Bitcoin (BTC), the leading cryptocurrency, is currently in an upward accumulation phase, inching closer to surpassing its current yearly high of $38,390.\u00a0<\/span><\/p>\n This upward trend is further fueled by the anticipation surrounding the approval of Bitcoin spot<\/span> exchange-traded funds <\/span><\/a>(ETFs) by the US Securities and Exchange Commission (SEC).<\/span><\/p>\n In a recent <\/span>post <\/span><\/a>on X (formerly Twitter), Erich Balchunas, a Bloomberg ETF expert, shared his perspective on the probability of Bitcoin ETF approval. <\/span>Balchunas maintains a 90% chance of SEC approval by January 10, which has remained consistent for months.\u00a0<\/span><\/p>\n Balchunas highlights that while debates over specific dates and timelines persist, the SEC and issuers are <\/span>diligently working<\/span><\/a> behind the scenes to make ETFs ready for this cycle, defying earlier skepticism. Balchunas stated:\u00a0<\/span><\/p>\n People asking me if we changed odds. No, we still holding line at 90% odds of approval by Jan 10 (aka this cycle), the same odds we\u2019ve had for months (before it was cool\/safe). What we watching for now: more amended\/final filings to roll in and clarity on in-kind vs cash creates<\/span><\/p>\n<\/blockquote>\n As <\/span>predicted <\/span><\/a>by many analysts, Bitcoin is poised for a potential breakout in the upcoming months, both before and after these investment products\u2019 anticipated approval. As <\/span>reported <\/span><\/a>by NewsBTC, Bitcoin could surge to as high as $50,000 even before the halving event forecasted for April.<\/span><\/p>\n In this context, Bitcoin must maintain its position above the key support level of $35,000. This mark serves as a threshold for future gains, both preceding and succeeding the approval of spot ETFs.\u00a0<\/span><\/p>\n Upholding this support level will be instrumental in determining Bitcoin\u2019s prospects for continued growth and market performance.<\/span><\/p>\n Renowned crypto analyst Crypto Con has shed light<\/a> on the remarkable strength of the current Bitcoin <\/span>cycle<\/span><\/a>, drawing comparisons to the previous from 2019 to 2022.\u00a0<\/span><\/p>\n By examining key resistance levels and price movements, Crypto Con emphasizes the positive outlook for Bitcoin\u2019s price trajectory and suggests that the current cycle is <\/span>poised for success<\/span><\/a>.<\/span><\/p>\n Crypto Con highlights the prolonged weakness observed during the 2019-2022 Bitcoin cycle, characterized by Bitcoin\u2019s struggle to surpass the initial Wave Trend resistance over a year.\u00a0<\/span><\/p>\n In contrast, the current cycle has demonstrated impressive resilience, effortlessly breaking through this resistance level.<\/span><\/p>\n Despite the substantial rise in Bitcoin\u2019s price, Crypto Con points out that the cryptocurrency has yet to reach the next resistance level, called green zone 2, with a price target of $40,000.\u00a0<\/span><\/p>\n In a typical cycle, this milestone does not indicate the end of price action but rather marks the beginning of a more significant upward trajectory. <\/span><\/p>\n Crypto Con further suggests that subsequent resistance levels, indicated by the color blue in the chart above, can drive Bitcoin\u2019s price even higher, surpassing its previous all-time high.<\/span><\/p>\n At the time of writing, BTC is trading at $37,700, down 0.7% over the past 24 hours, and it remains to be seen if a consolidation above $38,000 will occur.<\/span><\/p>\n \u00a0<\/span>Featured image from Shutterstock, chart from TradingView.com<\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin (BTC), the leading cryptocurrency, is currently in an upward accumulation phase, inching closer to surpassing its current yearly high of $38,390.\u00a0 This upward trend is further fueled by the anticipation surrounding the approval of Bitcoin spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). Bitcoin ETF Approval By January 10 In […]<\/p>\n","protected":false},"author":2,"featured_media":203277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-203276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=203276"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203276\/revisions"}],"predecessor-version":[{"id":203279,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203276\/revisions\/203279"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/203277"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=203276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=203276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=203276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin ETF Approval By January 10<\/span><\/h2>\n
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Next Resistance Level Holds Key To Surpassing All-Time High<\/span><\/h2>\n