Bitcoin’s (BTC) bullish momentum appears to be back on track, despite not yet surpassing the $44,000 mark it briefly touched earlier this month. Some market analysts predict that the leading cryptocurrency could approach the $50,000 threshold in anticipation of the United States Securities and Exchange Commission (SEC) granting the Bitcoin spot ETF approval.
A Renewed Bullish Trend for Bitcoin?
Bitcoin has successfully held its ground without dipping below its recent lows, leading some to believe that the corrective phase has concluded. This assessment was shared by cryptocurrency expert Michaël van de Poppe in a recent post on December 19. He suggested that Bitcoin is poised to test the zone between $47,000 and $50,000 ahead of the approval of the inaugural spot Bitcoin ETF by the SEC.
Bitcoin Price Analysis
At the time of writing, Bitcoin was trading at $42,670, marking a 3.33% increase in the last 24 hours. Over the past week, it has risen by 2.90%, and its monthly chart shows a gain of 17.05% as of December 19. These figures point to a potential upward trend.
What Could a Spot Bitcoin ETF Approval Mean?
Many industry observers believe that the approval of the first spot Bitcoin ETF could trigger a bullish rally for the premier cryptocurrency. This could potentially unlock over $70 billion in new capital influx, propelling Bitcoin to new heights. This is based on the explosive market reaction to the false news of a spot BTC ETF approval in October.
As for when this might happen, Eric Balchunas, a senior ETF analyst at Bloomberg, stated in November that their research team estimates a 90% chance of approval by January 10, 2024. This view is also shared by Bernstein Research, the independent research arm of global asset management firm AllianceBernstein, which anticipates the SEC to grant its first spot Bitcoin ETF approval around the same date.
For those interested in tracking the progress of Bitcoin and other cryptocurrencies, the cryptoview.io application offers a comprehensive and user-friendly platform. It provides real-time data, enabling users to stay updated on the latest market trends and make informed decisions.
Note: The information provided in this article is not investment advice. Investment involves risk, and you should only invest what you can afford to lose.
