The market understands that the fact that BlackRock is starting an ETF could be a good sign of confidence in cryptocurrencies. Analysts are optimistic in this week’s analyses, check it out.
BTCUSDt price is currently stuck in a broad flat phase. A possible break below 25,000 could point to the next support in the 16,000 region. Some indicators are already showing divergences, suggesting the possibility of a bearish breakout. However, when it comes to Bitcoin, any scenario is possible.
On the other hand, if the lateralization is broken upwards, above 31,000, the movement could be explosive due to the contraction in volatility in recent weeks. The first upside target is in the 39,000 to 40,000 range, and the second target is around 45,000. My current bias is bearish, due to rising interest rates in the United States and divergences in indicators awaiting confirmation. (See more about Bitcoin).
This cycle analysis takes into account previous movement data after a bear market and before a halving event in the Bitcoin price. Historically, Bitcoin tends to appreciate that takes the price to the 0.618 Fibonacci retracement level before the halving date, which is currently scheduled for mid-April.
This analysis is also in line with the possibility that we will have the first Bitcoin ETF approved by January 10, 2024. This suggests that the market may be anticipating this approval and boosting the price of Bitcoin before the halving event, which is a behavior that occurred in previous cycles. (See PivotChart).
Disclaimer: The analyzes presented here are only studies. They are not investment recommendations, neither buying nor selling, nor do they reflect the opinion of the media vehicle in which they are being published. These are studies aimed at people with knowledge and experience in the financial market.
Our Authors: Clebervm and Regis Fagundes.