Euphoria

Bitcoin ETF

Spot

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20.png" class="attachment-full size-full wp-post-image" alt="Bitcoin price prediction chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20.png 2710w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
Bitcoin price to $50k next?&nbsp;Optimism surrounding the potential approval of the first Bitcoin spot ETF is fueling the bullish outlook that has seen BTC price rise to tap a new 2023 high at $38,000. 
<blockquote> 
 Popular crypto investor and analyst Michaël van de Poppe said via Twitter (now X) that the resistance between $38,000 and $40,000 was anticipated and was critical for the continuation of the uptrend. 
</blockquote> 
Therefore, with Bitcoin price retreating to $36,315 at the time of writing, “consolidation beneath (the resistance) is the best, and the first test isn’t usually a breaker.” 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Pivotal resistance approaching for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>. 
 Anything between $38,000-40,000 is pretty much resistance and I'm not expecting a breakout in one-go. 
 Consolidation beneath is the best, and first test isn't usually a breaker. 
 If a correction occurs -&gt; time to position long. <a href="https://t.co/VZxEoIrxkS">pic.twitter.com/VZxEoIrxkS</a> 
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1722585074032623890?ref_src=twsrc%5Etfw">November 9, 2023</a>
</blockquote> 
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<h2 class="p1" id="can-bitcoin-price-rally-to-50-000-pre-halving">Can Bitcoin Price Rally To $50,000 Pre-Halving</h2> 
The spot ETF narrative has been the force driving&nbsp;<a href="https://coingape.com/btc-price-surges-to-36500-as-bitcoin-etf-approval-window-opens/?utm_source=24hrsupdatebitcoin">Bitcoin price higher</a>. However, in the long term, investors and enthusiasts expect the bull run to be fueled by the upcoming BTC halving in April 2024. 
This event, which takes place every four years, will slash miner rewards in half, thus significantly reducing the supply of BTC. Bitcoin price rallied significantly in these four-year cycles in the past, which tend to repeat themselves. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 It's expected to see <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> reach $45,000-50,000 pre-halving, after which we'll have a heavy correction back to $32,000-35,000 and consolidate from there. 
 Cycles repeat themselves and <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> has been suffering a lot the past two years. 
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1722527753642094593?ref_src=twsrc%5Etfw">November 9, 2023</a>
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The pre-halving rally could blast Bitcoin to the range between $45,000 and $50,000, but Poppe predicts “a heavy correction back to $32,000-$35,000” followed by a consolidation ahead of the actual rally, which another analyst, Rekt Capital suggests will “peak… around 518-546 days after the halving,” placing the bull run’s “peak in mid-September or mid-October 2025.” 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> 
 Bitcoin Halving is in April 2024 
 Next Bull Market peak could occur 518-546 days after the Halving 
 Bitcoin could peak in mid-September 2025 or mid-October 2025<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/4Y1F94rsAh">pic.twitter.com/4Y1F94rsAh</a> 
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1718663963867496601?ref_src=twsrc%5Etfw">October 29, 2023</a>
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<h2 class="p1" id="btc-price-hits-new-2023-highs-what-s-next">BTC Price Hits New 2023 Highs; What’s Next?</h2> 
Bitcoin price rallied in tandem with Ethereum price, which currently holds above $2,000 for the first time since July following&nbsp;<a href="https://coingape.com/just-in-bitcoin-price-hit-37000-channel-breakout-rally-awaits/?utm_source=24hrsupdatebitcoin">BlackRock’s bid to operate an Ethereum spot ETF</a>. 
Recommended for you:&nbsp;<a href="https://coingape.com/markets/ethereum-price-prediction-as-the-bullish-train-leaves-the-station-can-eth-rally-to-3k-before-year-end/">Can Ethereum Price Take A Gigantic Leap To $3,000 As BlackRock Files First ETH Spot ETF?</a> 
The upswing cleared resistance at $37,000 but as mentioned, it stalled on reaching $38,000. As Poppe indicated in another post on X, this formed a temporary top, resulting in the liquidation of long positions. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> reaches a higher timeframe resistance at $38,000.<a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> Spot ETF Filing from BlackRock. 
 Both news items which call for a temporary top and liquidation of the long positions. 
 Dips are likely to happen, make sure to use those dips for entries. 
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1722637309969928667?ref_src=twsrc%5Etfw">November 9, 2023</a>
</blockquote> 
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With support anticipated above $36,000, Bitcoin price might soon resume the uptrend to retest resistance between $38,000 and $40,000. Indicators like the Moving Average Convergence Divergence (MACD) affirm the bullish outlook. 
<figure id="attachment_163949" aria-describedby="caption-attachment-163949" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20.png"><img decoding="async" class="size-full wp-image-163949" src="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20.png" alt="Bitcoin price prediction chart " width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20.png 2710w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/11/BTCUSD_2023-11-09_21-05-20-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"></a>
 <figcaption id="caption-attachment-163949" class="wp-caption-text">
 Bitcoin price prediction chart | Tradingview
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</figure> 
In addition to the buy signal, as presented by the MACD, a bullish cross is on the way, with the 50-week Exponential Moving Average (EMA) (red) moving above the 100-week EMA (blue). 
However, traders should be aware of a forming rising wedge pattern hinting at a trend reversal, especially if resistance at $40,000 is not broken and declines shoot below the wedge. Note that movement below the wedge pattern support could trigger a sell-off where Bitcoin price would be expected to sweep liquidity between $30,000 and $32,000. 
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Bitcoin Price Eyes $50k Backed By Spot Bitcoin ETF Euphoria and BTC Halving

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