Everyone’s eyes are peeled at the BTC chart days to what could be the approval of the long-awaited Bitcoin Spot ETF. The price of BTC is $43,642.60 today, representing a 1.18% price increase in the last 24 hours and a 2.20% price increase in the past 7 days.
January 10, 2024, remains the best possible date for a Bitcoin ETF approval, can BTC price hit $50,000 before then? Let’s find out
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 49.1%
- Bitcoin Market Cap: $854.965 billion
- Total Supply: 21 million
- Circulating supply: 19.590 million
Bitcoin price, along with its dominance has risen since last week. From 47%, BTC dominance now stands at 49.1%. The market cap is up by over $20 billion, signifying growth and increased activity around the digital asset.
Previous Bitcoin Price Analysis
Last week, Bitcoin formed a potential double bottom, but since it was not complete, there were chances it could morph into a ranging pattern or Rally-base-Rally kind of pattern. Only time will tell.
BTC remained above the 50-day and 200-day moving averages, never once nearing or even touching them.
Overall market sentiment for Bitcoin remained bullish and the greed levels did not spill into extreme greed – which is a sell signal.
BTC Price This Week: Double Top Turned Range – Good or Bad?
For the most part a ranging pattern is better off than a double top. While a ranging pattern can break out in either direction, usually, the trend breaks out in prevailing direction of the market before the price action goes into consolidation. In this case, that would be up.
This ranging pattern sets the chart up for a move to the $50,000 mark. The longet the range, the higher the breakout. Think of a slingshot, the further you pull it back the further the stone will fly out.
If a Bitcoin spot ETF does get approved on January 10, 2024, we could see Bitcoin hit $50,000. However, BTC may not go back to its previous all time high price, at least not before halving.
The market manipulators makers could bring the price back to $30,000 to $33,000 area in the weeks before halving.
2024 is an interesting year, and the congregation of events this are extremely rare. We shall see $48,000 BTC in January, and we shall taste $30,000 before halving. Plan your portfolio accordingly.
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.