Bitcoin (BTC) Price Consolidates as Analyst Predicts Next Stop

Bitcoin (BTC) price is defying all odds to stay in a positive trading range over a weekend many anticipated a broad market correction. The premier coin is priced at $35,161.74, up by 0.58% in the past 24 hours. 

While there is a visible volatility in Bitcoin’s price as gleaned from the charts, the sustained buying momentum, marked by the 16% jump in trading volume positions the crypto in a favorable spot to sustain its current level, and possibly trail new price points.

Bitcoin (BTC) Price Shows Bullish Impulses

According to top market analyst CrediBULL Crypto, the Bitcoin (BTC) price refused to drop to the local invalidation point at the $34,600 mark. The analyst noted that market bulls helped sustain the midrange, drive consolidation, and then impulse based on a predefined guide the analyst shared in an earlier analysis.

With Bitcoin exhibiting a positive momentum in the short term, CrediBull Crypto voiced his optimism that the asset may keep changing impulses until it hits the psychologically important level of $40,000. Should this happen, the analyst believes a new ride toward an All-Time High (ATH) may not be far from reach.

The analysts have always been very optimistic about the price trajectory of Bitcoin’s (BTC) price run. He believes users expecting a drop below the $30,000 price level may eventually get left behind. Per the chart he shared as shown above, he marked a new local invalidation level at $34,737.36 price level.

Should Bitcoin touch this level, chances are it will serve as a springboard for more ambitious runs.

Bitcoin’s Chief Fundamental to Watch

A lot is going on for Bitcoin in general especially as it relates to the craving for BTC spot ETF products. With growing anticipation that the product, billed to usher in the next wave of institutional investors, is set to gain approval from the US SEC shortly, most buyers are presumably prepping their portfolio to ride the train.

The certainty an approval will be secured this time is high, considering the presence of big players like BlackRock. One thing yet unclear is the potential timeline for this approval will be secured.

While most experts in the industry are projecting next year, Galaxy Digital CEO, Mike Novogratz is optimistic an approval could be secured before the year runs out. The upcoming halving event is also another core fundamental to watch. This event will bolster the deflationary status of Bitcoin and set a new path toward a potential new ATH in the succeeding months.