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The crypto community finally received the news they have been waiting for, for more than a decade, as the Securities and Exchange Commission (SEC) approved 11 spot BTC ETF applications, including BlackRock (IBIT), Grayscale (GBTC), and Ark Invest (ARKB). Although the Bitcoin price reaction has been noticeably lethargic, altcoins led by Ethereum moved significantly, suggesting that investors diversified their approach to minimize the risk of a sell-the-news occurrence.
According to James Van Straten, a widely followed crypto analyst, IBIT has already been listed and has attracted 370k shares pre-market.
370,000 volume will get us to the $10M seed for BlackRock $IBIT #Bitcoin ETF.
$2.5M left@JSeyff @EricBalchunas pic.twitter.com/2YiTY47dus
— James Van Straten (@jimmyvs24) January 11, 2024
However, Bitcoin still gained ground from Wednesday’s support at $45,000 to the current $47,260. Traders would be interested to know whether BTC can make several four-hour candle closes above this level to validate the anticipated breakout above $50,000. Beyond this level, the fear of missing out (FOMO) will contribute immensely to the tailwind, with Bitcoin price likely to break toward the medium-term target of $60,000.
Bitcoin Price Price Prediction: Can Bitcoin Potentially Rally To $60k?
After a 5% increase in the last 24 hours, Bitcoin bulls are working to secure higher support at $47,000 which would allow them to focus on key milestones like reclaiming $48,000 and $50,000 as support levels.
The Moving Average Convergence Divergence (MACD) indicator on the weekly chart reveals that buyers have the reins. Therefore, traders should consider entering long positions in BTC to speculate and ride the ongoing upward momentum.
Based on the outlook from the weekly chart, a successful break above the yellow resistance zone could also catalyze the next leg up. This region coincides with the 38.2% Fibonacci level, making it crucial for the uptrend’s continuation.
Read also: Ethereum Price Prediction: Anticipating a $4K Target ETH as ETF Approvals Loom in 2024
Should Bitcoin price be rejected from the 38.2% price point, a consolidation could follow a retracement with major support highlighted by the 50% Fibonacci level at $42,000.
Surging outflows are another reason for concern. As Straten outlined, initially there was a bump in inflows but outflows started streaming massively shortly after.
Bitcoin inflows to exchanges suggest increasing potential selling pressure. In other words, holders sent BTC to exchanges in readiness to sell. Outflows have a contrary impact on Bitcoin price, as they tend to reduce the potential selling pressure due to shrinking supply on exchanges.
After the inflows we saw last night on #Bitcoin, the outflows started straight after. Coinbase as well.
3 massive outflows of $200M, $147M, $100M https://t.co/lI9L8QnIE3 pic.twitter.com/SfdgbLwF4U
— James Van Straten (@jimmyvs24) January 11, 2024
While many analysts and experts like Doctor Profit (on X) foresee a significant correction in the price of Bitcoin, short-term analysis reveals that the largest cryptocurrency could first break out to $52,000.
#Bitcoin will move between this region, and possible 52k a while now before the big correction starts
During this range ETH and altcoins are big winners while outperforming BTC as mentioned few weeks ago
Focus is on ETH and alts these days
— Doctor Profit 🇨🇭 (@DrProfitCrypto) January 11, 2024
The $47,000 price level currently serves as a critical support point for Bitcoin. Its maintenance would enhance the probability of further upward movement towards $50,000. Conversely, losing this level would imply significant selling pressure, and could trigger a decline to the $42,000 mark.
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