Bitcoin price has entered another correction after failing to break the $44,000 level for the second time in a row. The price of Bitcoin (BTC) is $42,507.00 today, representing a -1.06% price decline in the last 24 hours and a -2.60% price decline in the past 7 days.
However, with the news of a possible Bitcoin ETF approval on the January 10th deadline, Bitcoin may be rising to $50,000. Here is how that is going to happen.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 47.6%
- Bitcoin Market Cap: $832.347 billion
- Total Supply: 21 million
- Circulating supply: 19.583 million
Previous Bitcoin Price Analysis
Last week, Bitcoin price spotted a potential double top but it was not complete. There was a possibility the price would break above the previous top. The market was green for most of last week, and news of a rare SEC meeting with all Bitcoin ETF applicants may have caused optimism in the hearts of crypto investors.
Bitcoin price action maintained above the 50 and 200-day moving averages, remaining bullish. However, the BTC price was rejected at the $44,000 area and started going back down, forming a potential double top.
Bitcoin Potential Double Top Could Push Price to $38,000 Lows
The double top that is now in formation will be complete when or if the BTC price breaks below the $41,000 mark.
Otherwise, Bitcoin would have entered into a consolidation pattern, which is better than a double bottom.
A ranging pattern for BTC at this time would cause the asset to oscillate between $44,000 and $41,000 for some time before the market takes a definitive direction.
In case, the double top does take precedence, BTC has strong support at $39,000, and $38,000. The latter is especially strong since it is a resistance-turned-support and would make for a strong bounce area.
Is a Bitcoin ETF Approval Coming on January 8th -10th?
The SEC held a meeting with ALL BTC spot ETF applicants on December 22, 2023, and the contents of the meeting were mainly about the removal of in-kind redemptions from filings. It looks like the SEC was giving the applicants final requirements to amend their applications before the January 10th final submission deadline.
It has been almost 10 years since the last approval of the first-ever filing. If a Bitcoin spot ETF is approved, coupled with the Bitcoin halving, BTC could move as high as $220,000 per coin
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you should not make investment decisions based solely on what you read here.