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<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-price-analysis-analysts-cautious-as-btc-faces-potential-dip-to-40000-soon/">Bitcoin Price Analysis: Analysts Cautious as BTC Faces Potential Dip to $40,000 Soon?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>As Bitcoin captures the spotlight with a surge in buyer activity amid speculation around a spot Bitcoin ETF approval, analysts are adopting a more cautious tone, warning of a potential dip in the BTC price, with predictions pointing towards a temporary correction to $40,000.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-consolidation-nbsp">Bitcoin Price Consolidation&nbsp;</h2> 
<p>A prominent crypto analyst Scott Melker has forecasted a consolidation pattern for BTC price, oscillating between the support level at $40,000 and resistance at $44,000 as the cryptocurrency enters the new year in 2024.&nbsp;</p> 
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   <p lang="en" dir="ltr">The Bitcoin Dip You HAVE TO BUY Is Coming <a href="https://t.co/0HqQG0NaKI">https://t.co/0HqQG0NaKI</a></p>— The Wolf Of All Streets (@scottmelker) <a href="https://twitter.com/scottmelker/status/1740373072451121429?ref_src=twsrc%5Etfw">December 28, 2023</a>
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<p>Notably, this prediction aligns with significant whale movements involving substantial amounts of BTC, hinting at a potential minor dip for the leading cryptocurrency.</p> 
<p>Meanwhile, the trajectory of Bitcoin’s price in the coming quarter is expected to hinge on the U.S. Securities and Exchange Commission’s (SEC) <a href="https://coinpedia.org/news/institutional-fervor-as-smart-money-index-hits-all-time-high-ahead-of-crucial-bitcoin-etf-decision/">decision</a> regarding the approval of a Bitcoin ETF. The SEC is anticipated to announce spot ETF approvals by the tentative deadline of January 10, 2023.</p> 
<h2 class="wp-block-heading" id="h-macro-events-influencing-btc-price">Macro Events Influencing BTC Price</h2> 
<p>Zooming out to macro events, Bitcoin’s response to major announcements, particularly those from the U.S. Federal Reserve, may steer its price towards the support range of $40,000 in the first week of January.&nbsp;</p> 
<p>Scott Melker’s analysis also raises the possibility of altcoins taking center stage during this consolidation phase, with signs of volatility observed in <a href="https://coinpedia.org/price-prediction/chainlink-price-prediction/">Chainlink</a> (LINK) and Litecoin (LTC) prices in recent days, signaling early indicators of a potential altcoin rally. As a result, investors and traders may exercise caution in the period leading up to the January 10, 2024 deadline.</p> 
<h2 class="wp-block-heading" id="h-post-etf-approval-senario">Post ETF Approval Senario</h2> 
<p>Looking beyond the potential dip, the approval of a spot Bitcoin ETF in January 2024 holds promise as a positive catalyst. Analysts speculate that the institutional influx could align seamlessly with the <a href="https://coinpedia.org/price-analysis/bitcoin-halving-predictions-decoding-the-next-major-shift-in-btc-price/">Bitcoin Halving</a> event scheduled for the latter half of 2024.&nbsp;</p> 
<p>This dual confluence of events raises expectations for an extended bullish momentum in Bitcoin’s price, marking a significant period in the crypto space.</p> 
<p>Already, financial institution Standard Chartered <a href="https://www.businessinsider.com/bitcoin-price-forecast-100000-crypto-spring-spot-etf-mining-halving-2023-11?IR=T">has predicted</a> that Bitcoin could reach $100,000 by the end of 2024. Additionally, Cathie Wood has provided a long-term projection, <a href="https://coinpedia.org/news/what-comes-after-etf-cathie-woods-take-on-bitcoins-role-applauds-21shares/">foreseeing</a> Bitcoin reaching $1 million by the year 2030.</p>

Bitcoin Price Analysis: Analysts Cautious as BTC Faces Potential Dip to $40,000 Soon?

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