Bitcoin (BTC), which has been under the influence of negative news for months, started to signal a bull run by taking ETF applications behind it.
The collapse of Terra in May of last year and the bankruptcy of FTX in November of last year paved the way for the collapse of the crypto market. BTC experienced a strong decline due to the negative news that emerged and dragged the crypto market with it. Over the past year, many altcoins have sunk into the dusty shelves of history. But 2023 is going to be quite a different year for crypto.
With the pressure of the regulators and the solidarity of crypto to this pressure, the approach of institutions to crypto and the negative news running out, the green days for BTC have begun. By the middle of the year, it seems that bull sounds are coming from BTC. So what is happening in BTC and what is expected?
Bull Walk From Bitcoin
Bitcoin (BTC) has been in an uptrend for 10 days. The rise in Bitcoin started with BlackRock’s ETF application and was exacerbated by other institutions applying for ETFs.
It is seen that BTC has increased by 16.39 percent in the last week and by 16.51 percent in the last month. However, when BTC is examined in a broad perspective, it has experienced a serious rise at the level of 82.63 percent in the last six months. BTC entered a different period after January 1, 2023.
Although BTC’s rise is a bull trap according to most crypto commentators, many crypto analysts think that the bull is coming. The biggest bull maximalist is still Michael Saylor.
The past day, BTC rallied close to $31,500. With BTC reaching this point, the one-year high last seen on April 14 has been broken. On April 14, BTC had risen to the level of $ 31,043.
The rise of BTC to its highest price point in the past year is associated with the Bitcoin ETF issue. The process, which started with the ETF application of the world’s largest asset manager BlackRock, was exacerbated by the approval of a Bitcoin futures ETF application the other day. The bull has started giving signals for BTC. However, analysts still think that this is not enough for the bulls.
BTC will return to the price level of May 10, 2022 if it manages to break the $32,638 level. The importance of this is actually quite big. Because BTC went into a deep crisis with the Terra collapse on May 11, 2022 and was dragged into the bull market.
The support point that BTC will want to hold on on its 32,638 journey will be the $ 29,950 level. If BTC loses this support, it could slide down to $28,300. BTC’s breakout support point is at $25,000.
While it is not clear whether the BTC price is bull or bull trap, news feeds will play an important role. The negative news feeds that Bitcoin could experience are almost completely gone. US regulators have sued all crypto exchanges. Many market makers have gone bankrupt and many crypto actors are struggling with legal processes.
Bull scenarios covering 2023 and 2024 in Bitcoin:
- 1- Acceptance of BlackRock’s Bitcoin Spot ETF application
- 2- SEC losing the Ripple case
- 3- Weakness of SEC in Binance and Coinbase case
- 4- Resignation of SEC Chairman Gary Gensler
- 5- Bitcoin halving
- 6- US interest policy and inflation
Bull trap scenarios covering 2023 and 2024 in Bitcoin:
- 1- SEC rejects Bitcoin Spot ETF application from BlackRock
- 2- SEC victory over Ripple
- 3- SEC’s prominence in Binance and Coinbase lawsuits
- 4- Tether (USDT) and many stablecoins are sued or regulatory work begins
- 5- Bankruptcies that may occur in altcoins
- 6- Continuation of the tightening in global markets
Regardless of the scenarios, BTC is focused on the halving period. Although global regulators may label each altcoin a security, the commodity view for BTC remains dominant. BTC is defined as digital gold.
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