Cryptocurrency

Bitcoin ETF

Bitcoin

Dogecoin

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 <p class="paragraph">Bitcoin (BTC) has surged above $37,000, reaching its highest price in 18 months, driven by growing optimism that regulators may soon approve the first spot Bitcoin Exchange-Traded Fund (ETF). Following this rally, historical data signal the possibility of the asset initiating a major bull run.</p>
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 <p class="paragraph">In this context, pseudonymous crypto analyst <em>el_crypto_prof </em>suggested in an X (formerly Twitter) post on November 10 that Bitcoin is on the verge of ‘the biggest bull run ever’ based on historical <a rel="noopener noreferrer nofollow" title="indicator" href="https://thebittimes.com/tag/indicator.html">indicator</a>s.</p>
 <p class="paragraph">According to the analyst, Bitcoin has exhibited a rare buy signal on the M-Chart, an event that has only occurred once before and was a staggering eight years ago.</p>
 <p class="paragraph">In addition, Bitcoin has surged above the SMA 20 line, marking a significant milestone. The analyst pointed out that, based on chart movement, the convergence of these <a rel="noopener noreferrer nofollow" title="indicator" href="https://thebittimes.com/tag/indicator.html">indicator</a>s could signify the beginning of the most substantial bull run in Bitcoin’s history, noting the potential entry of institutions into the market.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="525" src="https://cdn.thebittimes.com/images/2023/11/11/66063e2aa7e9e9937d31b2a3a2c7e96b.webp" alt class="wp-image-136931" srcset="https://cdn.thebittimes.com/images/2023/11/11/66063e2aa7e9e9937d31b2a3a2c7e96b.webp 1024w, https://cdn.thebittimes.com/images/2023/11/11/66063e2aa7e9e9937d31b2a3a2c7e96b.webp 300w, https://cdn.thebittimes.com/images/2023/11/11/66063e2aa7e9e9937d31b2a3a2c7e96b.webp 768w, https://cdn.thebittimes.com/images/2023/11/11/66063e2aa7e9e9937d31b2a3a2c7e96b.webp 1536w, https://cdn.thebittimes.com/images/2023/11/11/66063e2aa7e9e9937d31b2a3a2c7e96b.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis. Source: TradingView</em>
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  <p class="paragraph">“This <a rel="noopener noreferrer nofollow" title="indicator" href="https://thebittimes.com/tag/indicator.html">indicator</a> shows a buy signal on the M-Chart of $BTC, which has only happened once before and that was 8 YEARS ago.&lt;…&gt; One reason why I believe we’re facing the biggest bull run ever. Institutions are here,” he said.&nbsp;</p>
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 <h2 class="wp-block-heading" id="bitcoin-searching-for-record-high-amid-etf-speculation">Bitcoin searching for record high amid ETF speculation</h2>
 <p class="paragraph">The historical context of this rare event, coupled with the breakthrough above the SMA 20, aligns with a period when Bitcoin is searching for the next all-time high amidst regulatory uncertainty. The recent surge in Bitcoin’s price is noteworthy, with its momentum attributed to the potential approval of 12 separate Bitcoin ETF spots over the next week.</p>
 <p class="paragraph">Bloomberg ETF analysts James Seyffart and Eric Balchunas noted that the U.S. Securities and Exchange Commission (SEC) has until November 17 to review and potentially approve several high-profile offerings from prominent U.S. fund managers.</p>
 <p class="paragraph">Of all the applicants, investors are particularly enthusiastic about the possibility of BlackRock (NYSE: BLK), the world’s leading investment firm, gaining approval. Despite this anticipation, a segment of the crypto market suggests that the approval of an ETF does not guarantee a subsequent Bitcoin rally.</p>
 <p class="paragraph">Indeed, while Bitcoin rallies, a similar trend is observed among investors. According to a Finbold report, most Bitcoin holders are currently making a profit. In this line, the level around $34,000 is considered a pivotal support to look out for.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">Bitcoin was valued at $37,026 by press time, reflecting less than 1% gains in the past 24 hours. Over the last seven days, BTC has seen a 6% 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/2023/11/11/b0371eb57832603f5a4ce7f333a52817.webp" alt class="wp-image-136929" srcset="https://cdn.thebittimes.com/images/2023/11/11/b0371eb57832603f5a4ce7f333a52817.webp 1024w, https://cdn.thebittimes.com/images/2023/11/11/b0371eb57832603f5a4ce7f333a52817.webp 300w, https://cdn.thebittimes.com/images/2023/11/11/b0371eb57832603f5a4ce7f333a52817.webp 768w, https://cdn.thebittimes.com/images/2023/11/11/b0371eb57832603f5a4ce7f333a52817.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Elsewhere, technical <a rel="noopener noreferrer nofollow" title="indicator" href="https://thebittimes.com/tag/indicator.html">indicator</a>s retrieved from <em>TradingView</em> indicate a bullish outlook for Bitcoin. The one-day gauges summary suggests a ‘buy’ at 14, with moving averages signaling a ‘strong buy’ at 13. On the other hand, oscillators indicate a ‘sell’ at 3.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="197" src="https://cdn.thebittimes.com/images/2023/11/11/e9cfea1cdce5e83af977ca9fab32cbc7.webp" alt class="wp-image-136930" srcset="https://cdn.thebittimes.com/images/2023/11/11/e9cfea1cdce5e83af977ca9fab32cbc7.webp 1024w, https://cdn.thebittimes.com/images/2023/11/11/e9cfea1cdce5e83af977ca9fab32cbc7.webp 300w, https://cdn.thebittimes.com/images/2023/11/11/e9cfea1cdce5e83af977ca9fab32cbc7.webp 768w, https://cdn.thebittimes.com/images/2023/11/11/e9cfea1cdce5e83af977ca9fab32cbc7.webp 1536w, https://cdn.thebittimes.com/images/2023/11/11/e9cfea1cdce5e83af977ca9fab32cbc7.webp 1633w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Meanwhile, Bitcoin <a rel="noopener noreferrer nofollow" title="appears" href="https://thebittimes.com/tag/appears.html">appears</a> to be holding above the $35,000 mark, and attention has shifted to surpassing the $40,000 resistance level.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. 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/biggest-bull-run-ever-looms-for-bitcoin-as-this-indicator-reappears-after-8-years-tbt69945.html">https://thebittimes.com/biggest-bull-run-ever-looms-for-bitcoin-as-this-indicator-reappears-after-8-years-tbt69945.html</a></p>

‘Biggest bull run ever’ looms for Bitcoin as this indicator reappears after 8 years

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