Bitcoin Rose Again To The $45,000 Level As The Approval Of The Etf Approaches.
- Posted on January 2, 2024 7:12 PM
- Cryipto News
- 268 Views
As the approval of the first spot Bitcoin ETF in the United States approaches, Bitcoin has started trading above $45,000 for the first time in over two years amid market conditions.
According to data, Bitcoin traded at $42,000 on January 1st, rapidly rising to gain over 6% in the last 24 hours, showing an increase of up to 170% in the past year.
Bitcoin reached its annual peak, surpassing levels from 2023, just two days before entering 2024.
This increase in the price of Bitcoin occurred alongside the growing expectations related to 14 pending spot Bitcoin ETF applications currently under the SEC's consideration.
The last time Bitcoin traded above $45,000 was approximately 20 months ago on April 5, 2022. According to TradingView data, Bitcoin closed that day at $45,241 before entering a bear market that saw its value drop to as low as $15,600.
Market observers hold different views on the potential impact of ETF approval on the price of Bitcoin.
Analysts from the crypto options trading platform Greeks.live suggested that the decreasing volatility in Bitcoin options would not lead to significant intraday gains due to the approval of the Bitcoin ETF.
However, some analysts have a different perspective. Scott Melkor, in a post to his 925 thousand followers, mentioned the formation of a "bull flag" after about a month of consolidation in Bitcoin's price. Melkor claimed that Bitcoin could rise to $54,000 in the days following SEC approval.
$BTC Daily
— The Wolf Of All Streets (@scottmelker) January 2, 2024
Breaking out of the bull pennant after nearly a month of consolidation. The target based on the measured move from the length of the flag is roughly $54,000.
Targets rarely hit, anything can happen. But that's what the chart says. pic.twitter.com/txs5QFJAqI
VanEck advisor Gabor Gurbacs emphasized that the start of the spot Bitcoin ETF could be a "disappointment," but ultimately, these products could attract trillions of dollars in the coming years.
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