1. Home
  2. Cryipto News

Btc Is Running Towards $48,000

As a potential approval for a Bitcoin ETF approaches, Bitcoin is targeting higher levels.

Analysts note the need for a price correction for Bitcoin, while the leading cryptocurrency surpassed $44,000 on December 21st during the Wall Street opening.

While the resistance level is set at $48,000, Bitcoin trading transactions have gone beyond the previous weekly range, with the BTC/USD pair experiencing a breakthrough by rising to $44,300 in recent days. Despite causing some question marks among market participants, the Stockmoney Lizard trading team stated in their latest market update: 'A correction is needed, but the Bitcoin chart continues to look very strong on all timeframes.' Additionally, 'Bitcoin is forming a rising triangle as it retests the upper resistance line (~$44,000).

Like many market analysts, Stockmoney Lizards has turned its attention to the first spot Bitcoin ETF in the U.S. and is awaiting the decision to be made on January 10. Lizard said, 'Bitcoin is likely to continue to rise until a decision on an ETF is made and it breaks the upper resistance line,' setting a short-term target of $48,000. The analysis warned about a potential 'buy the rumor, sell the news' situation even if a positive decision is made.

Trading company QCP Capital, in its market update on December 2, mentioned that as the launch of the ETF approaches, real demand for the spot Bitcoin ETF may fall below market expectations initially. Therefore, they anticipate a classic 'sell the news' scenario in the second week of January. In this case, they expect a potential pullback for Bitcoin to the range of $45,000 to $48,500, with a possible decline to $36,000 before the upper resistance and uptrend continues.

A correction for Bitcoin, especially in the range of $35,000 to $40,000, stands out as an important region to assess the effects of a potential pullback. Stockmoney Lizards notes that the charts look tense, and a correction could be positive. A drop below $40,000 could lead to the liquidation of long leveraged positions, causing a retreat towards $38,000. Analysts suggest that end-of-year sales, the holiday season, and reduced trading activities could be arguments supporting this scenario.

You May Also Like