Bitcoin Eyes Turnaround: Could A New All-Time High Be On The Horizon? Analyst Predicts
29 Settembre 2023 - 8:00PM
NEWSBTC
Crypto Rover, a seasoned cryptocurrency trader and analyst, has
recently shared insights suggesting that Bitcoin’s current
trajectory may change. Based on the latest technical analysis,
Bitcoin might soon paint a brighter, bullish picture.
Bitcoin Break From The Bearish Shackles In his recent
analysis, Crypto Rover explained Bitcoin’s price action shift. It’s
been noted that the leading crypto is making headway in breaking a
longstanding negative trend that has persisted for 77 days. This
shift marks a monumental moment for Bitcoin, which had been
entrapped in bearish confines for a considerable duration. Related
Reading: Bitcoin’s Hidden Threat? Miner Revenue Sent To Exchanges
Surges Over 300% Crypto Rover’s assertions are not without merit.
The analyst anticipates a more concrete bullish reversal if BTC
sustains a break above the $27,200 mark. It is worth noting that
the achievement of such a feat could give traders and investors the
confidence to venture deeper into BTC, given the positive momentum.
Beyond this threshold, Rover further disclosed that a breach above
the $31,000 level would serve as an “unmistakably” bullish beacon,
potentially propelling Bitcoin to scale new all-time highs. In a
broader context, BTC seems to be making efforts to break free from
its bearish constraints. While its price has mostly ranged between
$26,000 and $27,000 zone over the past week, its market
capitalization has notably increased by more than $5 billion. BTC’s
4-hour chart suggests it’s in a consolidation phase. This could
indicate that the top crypto may be bracing for a significant move,
as such phases often signal that the market makers are determining
the next potential price trajectory. Bitcoin is priced at $26,844,
witnessing a nearly 1% drop over the last 24 hours. Its 24-hour
trading volume is $15.5 billion, a considerable uptick from the
$9.9 billion seen just last Friday. Anticipation Of Regulatory
Winds Of Change Furthermore, it’s not only the charts that dictate
the potential bullish swing for Bitcoin. An undercurrent of
fundamental factors plays into this optimistic outlook as well. At
the core of this optimism is the anticipation surrounding the US
Securities and Exchange Commission (SEC) and their forthcoming
decisions on Bitcoin spot exchange-traded fund (ETF) applications.
Recently, the SEC deferred its decision on the BTC spot ETF
application from Blackrock, one of the world’s leading fund
managers. However, Crypto Rover believes that this approval, when
it comes, could set off a “domino effect.” Related Reading: Bitcoin
In Spotlight: Robert Kiyosaki Questions BTC’s Future Amid
Citibank’s Blockchain Play According to the analyst, should
Blackrock gain the coveted SEC nod, it may pave the way for
subsequent approvals for other major institutional players. Such a
sequence of green lights could fuel a substantial BTC rally,
further solidifying its bullish stance. Featured image from iStock,
Chart from TradingView
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