Bitcoin ‘started,’ claims analysis as BTC powers past $29k
In the past two hours, the price of Bitcoin has risen 2.5% from $28,600 to an intraday high of $29,361.
The total gain for the day was 3.2%, up 9% from when the asset traded around $26,800 last week.
The analyst “CrediBULL Crypto” was quick to declare that “Bitcoin has started”, noting the move above the key resistance levels.
$BTC has been launched.
Keeping it as simple as possible:
In the same way 26.8k was the starting point of our last push, 28.6k is now the current starting point. Beyond that, we go at a much higher speed.
Drop below 28.6k and local growth breaks and we can get a little… pic.twitter.com/CbhLBo133G
— CrediBULL Crypto (@CredibleCrypto) October 20, 2023
Next stop: 30 thousand dollars
He added that $28,600 is the starting point for the next initiative, in other words, a new level of support.
“Drop below 28.6k and the local ups and downs will be breached and we may back off a bit, but until then, STRAP IN!”
The price of Bitcoin It rose to $30,000. A news report earlier this week incorrectly claimed that the spot ETF had been approved.
Additionally, bitcoin forks like Bitcoin Cash (BCH) and Bitcoin SV (BSV) jumped as much as 25%, leading altcoins that mostly lagged behind.
According to analyst Mubeb, the price is heading towards the liquid range of $30,400.
However, this area has been strong resistance throughout the year, with BTC failing to move higher here on at least four separate occasions.
Moreover, the property can be strengthened at the current level as it was in July and August.
#BTC $btc heading to liquidity spot 30.4k pic.twitter.com/xmkLszLaS3
– Muneb
BTC to $36K on spot ETF approval
On October 20, CEO and founder Ki Young Ju It has been shared. “Bitcoin spot ETFs could add $1 trillion to market cap,” reports
CryptoQuant says the chances of approval by the March 2024 deadline for Grayscale and Ripple are “rising due to positive court rulings.”
He put a figure on the amount that could be added to the BTC market capitalization upon initial approval.
“Once these ETFs are approved, we can expect $155 billion to flow into the Bitcoin market.”
This figure was obtained by using the combined assets under the management figure of 1% BTC for all. Givers are waiting In the SEC queue.
This would increase the current market value by around 27%, which could bring the price to around $36,000.
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