BTC Price Prediction If Spot Bitcoin ETF Is Approved
Optimism for Spot Bitcoin ETF Approval: Experts in the cryptocurrency market are expressing optimism about the approval of a spot Bitcoin ETF. This financial product would provide investors with a more direct way to invest in Bitcoin.
Grayscale Lawsuit Ruling: The article mentions a landmark ruling in the Grayscale lawsuit, which some believe could set a legal and regulatory precedent for the approval of a spot Bitcoin ETF in the United States. This suggests that recent legal developments may favor the ETF's approval.
Competition Among Companies: There is competition among various companies, such as Blackrock, Ark Invest, and Fidelity Bitwise, to secure the filing for the ETF. The selection of the company to launch the ETF will have an impact on the market.
Fresh Investment Inflow: Crypto community insiders anticipate that the approval of a spot Bitcoin ETF could attract a significant influx of funds into the digital asset market. Estimates suggest that between $20 to $30 billion in cash could be invested in Bitcoin once the ETF is approved. This influx of capital could represent a substantial portion of the Bitcoin market's current capitalization.
Historical Success of ETFs Backed by Non-Government Assets: The text highlights the success of ETFs backed by non-government assets in the United States, such as the SPDR Gold Trust ETF (GLD), which had a positive impact on the value of gold.
BTC Price Prediction: Based on the estimated inflow of funds, some experts predict that the approval of a spot Bitcoin ETF could trigger a significant Bitcoin rally, potentially increasing the price by 50% from its current range. Michael Saylor, the MicroStrategy co-founder and a prominent Bitcoin supporter, remains bullish on Bitcoin and continues to acquire BTC for the company's holdings.
RARE BITCOIN CORRELATION revealed by Bloomberg's Mike McGlone
Bitcoin's Price: Bitcoin (BTC) is currently experiencing a relative loss in its price, with a 2.1% decrease. The current price is $25,883.15.
Correlation with Nikkei 225: Mike McGlone, a senior macro strategist for Bloomberg Intelligence, has observed that Bitcoin has a strong correlation with the Nikkei 225, a popular Japanese market index. This means that they tend to move in the same direction.
Impact on Nikkei 225: McGlone suggests that the recent downturn in Bitcoin's price may have a negative impact on the Nikkei 225 in the long run. If Bitcoin continues to perform poorly, it might affect the index as well.
Bitcoin's Growth Potential: The article mentions that for Bitcoin to achieve ambitious growth, it requires strong and sustained triggers. One such trigger could be institutional investors accumulating Bitcoin.
Spot Bitcoin Exchange Traded Fund (ETF): Market experts believe that the approval of a spot Bitcoin ETF in the United States could significantly boost Bitcoin's price. However, the Securities and Exchange Commission (SEC) in the U.S. has been rejecting and delaying decisions regarding Bitcoin ETFs.
Hibernation Phase: The article suggests that Bitcoin is currently in a hibernation phase, possibly referring to a period of relatively stagnant or slow price movement. It mentions the potential for a significant breakout in the future.
Will Litecoin price range above $60 extend?
LTC Consolidation: Litecoin has been consolidating above the $60 price level since mid-August. However, it has faced resistance around the $70 mark.
Buy and Sell Limit Orders: Notable buy limit orders were placed at various price levels, including $60, $55, and $50, which suggests that there is buying interest if the price were to drop to these levels. Conversely, a significant sell limit order was placed at $66.
Technical Indicators: The article mentions that the technical indicators show that bulls are still relatively weak, but the price has managed to stay above $60.
Price History: The article notes that the current price action is above the August 2022 range-high of $63, and the recent weekly candlestick closed above this range-high, indicating support from bulls.
Short-Term Price Analysis: On the 4-hour chart, there is mention of a bearish order block (OB) near $68 and an immediate dynamic resistance level of the 50-EMA at $65. It is suggested that Litecoin may continue its consolidation above the range-high of $63 in the short term.
Possible Price Scenarios: The text outlines two possible scenarios: If Litecoin breaches below $63, it could head towards the mid-range of $57 or even the range-low of $50.5. On the other hand, if Bitcoin (BTC) continues to consolidate above $25,000, Litecoin may follow suit and extend its price range above $60.
Order Flow Data: The article references order flow data from Mobchart, highlighting significant sell limit orders at $66 and $70 and significant buy-limit orders at $60, $55, and $50 on Binance Exchange. These levels are seen as potential hurdles and support levels for LTC.
