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Bitcoin has continued to rage higher as the suspense builds over the potential approval of a Spot Bitcoin ETF by the SEC.
Can anything stop bitcoin?
Nothing looks to be capable of stopping bitcoin right now, unless it is the resistance that has just been hit at $37,000. With the traditional financial system looking creaky, and a certain Spot ETF not far away from being approved, the scene is set for BITCOIN.
The latest surge upwards and onwards by bitcoin has taken the king of the cryptocurrencies to the dizzy heights of $37,440 at time of going to press. This is now a 128% gain for bitcoin since the start of 2023. With just under two months left in the year, who knows how much further the price can go?
On that note, bitcoin has just passed the 0.382 fibonacci level at $36,000. The 0.618 golden fibonacci level awaits overhead at $48,500. Could the price get there even before the end of this year? It probably isn’t beyond the realms of possibility, but a decent pull-back must surely come soon?
A bearish analyst
This bitcoin rally out of the bear market and straight into phase 1 of the bull market has caught many analysts unawares. Nicholas Merten of the Data Dash YouTube channel has consistently warned his 511,000 subscribers not to buy bitcoin.
At a 128% higher price for bitcoin so far this year, Merten does seem to be changing his tune somewhat, but it does seem more than a little late for his more than half a million subscribers.
Be that as it may, the financial analyst will probably be right at some point, as bitcoin will have to make a retracement. Could this be quite soon, given that bitcoin has met resistance at just above $37,000, or will the thought of the impending approval for the Spot ETF keep the price soaring northwards?
Ethereum beginning its move?
If and when the Bitcoin Spot ETF does arrive, it may be that it will already be priced into the market, given the recent gains. If this should happen then a “sell the news” event could take place, which could be a catalyst for a more decisive pull-back.
Another story that has started to unfold in the last few hours is that ethereum has finally broken out. This is the vital piece of the jigsaw that can steal bitcoin dominance, and lead to altcoins rampaging higher. An extremely interesting last quarter for crypto awaits.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.