In a recent turnaround, Bitcoin (BTC) rose above $37,000, marking its highest value in 18 months. This momentum is attributed to growing market optimism regarding the possible approval of the first Bitcoin Exchange-Traded Fund (ETF) in sight by regulators. This appreciation signals a potential start of a new and significant bull run for the cryptocurrency.
A cryptocurrency analyst, known by the pseudonym el_crypto_prof, shared in a post on platform X (formerly Twitter) on November 10, his view on Bitcoin’s upward trajectory. He points to the “greatest bull run of all time” based on historical indicators. The analyst highlighted a rare buy signal on Bitcoin’s M-Chart, a phenomenon that has only happened once previously, eight years ago. Furthermore, the asset surpassed the SMA 20 line, an important milestone in the cryptocurrency market. This convergence of indicators points to a potential historic high for Bitcoin, with the entry of institutions into the cryptographic market.
“This indicator shows a buy signal on the M chart of $BTC, which has only happened once before and that was 8 YEARS ago… One reason I believe we are facing the biggest bull run ever. The institutions are here”, explained el_crypto_prof.
This indicator shows a buy signal on the M-Chart of $BTCwhich has only happened once before and that was 8 YEARS ago.
At the same time $BTC also breaks above the SMA 20 line.
One reason why I believe we’re facing the biggest bull run ever.
Institutions are here. pic.twitter.com/4i7ulROUhp
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) November 10, 2023
In the current context, Bitcoin’s situation is especially notable in light of the imminent regulatory decision on Bitcoin ETFs. James Seyffart and Eric Balchunas, ETF analysts at Bloomberg, noted that the US Securities and Exchange Commission (SEC) has until November 17 to review and potentially approve a number of Bitcoin ETF offerings. Among the proposals, one from BlackRock (NYSE: BLK), the largest investment company in the world, stands out.
The expectation surrounding the approval of Bitcoin ETFs coincides with a moment of price gain for the cryptocurrency. A Finbold report highlights that most Bitcoin holders are currently in profit, with the $34,000 level being key support. These developments generate an atmosphere of expectation and optimism in the cryptocurrency market.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.