Final approval of the first BTC spot ETFs could happen next week. In the meantime, the price action for the past month has closely followed the arc curve as well as linear trend line. Both are looking good for a potential breakout next week above the $45k level.
Like the dump we saw on Wednesday early morning. Don't believe the "sell the news" fearmongers. Influx of new money into BTC ETFs (along with the BTC halving coming April) will drive the prices higher as there is only a limited amount of BTC in circulation on exchanges (majority of BTC holdings are off exchanges in cold wallets).
Worst case scenario if SEC decides to delay again, we might see the trendlines broken and 10-20% short-term pullback. This would only be delaying the inevitable as SEC will be under even more pressure to approve it as he list of financial institutions who have submitted ETF applications is continually increasing. Use any dips below these trendlines as opportunity to add more.
Like the dump we saw on Wednesday early morning. Don't believe the "sell the news" fearmongers. Influx of new money into BTC ETFs (along with the BTC halving coming April) will drive the prices higher as there is only a limited amount of BTC in circulation on exchanges (majority of BTC holdings are off exchanges in cold wallets).
Worst case scenario if SEC decides to delay again, we might see the trendlines broken and 10-20% short-term pullback. This would only be delaying the inevitable as SEC will be under even more pressure to approve it as he list of financial institutions who have submitted ETF applications is continually increasing. Use any dips below these trendlines as opportunity to add more.
Comment:
Still holding above the arc. SEC approval decision is scheduled for Wednesday Jan 10. If not drastic movements, the range should tighten between the $45k resistance the arc support line before breaking out after the approval.
Comment:
All ETFs officially approved. A bit of volatility, but nothing compared to the shake swing we had yesterday from the "fake" tweet. May have been a good thing as it got rid of any paperhands and algos that were going to try to do a "sell the news" dump.
We likely will continue to chop overnight as the ETFs don't officially start trading until tomorrow. I'm predicting we breakoout above $47k by the end of the week as more bitcoin will need to be purchased as inflows pour in.
One a side note,
ETHUSD
has already broken out of the range as it will be only a matter of time before we get another set of ETFs for that as well.
We likely will continue to chop overnight as the ETFs don't officially start trading until tomorrow. I'm predicting we breakoout above $47k by the end of the week as more bitcoin will need to be purchased as inflows pour in.
One a side note,
ETHUSD
has already broken out of the range as it will be only a matter of time before we get another set of ETFs for that as well.