After printing a “god candle” to the $35k price this week – and higher on some derivatives platforms like Bybit – the Bitcoin price is now consolidating around the $33,000 – $34,000 range, potentially before continuation to the upside.
Top Analyst Gives Bitcoin Price Prediction Target
Many analysts are expect another bullish impulse towards the $40k price level and beyond in the coming weeks. Some bullish Bitcoin price predictions, such as one from widely-followed trader @CryptoJelleNL, see the crypto price going as high as $48k.
Key indicators are already pointing to a drastic shift in the market sentiment, with the CoinMarketCap Fear & Greed Index surging to its highest mark this year, pointing to greed in the market.
Similarly, the CME BTC futures open interest hit its all-time high this week – breaching the 100k BTC mark for the first time.
According to on-chain data firm Santiment, traders are “euphoric” and showing strong signs of FOMO, which indicates a bullish continuation. Whale transactions, address activity and dormant coin movement also supports this sentiment.
Crypto Experts Give 4 Reasons Bitcoin Price Can Hit $48k
Bitcoin’s current consolidation could be the calm before the storm. Expert traders and analysts are predicting the BTC price to display a violent upwards movement due to four major reasons:
Continued Enthusiasm Around Bitcoin ETF Approval
Over the recent weeks, market insiders have been getting increasingly bullish on the likelihood of the SEC approving a spot Bitcoin ETF.
JPMorgan’s recent report stated that a Bitcoin ETF is imminent and could come before the 10th of January, 2024 – the final deadline of ARK Invest’s application. The report also highlights that the SEC could approve multiple applications at the same time to negate any first-mover advantage.
In a recent interview, ARK Invest’s CEO Cathie Wood revealed a change in the SEC’s attitude, highlighting that the top financial watchdog has been increasingly engaging with the issuers.
Even the current Bitcoin bull rally was kickstarted after the IBTC ticker for BlackRock’s iShares ETF appeared on the DTCC website. The Depository Trust and Clearing Corporation or DTCC is one of the biggest clearing and settlement companies in the world and IBTC’s appearance on its website gave the impression that the ETF’s approval could be close at hand.
However, a DTCC spokesperson later clarified that the ticker has been on the website since August. Yet, the Bitcoin price continues to trade above the $34,000 price mark, highlighting the market’s confidence that the SEC’s green light is inevitable.
According to rumors, TradFi institutions such as BlackRock could also be buying BTC in preparation for the SEC’s nod. As such, on-chain data highlighted several whales accumulating increasingly higher amounts of Bitcoin over the past few days.
If the SEC approves multiple spot Bitcoin ETF applications, the $48,000 price target not only becomes possible but likely.
The Start Of The Crypto Bull Market
Bitcoin’s recent surge resulted in the token breaching several crucial resistances and could very well have triggered the next crypto bull run.
According to trader @DrProfitCrypto, Bitcoin’s successful flip of the 200-week Simple Moving Average is one of the biggest indicators that the largest cryptocurrency could be in the midst of a bull run. A monthly close above this crucial support – currently at $28.4k – could confirm the trend, leading to strong performances in November and December.
In fact, TradingView – a technical analysis platform – is giving a “Strong Buy” signal to the token in both the daily and the weekly time frame as it is outperforming every important moving average indicator.
Furthermore, BTC is also outperforming its Bull Market Support Band while the Bitcoin Dominance continues to break out – both signals of an oncoming buying pressure.
Even in the short-term, BTC is currently breaching the bullish pennant pattern, a move that could quickly see the price surge towards the $40,000 mark.
A Dovish Federal Reserve
The next FOMC meeting is just a week away where the Federal Reserve is set to decide on its next interest rate hike. According to the CME FedWatch, there is an overwhelming likelihood of the central bank deciding to continue to pause its monetary tightening.
In fact, the FedWatch gives a higher chance of the Fed cutting its benchmark interest rate than hiking it.
According to Sven Henrich, the founder of NorthmanTrader, another interest rate hike could plunge the economy into a financial crisis. Analyst @DaanCrypto also believes that the Fed could start cutting rates early next year, ditching its mantra of “higher for longer”.
This quantitative easing is good for the broader equities market, which has a strong correlation with Bitcoin. A dovish Fed could easily make the $48k Bitcoin price prediction true.
The Upcoming Bitcoin Halving
Bitcoin halvings have traditionally been a mega-bullish event for the crypto market as the previous two halvings were followed by a new BTC all-time high. The halving cuts the miners’ rewards into half, which leads to a deflationary token supply, boosting BTC’s value.
However this time around, experts such as Matthew Hyland believe that Bitcoin could hit a new all-time high even before the halving due to the hype surrounding the event.
The next Bitcoin halving is expected to take place in April of 2024. If Hyland’s BTC price prediction is to be true, the token could hit the $48k mark before the end of the year.
New Cryptocurrency “Bitcoin Minetrix” Raises $2.3 Million In Presale, Experts Predict 10x Bull Rally At IEO
Altcoins are already starting to mirror Bitcoin’s bullish strength, with tokens such as Solana, Pepe and Chainlink breaking out.
A new cryptocurrency – Bitcoin Minetrix – has also exploded onto the scene, having raised over $2.3 million in its ICO in less than a month.
Bitcoin Minetrix has a straightforward mission – to make Bitcoin mining easy for ordinary investors. The crypto mining industry has been monopolized by wealthy corporations for a decade, with retail investors seeing little to no profit. The technical expertise and capital investment required to run a competitive mining operation is too high for most ordinary individuals.
Bitcoin Minetrix is launching a new crypto cloud mining platform that will allow such investors to stake $BTCMTX tokens and earn passive BTC mining rewards in exchange. The Stake-To-Mine dashboard has been designed to make the process intuitive – investors can buy $BTCMTX tokens and stake them to earn mining credits. These credits can be burned in exchange for a percentage of the yields or cloud mining time, both options leading to BTC rewards.
This tokenized approach also brings transparency to the process, something that has been missing from the cloud mining industry. Many early cloud mining platforms turned out to be scams, while even legitimate companies forced clients to enter long-term contracts. On the other hand, Bitcoin Minetrix users can choose to unstake and sell their tokens at any time.
The token’s utility has excited popular traders such as Michael Wrubel and Jacob Bury, with Bury predicting the token to explode up to 10x after its initial exchange offering (IEO).
More recently one of the most-followed analysts on YouTube also reviewed the new cryptocurrency – Satoshi Stacker.
Due to the strong demand for $BTCMTX, the new cryptocurrency project has already sold out the second-stage of its presale. The third stage will also sell out in just under two days or when the token raises $3.1 million, whichever happens first.
Investors can currently purchase the tokens in the presale at the price $0.0112 using ETH, USDT or a bank card – however, this price will increase once the third stage of the presale sells out.
Visit Bitcoin Minetrix Presale
