Could Bitcoin rise again with ETF approval? analyst highlights key resistance

As the cryptocurrency market eagerly awaits significant developments, a pseudonymous analyst known as Credible Crypto has been gaining prominence with his assertive Bitcoin predictions. Credible Crypto shared bullish insights into Bitcoin’s immediate future, pointing to bullish signs in both the spot and futures markets.

The analyst emphasizes that Bitcoin is showing signs of an imminent upward surge, driven largely by the expected approval of several spot Bitcoin exchange-traded fund (ETF) applications by the U.S. Securities and Exchange Commission (SEC). This approval is seen as a possible fundamental catalyst for the cryptocurrency market.

Credible Crypto details its analysis with four key observations:

1. Bitcoin price is forming a pattern of higher lows and higher highs in a rigorous consolidation phase.
2. There is a reduction in open interest during this consolidation period.
3. A negative basis in perpetual futures indicates spot trading at a premium.
4. Financing has restarted, suggesting a less speculative and more grounded market.
5. He simplifies his perspective with the statement: “Don’t overcomplicate – the number adds up. BTC.”

No change on $BTC and it doesn’t get any cleaner than this. Ignore the LTF chop on the sub daily timeframes right now and zoom out just a bit. The picture is clear:

1. Price making higher lows and higher highs in a tight consolidation with 2. OI at lowest levels of the entire… https://t.co/puSZ53X9QI pic.twitter.com/HAsWAR7BFh

— CrediBULL Crypto (@CredibleCrypto) January 5, 2024

Furthermore, Credible Crypto anticipates potential short-term price movement for Bitcoin. He speculates that Bitcoin may see a smaller drop before breaking above short-term resistance at $45,500. The analyst maintains an optimistic view, indicating that if Bitcoin surpasses $45,500 with conviction, a significant drop can be avoided.

This analysis comes at a crucial time for the cryptocurrency market, where investors of all levels are eagerly awaiting regulatory decisions and their impact on prices. At the time of publication, the price of BTC was quoted at US$44,411.24, up 1.4% in the last 24 hours.

Disclaimer:

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.