Bitcoin Price Prediction: BTC Tops $37,300 As Ark CEO Cathie Wood Submits Third BTC ETF Amendment, But This Coin Might 10X On ETF Approvals

3 Mins read

Join Our Telegram channel to stay up to date on breaking news coverage

Bitcoin price is up 2% in the last 24 hours, to sell for $37,339 as of 4:50 AM EST as trading volume surged 38%.

BTC got a boost from positive chatter after Cathie Wood’s Ark Invest submitted its third BTC exchange-traded fund (ETF) amendment.

Bloomberg Intelligence’s ETF specialist James Seyffart said such modifications suggest Ark is preparing for potential SEC approval.

With this series of amendments, Cathie Wood’s Ark and 21Shares became the first major applicants in the US spot Bitcoin ETF race to list a fee on their planned offering.

Bitcoin Price Forecast As BTC Holds Above $36,788 Critical Support

Bitcoin price remains above the $37,400 range with a broader bullish outlook from a big-picture perspective. However, a closer look shows that the king of cryptocurrency could be gearing for a correction, with technical indicators backing this thesis.

The Relative Strength Index is broadly flat to show buying pressure has waned. The histogram bars of the Awesome Oscillator (AO) indicators are also red, suggesting bears are steadily gaining ground. With the volume of these bars inching closer towards the midline by the day, the bears could soon take over.

Unless bullish momentum increases, Bitcoin price could lose the critical support provided by the mean threshold at $36,788. Further south, it could fall out of the supply zone by flipping the lower boundary of this order block from support to resistance.

This could expose the Bitcoin price to a cliff, showing it below the support offered by the ascending trendline to test the $35,410 support. If this buyer congestion level fails to hold, the price could spiral lower to test the $34,000 psychological level. This could see BTC collect the buy-side liquidity residing underneath.

In the worst-case scenario, the price could foray into the supply zone. This order block failed to hold as resistance and flipped to a bullish breaker, stretching from $30,126 to $31,524. A decisive slip and close below the midline of this order block at $30,824 would confirm the continuation of the downtrend. Potentially, this could see BTC revisit the $30,000 psychological level.

Bitcoin price
TradingView: BTC/USDT 1-day chart

Converse Case

On the flip side, increased buying pressure could see Bitcoin price extend north above current prices, with a break and close above $37,972, confirming the continuation of the trend north.

Meanwhile, investors noted that a spot ETF could launch soon. In this regard, they leverage the first mover advantage, sprinting to buy BTCETF in the presale. The project is thriving as investors front-run the ETF hype, with more than $1.25 million in presale sales. According to analysts, it could 10X upon launch.

Promising Alternative To Bitcoin

BTCETF is one of the most promising alternatives to Bitcoin as it rewards holders when Bitcoin ETFs are approved.

BTCETF is the token that powers the Bitcoin ETF Token ecosystem, a project that front-runs spot ETF approvals. Representing a proactive step towards this important product launch, now is the time to join the community. Embrace this upcoming evolution poised to deliver unique advantages to its community.

Featuring among the top five initial coin offerings (ICOs) to buy in 2023, BTCETF is selling for just $0.0056 in the current stage 4.

This price tag will only hold for three days, so now is the time to buy BTCETF at early entrant rates.

Visit the Bitcoin ETF Website to buy BTCETF in the presale here.

Also Read:

New Crypto Mining Platform – Bitcoin Minetrix

Bitcoin Minetrix
  • Audited By Coinsult
  • Decentralized, Secure Cloud Mining
  • Earn Free Bitcoin Daily
  • Native Token On Presale Now – BTCMTX
  • Staking Rewards – Over 100% APY

Bitcoin Minetrix

Join Our Telegram channel to stay up to date on breaking news coverage

Source link

Related posts

Crypto Analyst Predicts Short-Term XRP Price Rally To $18

2 Mins read
A crypto analyst has provided some optimism regarding the XRP price as many contemplate whether or not to continue to hold on…

How Bitcoin Improves Water Abundance In Water Scarce Nations

4 Mins read
The “bitcoin uses fossil fuels” argument has been increasingly breaking down in the face of new data from Bloomberg Intelligence showing the…

4 Cryptocurrency Fraud Schemes Spotlighted in IRS CI's Top 10 Cases

2 Mins read
The IRS Criminal Investigation (CI) has disclosed its top 10 cases of 2023, representing the most significant incidents of the previous year….



Leave a Reply

Your email address will not be published. Required fields are marked *