Search
Search
%%title%% %%page%%

Will Bitcoin price make a new all-time high in 2023?

0
0

290 Listen to this article Bitcoin (BTC) has demonstrated resilience by bouncing back above $37,000 levels after a brief dip […]

Latest News

Listen to this article

Bitcoin (BTC) has demonstrated resilience by bouncing back above $37,000 levels after a brief dip to $35,000 on November 15. Despite facing a period of sliding prices influenced by factors like the absence of significant developments in the spot Bitcoin exchange-traded fund (ETF) and macroeconomic influences, BTC has maintained a bullish outlook.

The recent weeks have seen Bitcoin follow a pattern of higher lows and higher highs, characteristic of a bullish phase in the crypto market. Analysts, such as Greg Moritz of AltTab Capital, view the current pullback as a natural occurrence within the context of an overall positive trend.

Factors Influencing Bitcoin’s Position

  • Macro Landscape and Institutional Support: Bitcoin’s resilience is further supported by macroeconomic dynamics, including adjustments in Federal Reserve policies and endorsements from financial institutions like BlackRock. These factors contribute to a cautiously optimistic market sentiment.
  • Spot BTC ETF Approval Challenges: The US Securities and Exchange Commission (SEC) has maintained a cautious stance on approving spot Bitcoin ETFs. No applications, including a notable one from Global X, have been approved to date. The regulatory hesitance is pushing the potential approval of the first spot Bitcoin ETF into 2024.
  • Critical Date for ARK 21Shares application: Attention is focused on January 10, 2024, which serves as a significant deadline for the ARK 21Shares application. The SEC’s reluctance to approve spot BTC ETFs underscores enduring regulatory hurdles in the crypto market.
  • Bitcoin Price Action and Technical Analysis: As of November 21, Bitcoin’s price hovers around $37,000, facing challenges in reclaiming higher ground.The 50-day exponential moving average (EMA) indicates a bullish market state, while Bitcoin’s price movement is confined within a sideways channel between $36,000 and $38,000.
Read Also:  Bitstamp and Cboe Collaborate to Strengthen Cryptocurrency Market Integrity

The $36,400 level acts as a critical midpoint, with Bitcoin experiencing consolidation after spiking to $38,000 on November 9. Market sentiment, as gauged by the crypto fear and greed index, is currently optimistic at 74 out of 100 points.

Bitcoin Price Predictions

DigitalCoinPrice offers an optimistic BTC forecast, predicting a rise to around $74,086 in 2023 and further climbing to approximately $90,228 in 2024. CoinCodex provides a more conservative short-term prediction, anticipating a value of about $54,343 by November 29.

Frequently Asked Questions (FAQs):

1. What pattern has Bitcoin exhibited in recent weeks?

Bitcoin has shown a pattern of higher lows and higher highs, characteristic of a bullish phase in the crypto market.

2. What factors contribute to Bitcoin’s resilience amid market fluctuations?

Bitcoin’s resilience is supported by macroeconomic dynamics, including Federal Reserve policy adjustments and endorsements from institutions like BlackRock.

3. What challenges does the approval of spot Bitcoin ETFs face from the SEC?

The SEC has maintained a cautious stance, and no applications for spot Bitcoin ETFs have been approved to date, pushing potential approval into 2024.

4. Why is January 10, 2024, a significant date for investors and analysts?

This date represents a deadline for the ARK 21Shares application, and its outcome is closely monitored in the context of spot BTC ETF approval.

Read Also:  Bitcoin Price Surges as ETF Approval Hopes Reignite
5. What is the current sentiment, as indicated by the crypto fear and greed index?

The fear and greed index is at 74 out of 100 points, reflecting an elevated level of optimism in the cryptocurrency sector.

You Might Also Like

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase