Bitcoin Pushes Boundaries Beyond 36,000 Dollars amid Anticipation for ETF Verdict

Crypto News- The crypto community is abuzz with optimism as major players like BlackRock, Fidelity, VanEck, and ARK21Shares await the verdict on their Bitcoin ETF applications. With hopes high for approval, Bloomberg analysts project a 90% chance of a blanket approval by January 10, 2024.

Bitcoin Pushes Boundaries Beyond 36,000 Dollars amid Anticipation for ETF Verdict

According to a recent CryptoQuant study, a potential $155 billion could flood into the crypto market if these ETFs get the green light. Their reasoning? If these giants allocate just 1% of their $15.6 trillion AUM to Bitcoin ETFs, it could mean a significant injection into the market.

As Bitcoin’s price soars above $36,000, it seems unfazed by retracements. The weekly chart highlights the $31,000 zone’s significance, acting as both support and resistance since December 2020. Despite a rejection in July 2023, BTC bounced back in October, creating four consecutive bullish weekly candles. The Relative Strength Index (RSI) signals positive momentum, staying above 50.

Technical analysts turn to the Elliott Wave theory, identifying long-term patterns and investor psychology. The bullish wave count suggests BTC is in the third wave of a five-wave increase, targeting $50,300—a 40% surge. However, caution prevails; a dip below the wave one high at $31,800 could invalidate the bullish outlook, leading to a potential 30% decrease to $24,500.