Bitcoin (BTC), the leading cryptocurrency, is currently in an upward accumulation phase, inching closer to surpassing its current yearly high of $38,390.\u00a0<\/p>\n
This upward trend is further fueled by the anticipation surrounding the approval of Bitcoin spot exchange-traded funds <\/a>(ETFs) by the US Securities and Exchange Commission (SEC).<\/p>\n In a recent post <\/a>on X (formerly Twitter), Erich Balchunas, a Bloomberg ETF expert, shared his perspective on the probability of Bitcoin ETF approval. Balchunas maintains a 90% chance of SEC approval by January 10, which has remained consistent for months.\u00a0<\/p>\n Balchunas highlights that while debates over specific dates and timelines persist, the SEC and issuers are diligently working<\/a> behind the scenes to make ETFs ready for this cycle, defying earlier skepticism. Balchunas stated:\u00a0<\/p>\n People asking me if we changed odds. No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we\u2019ve had for months (before it was cool\/safe). What we watching for now: more amended\/final filings to roll in and clarity on in-kind vs cash creates<\/p>\n As predicted <\/a>by many analysts, Bitcoin is poised for a potential breakout in the upcoming months, both before and after these investment products\u2019 anticipated approval. As reported <\/a>by NewsBTC, Bitcoin could surge to as high as $50,000 even before the halving event forecasted for April.<\/p>\n 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 preceding and succeeding the approval of spot ETFs.\u00a0<\/p>\n Upholding this support level will be instrumental in determining Bitcoin\u2019s prospects for continued growth and market performance.<\/p>\n Renowned crypto analyst Crypto Con has shed light<\/a> on the remarkable strength of the current Bitcoin cycle<\/a>, drawing comparisons to the previous from 2019 to 2022.\u00a0<\/p>\n By examining key resistance levels and price movements, Crypto Con emphasizes the positive outlook for Bitcoin\u2019s price trajectory and suggests that the current cycle is poised for success<\/a>.<\/p>\n Crypto Con highlights the prolonged weakness observed during the 2019-2022 Bitcoin cycle, characterized by Bitcoin\u2019s struggle to surpass the initial Wave Trend resistance over a year.\u00a0<\/p>\n In contrast, the current cycle has demonstrated impressive resilience, effortlessly breaking through this resistance level.<\/p>\n Despite the substantial rise in Bitcoin\u2019s price, Crypto Con points out that the cryptocurrency has yet to reach the next resistance level, called green zone 2, with a price target of $40,000.\u00a0<\/p>\n In a typical cycle, this milestone does not indicate the end of price action but rather marks the beginning of a more significant upward trajectory. <\/p>\n Crypto Con further suggests that subsequent resistance levels, indicated by the color blue in the chart above, can drive Bitcoin\u2019s price even higher, surpassing its previous all-time high.<\/p>\n At the time of writing, BTC is trading at $37,700, down 0.7% over the past 24 hours, and it remains to be seen if a consolidation above $38,000 will occur.<\/p>\n \u00a0Featured image from Shutterstock, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin (BTC), the leading cryptocurrency, is currently in an upward accumulation phase, inching closer to surpassing its current yearly high of $38,390.\u00a0<\/p>\n This upward trend is further fueled by the anticipation surrounding the approval of Bitcoin spot exchange-traded funds <\/a>(ETFs) by the US Securities and Exchange Commission (SEC).<\/p>\n In a recent post <\/a>on X (formerly Twitter), Erich Balchunas, a Bloomberg ETF expert, shared his perspective on the probability of Bitcoin ETF approval. Balchunas maintains a 90% chance of SEC approval by January 10, which has remained consistent for months.\u00a0<\/p>\n Balchunas highlights that while debates over specific dates and timelines persist, the SEC and issuers are diligently working<\/a> behind the scenes to make ETFs ready for this cycle, defying earlier skepticism. Balchunas stated:\u00a0<\/p>\n People asking me if we changed odds. No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we\u2019ve had for months (before it was cool\/safe). What we watching for now: more amended\/final filings to roll in and clarity on in-kind vs cash creates<\/p>\n As predicted <\/a>by many analysts, Bitcoin is poised for a potential breakout in the upcoming months, both before and after these investment products\u2019 anticipated approval. As reported <\/a>by NewsBTC, Bitcoin could surge to as high as $50,000 even before the halving event forecasted for April.<\/p>\n 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 preceding and succeeding the approval of spot ETFs.\u00a0<\/p>\n Upholding this support level will be instrumental in determining Bitcoin\u2019s prospects for continued growth and market performance.<\/p>\n Renowned crypto analyst Crypto Con has shed light<\/a> on the remarkable strength of the current Bitcoin cycle<\/a>, drawing comparisons to the previous from 2019 to 2022.\u00a0<\/p>\nBitcoin ETF Approval By January 10<\/h2>\n
Next Resistance Level Holds Key To Surpassing All-Time High<\/h2>\n
Bitcoin ETF Approval By January 10<\/h2>\n
Next Resistance Level Holds Key To Surpassing All-Time High<\/h2>\n