global energy crisis.
Everything indicates that on January 10 the green light will be given to the Bitcoin ETF and that is great news for the ecosystem since liquidity will enter and will also end the misgivings of some public administrations that did not take Bitcoin seriously as an asset and That’s why they didn’t adopt it en masse. Approval by the SEC also means significant amounts of money that will be allocated to some funds. Thus, for example, various sources on social networks assume that the financial giant BlackRock will invest $2 billion in the Bitcoin ETF. Bloomberg analyst James Seyffart also assumes that there is a 90% chance of success, which will attract more than $10 billion of capital soon to the “crypto” ecosystem.
Bitcoin technical analysis
As can be seen in the lower right corner, we mark with a box the entry of institutional funds (important funds) that are specified in light blue. This is the Koncorde indicator that is capable of signaling the trend (brown) and the entry or exit of strong hands with three colors. Also seen in green is the entry or exit of weak hands, which are basically retail investors. At the top of the chart you can see how the current price has compressed (a sign of acceptance by the market) and only needs the catalyst of the ETF’s approval to break higher and overcome the resistance of $47,000. How far can it go? Obviously making predictions in a highly volatile asset that depends on various news is complicated but we are going to see the historical maximums it is a matter of time.
With the rise of Bitcoin, other cryptocurrencies such as Ethereum, Solana, etc. will also be infected by the buying euphoria and it is more than likely that they will continue to rise as has happened throughout the past year. In any case, at ADSLZone we always remember that it is important to be cautious when investing in risky assets and it is necessary to acquire prior training before investing capital. If you want to expand your knowledge or follow a signal channel, you can sign up for free Bolsazone channel on Telegram.
