Bitcoin Price Prediction, Explosive Start Sparks ETF Speculation

Key Takeaways
  • Bitcoin enthusiasts are eagerly awaiting the US Securities and Exchange Commission's (SEC) decision on the Ark 21Shares Bitcoin ETF, set for a crucial deadline on January 10, 2024.
  • Excitement is building as the SEC gears up to share insights on recent S-1 filing tweaks, raising hopes for potential approvals on Wednesday and Thursday.
  • Concurrently, expectations point to the US Manufacturing Purchasing Managers' Index (PMI) maintaining its position at 48.2 throughout December 2023.
02-01-2024 By: Lokesh Gupta
Bitcoin Price Prediction, Explosive Start Sparks ETF Speculation

Bitcoin broke the critical pattern, setting a target above $50,000.

  • According to Coingabbar Technical Analysis, Bitcoin formed a base above the $41,500 support zone.

  • After trading sideways, The BTC price broke through previous highs.

  • Bitcoin's recent breakout from a four-week pennant pattern is notable.

  • BTC is gaining momentum, surpassing $44,000 and $44,500 resistance levels.

  • Recent rumors of spot ETF approval have fueled a fresh increase in Bitcoin price.

  • Bitcoin's price is up by over 7.70%, clearing the $45,000 resistance.

  • Positive signs are evident as Bitcoin maintains a closing price above the $45,000 resistance level.

  • The BTC price broke out of an ascending triangle, aiming for the next resistance at $47,600.

KEY LEVELS :

RESISTANCE LEVEL : $46,000-$46,600

SUPPORT LEVEL : $45,400-$44,800

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

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