Hello everyone and welcome to this pricing analysis. Today we look at the possible upcoming ETF approval and what is expected to happen this week. We discuss a possible date for the ETFs and analyze a number of tokens.
Bitcoin Rises to $420,000 on Binance, What Happened?
Possible Bitcoin ETF approval on Monday?
Eric Balchunas tweeted that there were rumors of approval on Monday, with an official launch on January 11th. BlackRock expects the approval to come during the U.S. trading session on Wednesday.
Yes, basically it's done. The latest I hear (from multiple sources) is that the final S-1s are due at 8 a.m. Monday as the SEC tries to get everyone ready for the Jan. 11 launch. That said, I still want to hear the SEC call it official.
— Eric Balchunas (@EricBalchunas) January 5, 2024
Personally, I am optimistic about the approval. It could be a huge upside Bitcoin (BTC). There is speculation of a possible increase to $48,000 to $50,000 if approved. However, some traders speculate that this is a “Buy the rumor, sell the newsScenario could be. This could lead to a temporary decline after approval.
Analyzes of Bitcoin, Ethereum and Cardano
We also analyze Bitcoin in the video. In the short term, I might expect a small dip before approval, followed by a rise. On the daily chart we see some gaps that still need to be filled, which may lead to price movements. An upward triangle is also known as a bullish pattern.
For ether (ETH) seems to be consolidating. The price could react to Bitcoin's movements. Support around $2,135 is crucial; A loss could send the price back to $2,026 with further support at $1,750 and $1,500.
Cardano (ADA) has already experienced a decline and is currently showing weakness. A bearish scenario is outlined for Cardano, where the price could potentially fall further. The mentioned support levels are at $0.50 and $0.43.
The focus is mainly on ETF approval and Bitcoin analysis. Given the possible price volatility following this event, I am cautious about alternatives. Let us know which one in the comments Altcoins You would like to discuss and over what period of time (short or longer). Stay informed and have fun trading!
“All Bitcoin Exchange Funds Will Be Rejected This Month”
Would you like to learn more about Bitcoin and other cryptocurrencies?
At Bitcoin Consultant you can take highly educational courses about Bitcoin, blockchain technology and how to invest in it. I even offer a free course for beginners! I also have a business page on our website where you can learn more about my services.
Post views: 46
