Sohrab Khawas
After discovering the Blackrock ETF ticker code on the Depository Trust & Clearing Corp.’s website, Bitcoin skyrockets to a new 2023 high. With crypto traders taking the BTC price to $35,198, the ticker code was quickly removed, leading to a plunge to $31,917.
DTCC explains that the ticker code appearing is common for any potential ETF and clears the mist around approval. Nevertheless, with such an impulsive wave, the Bitcoin price prediction suggests an uptrend to the $40K mark soon.
With the anticipation to complete the rounding bottom pattern, the BTC price exceeds all the expectations with the ongoing bull run. The news-fueled rally shoots Bitcoin value 10.24% to form an impressive bullish engulfing candle.
Leading to a bullish breakout of rounding bottom, the unleashed momentum drives Bitcoin higher to above the $35K mark. The uptrend takes a breather phase and pulls back to the $34K mark.
Currently, the BTC price trades at $34,025 with an intraday growth of 0.28% and struggles to sustain the momentum. However, the rising possibility and frequent positive teases around Bitcoin spot ETF approval will be the driving factor.
Technical indicators:
RSI: The RSI line shows linear growth to enter the overbought zone and sustains the uptrend, reflecting the strong bullish pressure.
EMA: The 50-day and 200-day EMAs avoid a death cross and regain an uptrend. Moreover, the increasing bullish gap between the averages increases the uptrend possibility.
Will BTC Price Touch $40K Before The 2024 Halving?
As the Bitcoin spot ETF rumours and ticker code teasers flood the market, the overpowering bulls are riding the hopium rally. Moreover, the rising number of bullish engulfing candles in a blue chip crypto like Bitcoin signals a buy signal.
Considering the uptrend exceeds the $35,000 mark, the $40,000 is the next milestone for Bitcoin price. However, the breakout rally might experience some incoming supply close to the $38,000 mark.
Conversely, the BTC price may retest the $31K mark in case of a serious pullback.
