Bitcoin Analysts Declare “Launch” as BTC Surpasses $29K
In a refreshing turn of events, Bitcoin prices surged during the Asian trading session on Friday, breaking through key levels and pushing the cryptocurrency above the $29,000 mark.
Over the past few hours, Bitcoin exhibited a 2.5% gain, rising from $28,600 to an intraday high of $29,361. This daily gain sums up to 3.2%, and over the past week, Bitcoin has seen an impressive 9% increase from its $26,800 trading position.
“Bitcoin has launched,” says Analyst “CrediBULL Crypto”
Analyst “CrediBULL Crypto” was swift to declare the launch of Bitcoin, emphasizing its successful breach of key resistance levels.
The New Support Level
He also noted that $28,600 has now evolved into a newfound level of support, signifying an impending upward trend.
A Cautionary Note
However, he advised that falling below the $28.6k mark could lead to a local uptrend violation and potentially trigger a minor pullback, urging investors to remain cautious.ww
$BTC has launched.— CrediBULL Crypto (@CredibleCrypto) October 20, 2023
Keeping it as simple as it can get:
The same way 26.8k was the origin of our last impulse, 28.6k is now the origin of the current one. Above that, we are going A LOT higher, FAST.
Drop below 28.6k and the local uptrend will be violated and we may get a bit… https://t.co/odakQpZbTL pic.twitter.com/CbhLBo133G
Erroneous Spike: The ETF Mix-Up
Earlier this week, Bitcoin’s price experienced a significant spike to $30,000 due to a news report that erroneously claimed the approval of a spot ETF.
In the wake of Bitcoin’s rally, Bitcoin Cash (BCH) and Bitcoin SV (BSV) also saw substantial gains, surging by as much as 25%. These altcoins, which had been trailing behind, finally caught up.
Analyst Mubeeb anticipates Bitcoin’s price to head towards the liquidity region of $30,400. However, it’s worth noting that this price level has posed strong resistance throughout the year, with Bitcoin failing to surpass it on at least four separate occasions.
A Familiar Pattern
In addition, Bitcoin might consolidate at its current levels, much like it did in July and August.
The Promise of Spot ETFs
CEO and founder Ki Young Ju, on October 20, shared a report suggesting that “Bitcoin spot ETFs could increase the market cap by $1 trillion.”
CryptoQuant, taking note of favorable court rulings for Grayscale and Ripple, pointed out the increasing probability of spot ETF approval by the final deadline in March 2024.
Adding to Market Cap
The report estimated that once these ETFs are approved, approximately $155 billion could flow into the Bitcoin market, representing a 27% increase in its current market cap and potentially propelling prices to around $36,000.
This transformation in Bitcoin’s trajectory showcases the evolving landscape of the cryptocurrency market, as enthusiasts and analysts await the potential surge driven by ETF approval.