Bitcoin Eyes New Highs As Bloomberg Analyst Reiterates 90% Chance Of January ETF Approval

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,510,411,863,379	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,510,411,863,379

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	565.65	0.75%	76,465.65	76,465.65	76,465.66

Price Change

Price Change %

Current Price

Bid Price

Offer

565.65

0.75%

76,465.65

76,465.66

High Price	Low Price	Open Price	Prev. Close	52 Week Range
77,312.18	75,654.26	75,968.61	75,900.00	34,758.64 - 76,999.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

77,312.18

75,654.26

75,968.61

75,900.00

34,758.64 - 76,999.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	23:13:08	0.000052	76,465.66	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

23:13:08

0.000052

76,465.66

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,624,227,288.15	21,250.55	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,624,227,288.15

21,250.55

Bitcoin Eyes New Highs As Bloomberg Analyst Reiterates 90% Chance Of January ETF Approval

29/11/2023 10:00pm

NEWSBTC

Bitcoin (BTC), the leading cryptocurrency, is currently in an upward accumulation phase, inching closer to surpassing its current yearly high of $38,390. This upward trend is further fueled by the anticipation surrounding the approval of Bitcoin spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). Bitcoin ETF Approval By January 10 In a recent post 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. Related Reading: A Golden Opportunity For Ethereum? 600% Buy Signal Returns Balchunas highlights that while debates over specific dates and timelines persist, the SEC and issuers are diligently working behind the scenes to make ETFs ready for this cycle, defying earlier skepticism. Balchunas stated: 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’ve 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 As predicted by many analysts, Bitcoin is poised for a potential breakout in the upcoming months, both before and after these investment products’ anticipated approval. As reported by NewsBTC, Bitcoin could surge to as high as $50,000 even before the halving event forecasted for April. 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. Upholding this support level will be instrumental in determining Bitcoin’s prospects for continued growth and market performance. Next Resistance Level Holds Key To Surpassing All-Time High Renowned crypto analyst Crypto Con has shed light on the remarkable strength of the current Bitcoin cycle, drawing comparisons to the previous from 2019 to 2022. By examining key resistance levels and price movements, Crypto Con emphasizes the positive outlook for Bitcoin’s price trajectory and suggests that the current cycle is poised for success. Crypto Con highlights the prolonged weakness observed during the 2019-2022 Bitcoin cycle, characterized by Bitcoin’s struggle to surpass the initial Wave Trend resistance over a year. Related Reading: XRP Community And Cardano Founder Engage In Heated Clash In contrast, the current cycle has demonstrated impressive resilience, effortlessly breaking through this resistance level. Despite the substantial rise in Bitcoin’s 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. 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. Crypto Con further suggests that subsequent resistance levels, indicated by the color blue in the chart above, can drive Bitcoin’s price even higher, surpassing its previous all-time high. 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. Featured image from Shutterstock, chart from TradingView.com

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