The price of bitcoin is currently waiting for stimulus, which won’t happen until the approval of the spot ETF comes closer. According to QCP Capital, this might not be too far off, and they also anticipate that the cryptocurrency might soar by around 11% immediately thereafter.
Approval of Spot Bitcoin ETF might occur sooner than anticipated
The crypto asset trading company QCP Capital said in a market report on December 21 that the approval of the spot Bitcoin ETF would be revealed as soon as the market ends on January 5. January 8, which is a little earlier than the statutory deadline of January 10, is your next best option.
It is anticipated that the event will greatly boost cryptocurrency sentiment. This is expected to push the price of Bitcoin up to $45,000–$48,500. This puts the expected rally for the upcoming month at 11%, but if investors hold off on taking profits right away after the price increase, a climb to $50,000 is still possible.
Even though Bitcoin merely touched $44,000 yesterday, traders are already behaving optimistically. At the peak of intraday trade, the price of Bitcoin broke through the critical resistance and reached $44,266 before reverting to $43,350.
The rise in call options after Wednesday’s intraday high serves as evidence of this. Block trades of more than $100 million were recorded in the hour following the price of Bitcoin topping $44,000, as reported by Greeks.live. This is encouraging since it indicates that traders are merely waiting for the start of a bull run before acting.
The price of bitcoin is still stable.
For the previous two weeks, the price of bitcoin has fluctuated between $41,000 and $44,000, failing to break through the latter while remaining above the former. This consolidation makes sense since, after the most recent spike, the market was bound to drop off before Bitcoin started to rise once more in the new year.
On the short-term horizon, price indicators are also showing a slight bullishness, indicating that the cryptocurrency may experience a decline to $42,000 before turning $44,000 into a floor of support. Investors would probably see $45,000 if this occurred.
But the cryptocurrency would tumble to $40,000 and refute the bullish thesis if it broke through $42,000 and lost support at $41,000 as well. This would keep BTC stuck in consolidation for a longer period of time.