Cryptocurrency

Bitcoin ETF

Bitcoin

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 <p class="paragraph">Bitcoin (BTC) has regained market attention again, aiming to surpass the $30,000 level amid the ongoing short-term rally. In this resurgence, some analysts predict that Bitcoin is poised for further gains, potentially reaching a new all-time high.</p>
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 <p class="paragraph">In particular, prominent crypto trading analyst <em>TradingShot</em>, in a post on <em>TradingView</em> dated October 20, highlighted that Bitcoin’s current strong technical indicators and historical patterns suggest a continuous upward trajectory, with a <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a> only expected once specific criteria are met.</p>
 <p class="paragraph">Notably, the analyst indicated that Bitcoin is eyeing the $35,000 mark, with the asset defying recent skepticism following the fake news regarding a spot Bitcoin Exchange-Traded Fund (ETF).</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="588" src="https://cdn.thebittimes.com/images/2023/10/21/53acbcc03cefc387a12db960e2e192c7.webp" alt class="wp-image-133537" srcset="https://cdn.thebittimes.com/images/2023/10/21/53acbcc03cefc387a12db960e2e192c7.webp 1024w, https://cdn.thebittimes.com/images/2023/10/21/53acbcc03cefc387a12db960e2e192c7.webp 300w, https://cdn.thebittimes.com/images/2023/10/21/53acbcc03cefc387a12db960e2e192c7.webp 768w, https://cdn.thebittimes.com/images/2023/10/21/53acbcc03cefc387a12db960e2e192c7.webp 1091w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
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 <p class="paragraph">According to <em>TradingShot</em>, Bitcoin is approaching the high it reached the previous Monday, with its 1-day Relative Strength Index ( RSI) soaring into overbought territory, above the 70.00 mark. However, this overbought condition may not cause concern for those anticipating a technical <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a>.</p>
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 <p class="paragraph">He pointed out that Bitcoin exhibits a compelling one-year pattern resembling a ‘Channel Up’. This pattern suggests that the current uptick is the next leg of a technical bullish trajectory that could propel Bitcoin to a new high.&nbsp;</p>
 <h2 class="wp-block-heading" id="bitcoins-dual-moving-average-support">Bitcoin’s dual moving average support</h2>
 <p class="paragraph">Supporting this bullish thesis are the 1-day moving average (MA) indicators. The 1-day MA50 has supported this uptrend alongside the 1-day MA100, reinforcing the belief in Bitcoin’s upward momentum. This dual MA support mirrors the pattern seen in the previous bullish leg.</p>
 <p class="paragraph">He stated that the next crucial buy opportunity will materialize when Bitcoin corrects to the 1-day MA100.&nbsp;</p>
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  <p class="paragraph">“As a result, we don’t expect a <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a> now, despite the overbought RSI but rather will wait for at least 3 Lower Highs in order to take profit and wait for a 1D MA100 <a rel="noopener noreferrer nofollow" title="correction" href="https://thebittimes.com/tag/correction.html">correction</a>. That will be the buy with which we will <a rel="noopener noreferrer nofollow" title="target" href="https://thebittimes.com/tag/target.html">target</a> a symmetrical Higher High at 35500 on the 1.5 Fibonacci extension,” he said.&nbsp;</p>
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 <p class="paragraph">It’s noteworthy that Bitcoin is again striving to reclaim the $30,000 mark after the debunked news regarding the approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC).</p>
 <p class="paragraph">While some analysts suggest the possibility of the first spot Bitcoin ETF approval by year-end, the SEC has not committed to any specific timeline. A recent court ruling deemed the SEC’s refusal to grant Grayscale a Bitcoin ETF as lacking merit. While not guaranteed, the SEC’s decision not to appeal this case heightens the chances of a spot Bitcoin ETF approval in the near future.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin was valued at $29,803, showing daily gains of approximately 1%. On the weekly chart, Bitcoin has accrued over a 10% increase.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/21/3d08d681e46ad769817f4544b3ba5004.webp" alt class="wp-image-133535" srcset="https://cdn.thebittimes.com/images/2023/10/21/3d08d681e46ad769817f4544b3ba5004.webp 1024w, https://cdn.thebittimes.com/images/2023/10/21/3d08d681e46ad769817f4544b3ba5004.webp 300w, https://cdn.thebittimes.com/images/2023/10/21/3d08d681e46ad769817f4544b3ba5004.webp 768w, https://cdn.thebittimes.com/images/2023/10/21/3d08d681e46ad769817f4544b3ba5004.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">From a technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> perspective, Bitcoin is predominantly influenced by bullish sentiment. One-day indicators from<em> TradingView</em> suggest a ‘strong buy’ at 16, while moving averages indicate a ‘strong buy’ at 14. Conversely, oscillators are neutral at 8.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="197" src="https://cdn.thebittimes.com/images/2023/10/21/e9cfea1cdce5e83af977ca9fab32cbc7.webp" alt class="wp-image-133536" srcset="https://cdn.thebittimes.com/images/2023/10/21/e9cfea1cdce5e83af977ca9fab32cbc7.webp 1024w, https://cdn.thebittimes.com/images/2023/10/21/e9cfea1cdce5e83af977ca9fab32cbc7.webp 300w, https://cdn.thebittimes.com/images/2023/10/21/e9cfea1cdce5e83af977ca9fab32cbc7.webp 768w, https://cdn.thebittimes.com/images/2023/10/21/e9cfea1cdce5e83af977ca9fab32cbc7.webp 1536w, https://cdn.thebittimes.com/images/2023/10/21/e9cfea1cdce5e83af977ca9fab32cbc7.webp 1633w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis. Source: TradingView</em>
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 <p class="paragraph">As Bitcoin maintains its short-term gains, it’s worth noting that the maiden cryptocurrency persists within the familiar range of $25,000 to $30,000.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice.</em><em>Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/this-is-bitcoin-s-next-price-target-as-correction-is-ruled-out-tbt67252.html">https://thebittimes.com/this-is-bitcoin-s-next-price-target-as-correction-is-ruled-out-tbt67252.html</a></p>

This is Bitcoin’s next price target as correction is ruled out

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