Bitcoin Traders Anticipate $48K Price Ahead of ETF Sell the News Event
The Bitcoin price may reach $48,000 before the SEC ETF decisions in 2024.
The 2024 halving event, Argentina’s pro-Bitcoin policy, El Salvador’s Freedom Visa Program and the anticipated approval of BTC ETFs are factors that have been pushing the price of bitcoin up.
Bitcoin may trade at $ 100,000 in 2024.
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Introduction
The market expects the price of bitcoin to increase as we approach the expected date of the launch of the spot bitcoin ETF. Already, for the past three months most cryptocurrencies rallied due to the news of a possible approval of bitcoin ETFs in the United States.
Solana (SOL), Avalanche and Bitcoin are some of the top cryptocurrencies that have been performing well since mid-October 2023. This analysis looks at the possible bitcoin price movement as we approach the anticipated date of spot bitcoin exchange traded funds (ETFs) approvals. We will also analyze the bitcoin price forecast for 2024.
Bitcoin Price Correction: Potential Health for Bitcoin Ahead of ETF Decisions
Although there is a slim chance of a bitcoin price correction as we move towards the date of a possible spot BTC ETF approval, its occurrence would boost the performance of bitcoin in the long term.
After the bitcoin price reached $44,000 some analysts anticipated a price retracement which would increase its potential to rise to a new level.
Bitcoin Price Movement - Cointelegraph
As the diagram indicates, the price of bitcoin has been steadily increasing since mid-October 2023. Therefore, a strong price correction would help to increase its long term bullish momentum. This will enable it to reach new price levels as the year progresses.
The current BTC price thrust picked up momentum on 7 November 2023. That followed bitcoin’s strong rally where it broke the $42,349 resistance level. After reaching that mark the bitcoin price stayed above $44,200 and resisted the $43,000 point.
As things stand, there is a high possibility for the bitcoin price to rise to the 61.8% Fib level of $48,676, with very minimal resistance. And the market expects the number one crypto asset to reach that mark before the second week of January when the United States SEC is expected to make its decision on spot bitcoin ETFs public.
However, it is possible for Bitcoin’s weekly candle to fall below the 50% Fib level at $42,349, which could trigger a price retracement. The trading team at Stockmoney Lizards commented on X about such a possibility.
It tweeted, “Although a correction seems necessary, the BTC chart continues to look very strong on all timeframes.” The analyst included a graph to illustrate bitcoin’s next possible move.
Source: X.com
Bitcoin Price Movement – Stockmoneylizards
The Stockmoney lizard team used the above triangle to show the possibility of a price retracement. Although the ascending triangle shows that the bitcoin price is likely to break upwards, it can also break down. As we note on the diagram, there has been a retest on the upper bitcoin price resistance line at $44,000.
It is important to note that the Stockmoney Lizard team believes that the price of bitcoin is most likely to keep rising until it reaches $48,000. Posting on X it said, “It is likely that BTC will continue to pump and break the upper Trendline until an ETF decision is made.”
Nonetheless, soon after the launch of any spot bitcoin ETF it may not attain the expected demand. QCP Capital, a trading firm said, “As we finally approach the launch, we need to point out that it is likely that the actual demand for the BTC Spot ETF at the start will fall short of market expectations.”
It added, “This sets up a classic ‘sell the news’ scenario in the 2nd week of Jan. For this reason, we expect topside resistance for BTC in the 45-48.5k region and a possible retracement to 36k levels before the uptrend resumes.”
The Stockmarket Lizard team used the following graph to show how the bitcoin price may move within the next few weeks.
BTC/USD forecast chart - Lizards/X
As the chart indicates, bitcoin may experience several breakouts and retracements. A popular correction may bring down its price to around $30,000.
The Stockmoney Lizards says that a bitcoin price fall below $40,000 will lead to the liquidation of long positions. It posted on X, “The chart looks heated up and a correction would be good. A drop below $40k could liquidate some leveraged long positions and lead to retracement towards $38k.”
What’s Behind the Current Bitcoin Price Rise?
The expectation of a possible approval of several spot bitcoin ETFs is the reason behind the current BTC rally. The SEC is likely to approve several spot bitcoin ETFs between 5 and 10 January 2024. If that happens the price of bitcoin may surge higher than the current range. The 2024 halving event is another catalyst for the current bitcoin rally.
But there are other factors that have chipped in. For instance, recently Argentina confirmed that the country will embrace BTC for contractual agreements. In addition, El Salvador recently introduced the Freedom Visa Program where wealthy investors can invest $1 million in Bitcoin or USDT to get citizenship.
Due to the above factors, it is the best time for crypto investors to invest in bitcoin as its price may increase significantly in the near future. Individuals and institutions can buy bitcoin at Gate.io exchange where they can pay using credit cards, wire transfer or P2P trading.
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We got into 2024 with the bitcoin market anticipating a long term bullish outlook for the coin. This is because there is a growing expectation that the Federal Reserve may cut interest rates. The other factors that position bitcoin for a strong price surge are the on-coming halving event and the possible approval of spot bitcoin ETFs in the U.S.
Read also: BTC Price Prediction & Forecast for 2025, 2030
Based on the above factors and the greater adoption of bitcoin many analysts believe that the price of bitcoin will fluctuate between $78,000 and $120,000 by the end of the year. The following table shows bitcoin price forecasts from some crypto analytics firms.
Bitcoin price forecast for 2024 & 2025 – Coinpedia
As the table indicates some analysts predict the price of bitcoin to range between $78,000 and $120,000 by the end of 2024 between $110,000 and $154,435 in 2025.
Conclusion
The price of bitcoin is likely to reach $48,000 before the ETF sells the news event. Argentina’s proposal to use bitcoin for contractual agreement, the El Salvador Freedom Visa Program, the anticipated launch of ETFs and the 2024 halving event are some of the factors that have contributed to the current BTC rally.
