Cryptocurrency

Bitcoin

Grayscale Bitcoin Trust

Spot

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126556/334145/18-1.jpg" alt="" srcset="https://cimg.co/news/126556/334145/responsive-images/18-1___media_library_original_1280_720.jpg 1280w, https://cimg.co/news/126556/334145/responsive-images/18-1___media_library_original_1200_675.jpg 1200w, https://cimg.co/news/126556/334145/responsive-images/18-1___media_library_original_900_506.jpg 900w, https://cimg.co/news/126556/334145/responsive-images/18-1___media_library_original_720_405.jpg 720w, https://cimg.co/news/126556/334145/responsive-images/18-1___media_library_original_600_338.jpg 600w, https://cimg.co/news/126556/334145/responsive-images/18-1___media_library_original_300_169.jpg 300w" width="1280" class="content-img"></figure><p><a href="https://www.tradingview.com/symbols/BTCUSD/">Bitcoin</a>, the undisputed king of the cryptocurrency market, is once again at an inflection point. As the pioneer digital asset fast approaches the $29,000 level, traders and investors alike are keeping a keen eye on critical price levels and market indicators to gauge the next possible move.</p><h2 id="strong-fundamental-catalysts-strong"><strong>Fundamental Catalysts</strong></h2><ul><li><strong>Bitcoin Spot ETFs</strong>: Data analytics firm CryptoQuant has made a bold prediction. If <a href="https://cryptonews.com/news/crypto-market-could-grow-by-1-trillion-spot-bitcoin-etf-approvals-cryptoquant-report.htm">Bitcoin spot ETFs</a> gain approval, Bitcoin's market cap could soar to $900 billion, with the broader crypto market gaining an additional $1 trillion. Spot ETF approvals in the US, potentially by March 2024, could inject around $155 billion into Bitcoin, pushing its price to somewhere between $50,000 and $73,000.</li></ul><figure class="media"><oembed url="https://twitter.com/BTC_Archive/status/1714628674593443916"></oembed></figure><ul><li><strong>Historical Value Surge</strong>: Bitcoin's market value has historically grown 3-5 times more than its realized capitalization. This means that even a modest influx of capital can lead to significant price hikes. A recent false report about a spot <a href="https://docsend.com/view/vzu8bmu5uh5d2dv6">Bitcoin ETF approval</a> sent the coin momentarily to the $30,000 mark.</li><li><strong>Market Sentiment</strong>: The enthusiasm and optimism surrounding Bitcoin are palpable. The declining discount of the Grayscale Bitcoin Trust (GBTC), at its lowest in nearly two years, reflects this sentiment.</li></ul><h2 id="strong-bitcoin-price-strong"><strong>Bitcoin Price&nbsp;</strong></h2><p>On October 18, Bitcoin's current standing in the market was as follows:&nbsp;</p><ul><li>Priced at $28,266, the 24-hour trading volume amounted to a whopping $12.73 billion. The market cap stands impressively at $551.69 billion.&nbsp;</li><li>In terms of supply, 19.52 million BTC are in circulation, which will never exceed 21 million BTC, underscoring its scarcity.&nbsp;</li><li><a href="https://coinmarketcap.com/currencies/bitcoin/">CoinMarketCap</a>, a prominent crypto tracker, currently ranks Bitcoin at the number one spot.</li></ul><h2 id="strong-bitcoin-price-prediction-strong"><strong>Bitcoin Price Prediction</strong></h2><p>From a <a href="https://cryptonews.com/news/bitcoin-news/">Bitcoin technical analysis perspective</a>, the RSI (Relative Strength Index) paints a moderately bullish picture.&nbsp;</p><p>Positioned at 63, it's a favorable number that's north of 50, suggesting a bullish sentiment, yet not crossing into the overbought territory of 70.&nbsp;</p><p>Conversely, a move below can indicate a bearish phase. Additionally, Bitcoin's price is hovering above its 50-day Exponential Moving Average (50 EMA) of $27,712, signifying a potential short-term bullish momentum.