Over the past couple of hours, Bitcoin prices cranked 2.5% from $28,600 to hit an intraday high of $29,361.
The total gain on the day is 3.2%, and the asset has made a whopping 9% since this time last week when it was trading at around $26,800.
Analyst “CrediBULL Crypto” was quick to declare “Bitcoin has launched,” noting the move above key resistance levels.
$BTC has launched.
Keeping it as simple as it can get:
The same way 26.8k was the origin of our last impulse, 28.6k is now the origin of the current one. Above that, we are going A LOT higher, FAST.
Drop below 28.6k and the local uptrend will be violated and we may get a bit… https://t.co/odakQpZbTL pic.twitter.com/CbhLBo133G
— CrediBULL Crypto (@CredibleCrypto) October 20, 2023
Next Stop: $30K
He added that $28,600 has become the origin of the next impulse up, in other words, a new level of support.
“Drop below 28.6k and the local uptrend will be violated and we may get a bit of a pullback, but until then, STRAP IN!”
Bitcoin’s price spiked to $30,000 earlier this week when a news report mistakenly claimed that a spot ETF had been approved.
Furthermore, Bitcoin forks such as Bitcoin Cash (BCH) and Bitcoin SV (BSV) jumped as much as 25%, leading altcoins that have mostly lagged behind.
Analyst Mubeeb said that prices were heading towards the liquidity region of $30,400.
However, this area has been solid resistance all year, with BTC failing to move higher than here on at least four separate occasions.
Moreover, the asset may consolidate at current levels as it did in July and August.
Heading towards liquidity area 30.4k pic.twitter.com/xmkLszLaS3
— Muneeb (@MirMuneeb55) October 20, 2023
BTC to $36K on Spot ETF Approval
On October 20, CEO and founder Ki Young Ju shared a report claiming that “Bitcoin spot ETFs could increase the market cap by $1 trillion.”
CryptoQuant said the probability of one being approved by the final deadline of March 2024 “has been growing as a result of favorable court rulings” for Grayscale and Ripple.
It put a figure on the amount that could be added to the BTC market cap on initial approval.
- “We could expect $155 billion to flow into the Bitcoin market once these ETFs are approved,”
It derived this figure by using a 1% BTC allocation of the combined assets under management figure for all of the issuers waiting in the SEC’s queue.
This would increase its current market cap by around 27%, potentially propelling prices to around $36,000.
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