Today, important statements are coming from two famous analysts after the SEC postponed the decision for Bitcoin ETFs. Analysts Michaël van de Poppe and McGlone give surprising Bitcoin targets. Let’s take a look at the approaches of analysts in a period of increased volatility in the markets.
Bitcoin faces price swings amid ETF uncertainty
Poppe comments on Bitcoin price dropping to $26,000 after delays in approval of ETF offers. Accordingly, this has led to uncertainty in the crypto market. The recent price action started with a surge in Bitcoin’s value, with optimism driven by Grayscale’s positive outcome in its battle against the SEC. However, this initial surge did not continue. The price quickly reversed.
https://twitter.com/CryptoMichNL/status/1697561388137247123
It is tempting to attribute these sudden market changes to manipulation. However, insider information often plays a role in such scenarios. The crypto market’s susceptibility to rapid price changes means that even small developments can trigger significant fluctuations.
Mixed signals from the SEC
Bitcoin BTC’s price rally was initially due to Grayscale’s victory over the SEC. This victory raised expectations for the SEC’s potential approval of the GBTC fund’s conversion to an ETF. However, the SEC’s failure to grant this approval has led to frustration and uncertainty among investors.
Delayed ETF decisions affect the price of Bitcoin, according to the analyst. The end result was the postponement of ETF offerings, a scenario that many did not expect. As a result, the price of Bitcoin BTC settled at around $26,000, reflecting the prevailing uncertainty in the market.
No significant change in trading approach
Despite the recent market turmoil, the basic trading strategy for Bitcoin remains largely unchanged. Technical analysis and chart patterns continue to guide investors in their decision-making processes. At this point, analyst Poppe states that an aggressive entry point has emerged in the current market structure at $25,700. This level remains a focus for traders. The broader view shows the possibility of a final market sweep to the $24,800-25,300 range, just below the 200-Week EMA. However, the EMA is expected to remain an important support level.
Poppe states that the market has entered a long weekend. It also advises investors to be prepared for possible fluctuations in the coming days. The current thesis revolves around two potential long positions. The first is in the form of sweeping low levels. Accordingly, analyst Poppe is targeting the $24,800 to $25,200 range as the primary long entry. Second, the analyst points to the $26,700 level. According to the analyst, a long position will be triggered as the price of Bitcoin regains this level.
Bloomberg analyst predicts potential Bitcoin bull run
Bitcoin price has been fluctuating constantly for the past two years. The cryptocurrency has been in the bullish range several times, but has not been able to sustain its bullish momentum for long. However, a Bloomberg analyst predicts a groundless rally for BTC. But the potential rally comes with certain factors and conditions.
Bloomberg Intelligence Senior Macro Strategist Mike McGlone points to an important level for Bitcoin. According to the analyst, if the price of Bitcoin rises above $30,000, it implies that investors should expect a significant uptrend similar to the uptrend recorded in 2020, when Bitcoin hit an all-time high.
Current price $12,000 in the past
McGlone emphasized that Bitcoin’s $30,000 price point reflects the $12,000 price point just before the 2020 rally. To provide context, in 2020 the price of Bitcoin has experienced one of the most significant fluctuations in cryptocurrency history, despite hovering around $12,000. McGlone likens this phenomenal price increase to the speed at which Bitcoin could soar if it crosses the $30,000 price range.
Investors are eagerly awaiting signs of a potential Bitcoin bull run. On the other hand, they expect history to repeat itself with another extraordinary rally. In this context, when we look at cryptokoin.com, they will closely follow the threshold of 30,000 dollars.
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