- Bitcoin price continues to hover around the same price range regardless of where Bitcoin ETFs were launched some time ago
- With less than 100 days for the BTC to halve, the value is believed to enter the last phase of the rally, which holds higher targets in the coming days
Grayscale’s Bitcoin ETF just had its first pre-market trades on the NYSE, considered a historic day in the crypto space. Now that the Bitcoin price has reached $48,000 once, it may go there again with the deadflow on the ETF approval. Therefore, after a historic day, the bulls are expected to get weak to some extent, which may trigger a minor pullback below $40,000, which may offer a huge buying opportunity ahead of the halving rally.
What’s next? Will BTC maintain a healthy upswing?
The SEC officially approves all spot Bitcoin ETFs, which include VanEck, Bitwise, Fidelity, Franklin, Valkyrie, Hashdex, Ark Invest, Grayscale, Blackrock, Wisdom Tree, and Invesco Galaxy. With this, many market analysts believe the Bitcoin bull run has begun, as billions of dollars of new Bitcoin holders may soon flood into the market.
Will the Bitcoin price hit $50,000 this week? Will the price form a new ATH ahead of the Bitcoin halving or undergo a fresh dump?
The BTC price began the previous day’s trade with a fake start ahead of Bitcoin’s long-anticipated ETF, which is finally here. In the long term, the price action over the next few weeks could be bearish, but a short swift pump beyond $48,000 could be possible before hitting two major resistances and dumping.
The major reason for this bearish view could be a strong pump into the news, which may further trigger buying the rumour & selling the news rally. The rally has reached the upper resistance of the channel of around $48,000, which is considered the last major resistance before the ATH. Hence, the ETF approval is expected to be a perfect bull trap for the traders, as whales have already bought Bitcoin previously.
Therefore, the lower support of the channel seems like a decent bearish target, which may potentially be lower than $40,000 and also extend to $30,000. However, the bearish scenario may be invalidated if the Bitcoin (BTC) price closes the weekly trade above $50,000, breaking the $48,000 resistance level. For now, the token continues to remain highly volatile.
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