As the Bitcoin spot ETF approval proves to be imminent, traders are predicting if Bitcoin can clear the $50,000 hurdle before Christmas.
Bitcoin has surged by an enormous 115% since opening the trading year at $16,530.
The surge has shifted the narrative into a bullish sentiment, primarily driven by the incoming Bitcoin ETF approval.
Let’s look at the market and see where their resistance is heading into $50,000.
Bitcoin Rampage Continues to Dominate Headlines With ETF Approval Imminent
The Bitcoin rampage continues to dominate headlines as investors become increasingly excited about the imminent Bitcoin Spot ETF approval.
Bitcoin aficionados have been hanging onto the possibility of a Bitcoin Spot ETF since its inception.
A Bitcoin ETF approval would introduce a compliant trading vehicle to institutional investors, opening the doors to billions of dollars of investment from the financial heavyweights.
The bullish surge was kickstarted by false news in mid-October as Cointelgraph accidentally reported that the Bitcoin Spot ETF filed by BlackRock was approved.
Although later proven false, the news quickly sent a surge of excitement in the industry, allowing $BTC to surge as high as $30,000.
What started as false news snowballed into complete optimism as traders realized the Bitcoin ETF approval was imminent – even if it hadn’t already been approved by the US SEC.
As a result, Bitcoin continued to set fresh 2023 highs at $35,970 at the start of November, and the bulls are still battling to push higher.
With the bullish sentiment alive in the market, traders are now wondering if Bitcoin will climb past $50,000 before Christmas.
BTC Analysis: Where is the Resistance Heading Into $50,000?
The chart below shows the bullish momentum kickstarted by the looming Bitcoin ETF approval.
Bitcoin managed to break a rising price channel toward mid-October and turned parabolic as it headed into resistance at $35,200.
The market is now battling this territory and must push past the 2023 high at $35,870 to head toward $40,000;
Looking ahead, the first resistance beyond the 2023 high lies at $37,200 – provided by the March 2022 lows.
This is followed by resistance at $38,000, $39,500 (early-June highs), $40,000, and $40,620 (1.414 Fib Extension).
Added resistance lies at $42,000, $42,890, $44,750 (Feb 2022 support), and $45,000.
What Other Tokens Are Better Alternatives?
While Bitcoin continues to surge, traders wonder if they have missed the bullish ride caused by the Bitcoin ETF approval.
As a result, they’re turning their attention to alternative projects that can provide much higher returns if the Bitcoin spot ETF is finally approved.
In particular, Bitcoin ETF ($BTCETF) continues to gain momentum as its growth is directly linked to the approval, with real-world milestones set to be achieved.
Bitcoin ETF Raises $50,000 In 24 Hours as Traders Rush for ETF Approval Exposure.
Bitcoin ETF ($BTCETF) remains the stand-out project for ETF approval exposure as it raises $50,000 in just 24 hours.
Bitcoin ETF allows investors to ready their wallets before the first Bitcoin spot ETF is approved, allowing investors to speculate on its approval and profit once confirmed.
The project includes a staking utility and an intuitive burning mechanism, turning the Bitcoin ETF approval into a standalone DeFi platform.
The visionary project was created to celebrate and capitalize on the arrival of the Bitcoin ETF in the US financial markets.
The best part about the project is that its growth is directly linked to the ETF approval, with real-world pre-determined milestones linked to its supply.
As the Bitcoin ETF approaches its approval, more tokens are burnt – reducing the $BTCETF supply.
The unique burning mechanism is based on real-world milestones. As each milestone is reached, 5% of the total token supply is burnt – putting upward pressure on the price.
The milestones include the following:
- 24-hour trading volume in $BTCETF reaches $100 million
- SEC approves the first Bitcoin ETF in the US
- First Bitcoin ETF launches in the US
- Assets under management in Bitcoin ETFs reach $1 billion
- Bitcoin price closes a daily candlestick above $100,000
Experts predict that the price of $BTCETF will explode as each of these individual milestones is reached.
Furthermore, $BTCETF has a built-in sell tax to incentivize long-term holding. The tax will start at 5% and will be reduced by 1% at each aforementioned milestone.
Once all five milestones are reached, the sales tax disappears entirely.
Tying up the entire ecosystem is an intuitive staking mechanism that provides passive rewards.
Staking will further lock up tokens and remove them from the circulating supply, reducing the number of tokens available to be purchased by newcomers following the presale.
$BTCETF can currently be bought for $0.005 in the presale using ETH, USDT, or a credit card.
The presale is split into ten phases, with the price increasing during each subsequent phase.
Therefore, those investing earlier benefit the most from the lower entry price.
Overall, Bitcoin ETF looks to harness the limitless potential of the imminent Bitcoin ETF approval, putting it into one token for maximum exposure.
If you feel like you’ve missed the recent $BTC price surge, Bitcoin ETF provides a unique opportunity to profit from the highly anticipated Bitcoin ETF approval.
