Bitcoin

Spot

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/bitcoin-btc-price-to-hit-40k-in-next-70-days-heres-why/">Bitcoin (BTC) Price to Hit $40K in Next 70 Days – Here’s Why</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>With the cryptocurrency market buzzing and speculations making the rounds, one expert believes that Bitcoin’s price has a promising horizon. According to a recent statement by renowned crypto analyst Crypto Rover, BTC has robust reasons to see a massive surge in its value in the upcoming months.</p>
<h2 class="wp-block-heading" id="h-etfs-driving-the-bullish-trend"><strong>ETFs Driving the Bullish Trend</strong></h2>
<p>One of the significant factors behind this optimistic outlook is the expectation of a whopping $300 billion influx into the Bitcoin market during the first twelve months of the ETF’s existence. The U.S. Securities and Exchange Commission (SEC) hasn’t objected to Grayscale’s victory, suggesting a green light for Bitcoin Spot ETFs.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is going to hit $40,000 in the coming 70 days.<br><br>And here is why:<br><br>The former director of BlackRock is projecting a $300 billion inflow into the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> market in the first year of the ETF's existence.<br><br>Since the SEC hasn't appealed Grayscale's win, meaning they have no… <a href="https://t.co/NsO9FGSYFl" rel="noopener noreferrer nofollow">pic.twitter.com/NsO9FGSYFl</a></p>— Crypto Rover (@rovercrc) <a href="https://twitter.com/rovercrc/status/1714933086050308189?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 19, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>With ARK’s initial application deadline slated for January 10, 2024, there’s much enthusiasm about the ETF approval’s influence after its market introduction. Some suggest this massive buying pressure could even thrust Bitcoin towards an astounding $100,000, making the $40,000 mark seem rather conservative, says Crypto Rover.</p>
<h2 class="wp-block-heading" id="strong-current-market-insights-strong"><strong>Current Market Insights</strong></h2>
<p>At the time of writing, Bitcoin trades around $28,333. A closer look at a 4-hour chart reveals some intriguing patterns. The crypto king’s immediate resistance level is $28,652. Those monitoring Bitcoin’s progress would notice sequential resistance levels at $29,100, $29,520, and then at $30,600.</p>
<p>While Bitcoin faces specific resistance points, it also finds potential cushioning at $27,700, which may descend further to $27,300 and $26,600. A key focus point is the 50-day Exponential Moving Average (EMA), presently at $27,500.</p>
<p>Bitcoin’s price standing above this EMA hints at a positive short-term swing. Moreover, if Bitcoin can break past the significant $28,500 barrier, which looks like a double peak, its growth could see more momentum.</p>
<p>From a technical standpoint, the Relative Strength Index (RSI) moderately favors Bitcoin. With an RSI value of 63, it’s positioned above the neutral 50 mark, indicating a positive market sentiment.</p>

Bitcoin (BTC) Price to Hit $40K in Next 70 Days – Here’s Why

Table of Contents

CoinPedia News

Other articles published on Oct 19, 2023

AAVE Price Analysis: DeFi Giant On The Verge Of A Major Breakthrough?

Reddit is Ending Community Points: What's Next for Crypto?

Avalanche Expands in India, Focusing on Ticketing and Supply Chain Sectors

Finance expert says ‘literal perfect storm’ is brewing for Bitcoin

Crypto Experts’ Predictions: Will Bitcoin and Other Cryptocurrencies Continue to Rise?

LooksRare (LOOKS) Price Prediction 2024, 2025, 2030, 2040, and 2050

Join our free newsletter for daily crypto updates!