</p><figure class="image"><img src="https://cimg.co/news/126556/334146/image-27.jpg" alt="" srcset="https://cimg.co/news/126556/334146/responsive-images/image-27___media_library_original_1743_955.jpg 1743w, https://cimg.co/news/126556/334146/responsive-images/image-27___media_library_original_1200_657.jpg 1200w, https://cimg.co/news/126556/334146/responsive-images/image-27___media_library_original_900_493.jpg 900w, https://cimg.co/news/126556/334146/responsive-images/image-27___media_library_original_720_394.jpg 720w, https://cimg.co/news/126556/334146/responsive-images/image-27___media_library_original_600_329.jpg 600w, https://cimg.co/news/126556/334146/responsive-images/image-27___media_library_original_300_164.jpg 300w" width="1743" class="content-img"><figcaption><strong>Bitcoin Price Chart - Source: Tradingview</strong></figcaption></figure><p>Chart patterns lend further insights. Bitcoin seems to be wrestling with the resistance at $28,634. This resistance appears as a triple-top pattern on the chart, a bearish omen.</p><p>Additionally, the emergence of Doji candles below this level might indicate a potential bearish turn, suggesting that the bulls might run out of steam.</p><h3 id="strong-summing-up-strong"><strong>Summing Up</strong></h3><p>To conclude, Bitcoin's current trajectory appears to be bullish as long as it remains above the $28,150 mark. Conversely, a dip below this level could tilt the scales.&nbsp;</p><p>In the short run, given the amalgamation of technical indicators and market sentiment, Bitcoin seems primed to challenge the resistance at $28,634 soon.&nbsp;</p><p>However, the cryptocurrency domain is notoriously unpredictable. Hence, investors are advised to tread with caution and stay abreast of market developments.</p><h2 id="strong-top-15-cryptocurrencies-to-watch-in-2023-strong"><strong>Top 15 Cryptocurrencies to Watch in 2023</strong></h2><p>Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023.&nbsp;</p><p>Our list has been curated by professionals from Industry Talk and <i>Cryptonews</i>, ensuring expert advice and critical insights for your cryptocurrency investments.&nbsp;</p><p>Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.</p><div class="raw-html-embed"><div style="background: #920047;margin-bottom: 20px;width: 50%;text-align: center;padding: 8px;border-radius: 5px;background-image: linear-gradient(107deg,#930046,#59008a);color: white;padding-left: 1em;padding-right: 1em; font-size: 16px;"><a style="text-decoration:none;color:white" href="https://cryptonews.com/news/new-cryptocurrency.htm" target="_blank" rel="nofollow noindex">See the 15 Cryptocurrencies</a></div></div><h2 id="strong-find-the-best-price-to-buy-sell-cryptocurrency-strong"><strong>Find The Best Price to Buy/Sell Cryptocurrency</strong></h2><figure class="image"><img src="https://cimg.co/news/126556/334144/screenshot-1.jpg" alt="" srcset="https://cimg.co/news/126556/334144/responsive-images/screenshot-1___media_library_original_1448_553.jpg 1448w, https://cimg.co/news/126556/334144/responsive-images/screenshot-1___media_library_original_1200_458.jpg 1200w, https://cimg.co/news/126556/334144/responsive-images/screenshot-1___media_library_original_900_344.jpg 900w, https://cimg.co/news/126556/334144/responsive-images/screenshot-1___media_library_original_720_275.jpg 720w, https://cimg.co/news/126556/334144/responsive-images/screenshot-1___media_library_original_600_229.jpg 600w, https://cimg.co/news/126556/334144/responsive-images/screenshot-1___media_library_original_300_115.jpg 300w" width="1448" class="content-img"><figcaption><strong>Cryptocurrency Price Tracker - Source: Cryptonews.com</strong></figcaption></figure><p><i><sup>Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication - cryptocurrencies are highly volatile investments with considerable risk, always do your own research.</sup></i></p>
]]>

Bitcoin Price Prediction as BTC Fast Approaches $29,000 Level – Here are Key Levels to Watch

Table of Contents

Cryptonews.com

Other articles published on Oct 18, 2023

Wemade Announced Strategy SLG Street Wars: Hero Domination WEMIX PLAY Onboarding Deal

Bradford Welcomes Global Space Experts for Prestigious Satellite Conference

Exploring the Industrial Metaverse: A Roadmap for Industry Leaders and Stakeholders

Crypto Fake News: False Claims on Blackrock ETFs and Now Roblox XRP Support – What’s Going On?

FTX Case’s New Update: Bankman Fried’s Political Influence Unveiled

Binance Futures Adds STPT and WAXP Perpetual Contracts with 50x Leverage!

Join our free newsletter for daily crypto updates!