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July 18, 2024
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Bitcoin Price Analysis: Is the Bitcoin Bull Run Reliant on ETF Approval and Halving?

The post Bitcoin Price Analysis: Is the Bitcoin Bull Run Reliant on ETF Approval and Halving? appeared first on Coinpedia Fintech News

The bitcoin price maintained a prolonged consolidated phase until the big institutions jumped into the space and filed for spot ETFs. Moreover, the rounds of its approval created huge ripples across the markets, causing the price to break above the consolidation in a short time frame. The price is now slowly rising, and hence, the traders now believe the markets are due for a massive upswing as Bitcoin spot ETF and Bitcoin halving are on the cards. 

It is important to note that not only Blackrock ETF is pending approval, but several others, namely, Grayscale, ARK, Fidelity, Vanguard, Invesco, WisdomTree, etc. Therefore, if one gets approved, several others could also be approved. And BlackRock’s approval could be the icing on the cake. As the halving approaches, the BTC price is expected to hit $50,000, but as per popular analyst Michael van de Poppe, the token may face a notable correction soon after the event. 

Bitcoin is currently reaching pivotal resistance, and a breakout between $38,000 and $40,000 could be expected. However, the token may certainly not surpass these levels in a go, as the consolidation beneath is largely expected as the first testing levels may certainly not trigger a breakout. Therefore, if a correction occurs, then it is a very good time to position long bets.

The price action of Bitcoin just morphed into a bearish pattern out of a bullish flag. The upcoming ETF decessions by the SEC are causing the current run, which is mainly fueled by anticipation. If approved, BTC will almost close above the long-standing trend line, and if delayed, a breakout may appear that may retest the lower support.

Therefore, Bitcoin does require a catalyst to propel, which is ETF & Halving in this case, but if the bulls possess weakness, the traders need to be ready for another rejection.

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