Bitcoin Price Prediction, BTC Make or Break: Bulls Gear Up
- In the last five weeks, the cost of Bitcoin has been all over the place, showing that people in the market are really hoping for the green light on those spot Bitcoin ETFs.
- The Bitcoin Halving event is a big deal in crypto history – usually linked with Bitcoin prices going up and making other cryptocurrencies go up too.
- According to a Bloomberg analyst, there's a bit more optimism now. They're saying the chances of the Bitcoin spot ETF getting rejected are down from 10% to just 5%.
BTC fights $44,500 and $45,000 hurdles; breakout could set new highs
According to Coingabbar Technical Analysis, Bitcoin is encountering resistance at the $44,500 and $44,700 levels, hindering its upward trajectory.
BTC's current trend exhibits bearish signals, pointing towards a potential drop to the $41,500 threshold.
The cryptocurrency appears to be engaged in sideways movement, a pattern expected to persist as long as the channel remains unbroken.
The most recent three candlesticks indicate a modest recovery for BTC, reflecting a cautious sentiment prevailing in the market.
Uncertainty surrounding the approval of spot Bitcoin ETFs is contributing to an ongoing consolidation phase.
A significant breakout from the channel pattern in Bitcoin's price holds the potential to trigger a substantial rally in the near term.
KEY LEVELS :
RESISTANCE LEVEL : $44,700-$45,200
SUPPORT LEVEL : $43,700-$43,200
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
