Amid the ongoing mini-rally, Bitcoin (BTC) has once again caught the market’s eye, aiming to breach the $30,000 threshold. This revival has sparked predictions from analysts that Bitcoin could be on the cusp of further gains, potentially hitting a new all-time high. One of these analysts is the well-known crypto trading expert TradingShot, who, in a recent TradingView post, indicated that Bitcoin’s strong current technical indicators and historical trends hint at a sustained rise. They believe a correction is only likely when certain conditions are fulfilled.
Bitcoin’s Next Price Target
TradingShot suggests that Bitcoin has its sights set on the $35,000 mark, despite recent doubts stirred up by false news regarding a Bitcoin Exchange-Traded Fund (ETF). They note that Bitcoin is nearing the peak it achieved the previous Monday, with its 1-day Relative Strength Index (RSI) surging into overbought territory, above the 70.00 mark. However, this overbought state doesn’t seem to worry those expecting a technical correction.
TradingShot points out that Bitcoin is displaying a compelling one-year pattern resembling a ‘Channel Up’. This pattern indicates that the current upswing could be the next stage of a technical bullish trajectory, potentially pushing Bitcoin to a new high.
Support from Dual Moving Averages
Backing this bullish thesis are the 1-day moving average (MA) indicators. The 1-day MA50, together with the 1-day MA100, has been bolstering this uptrend, reinforcing faith in Bitcoin’s upward momentum. This dual MA support reflects the pattern observed in the previous bullish leg. TradingShot mentions that the next significant buying opportunity will arise when Bitcoin corrects to the 1-day MA100.
Bitcoin ETF Approval Speculations
Interestingly, Bitcoin is striving to reclaim the $30,000 mark after rumors of a spot Bitcoin ETF approval by the Securities and Exchange Commission (SEC) were debunked. Some analysts suggest the first spot Bitcoin ETF could be approved by year-end, but the SEC hasn’t provided a specific timeline. A recent court ruling found the SEC’s refusal to grant Grayscale a Bitcoin ETF lacked merit. The SEC’s decision not to appeal this case increases the likelihood of a spot Bitcoin ETF approval in the near future.
As of now, Bitcoin stands at $29,803, reflecting daily gains of approximately 1%. Over the week, Bitcoin has seen an increase of over 10%. From a technical analysis perspective, Bitcoin is predominantly influenced by bullish sentiment. TradingView’s one-day indicators suggest a ‘strong buy’ at 16, while moving averages indicate a ‘strong buy’ at 14. Oscillators, on the other hand, are neutral at 8.
As Bitcoin holds onto its short-term gains, it’s interesting to note that the premier cryptocurrency remains within the familiar range of $25,000 to $30,000. For those interested in tracking these trends in real-time, the cryptoview.io application is a reliable tool.
Remember, investing in cryptocurrencies is speculative, and your capital is at risk.
