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As the decision on the Bitcoin ETF approval looms, the crypto community is abuzz with speculations about Bitcoin’s future trajectory. In the recent days, Bitcoin exhibited a robust breakout, surging above the $45,000 mark earlier this week and managing to sustain its position above this crucial level. The market is now keenly watching for further developments as the anticipation for the ETF decision intensifies.
Bitcoin Price Target At $50,000 And More?
Some on-chain metrics suggest that Bitcoin is currently facing some buying pressure at the current levels.
In the latest analysis from crypto expert Ali Martinez, Bitcoin is maintaining its position above the $44,900 mark, and the ongoing buying pressure in this range could potentially drive a surge towards the $49,000 mark. The resilience of this key support level is deemed crucial for Bitcoin to sustain its upward momentum.
In the latest insights crypto analyst Ali Martinez draws attention to the Bitcoin MVRV Pricing Bands, a metric indicating potential price targets for Bitcoin ($BTC). The MVRV ratio, or Market Value to Realized Value ratio, is a measure used to assess the market’s valuation concerning the average profit or loss of all Bitcoin transactions. According to Martinez, the MVRV Pricing Bands suggest that the upcoming significant price targets for Bitcoin are $52,680 and $70,250.
In a recent report from Matrixport, the cryptocurrency funding rate has surged to a new high, reaching +66%. As a result, there are expectations that this dynamic could propel Bitcoin beyond the projected target level of $50,000 for January 2024, a milestone that now seems within reasonable reach.
Final Push Before Correction?
Popular crypto Michael van de Poppe highlights a historical trend emphasizing that Bitcoin dominance tends to reach its peak in the periods leading up to halving events within the four-year cycles. Van de Poppe suggests that the current surge in Bitcoin dominance could be indicative of a final upward push, largely influenced by the anticipation of the ETF) approval. However, he adds a note of caution, speculating that a correction down may follow this peak, signaling a potential conclusion to the surge in Bitcoin dominance.
In a recent note, analysts Anders Helseth and Vetle Lunde from K33 Research expressed their expectation that the approval of Bitcoin ETFs may not immediately result in significant inflows, potentially leading to a ‘sell-the-news’ scenario.
However, they emphasized the significance of these products, suggesting that they indicate a longer-term structural shift in buyer interest. K33 Research estimated a 5% chance of the SEC rejecting the efforts to launch ETFs directly investing in Bitcoin, assigning 75% odds to approval being a “sell-the-news” event and 20% odds to a potential further increase in Bitcoin prices driven by ETF inflows.
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