Bitcoin

Show

<p><a href="https://www.newsbtc.com/analysis/btc/bitcoin-trend-strength-striking-similarities-last-bull-run/">Bitcoin price</a> is struggling to crack resistance around $47,000 per coin, but it might not be long until it does thanks to the backdrop of bullish spot <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-etf-approval-triggers-1-2-billion-trading-volume-and-new-highs-for-btc-price/">BTC ETF news</a>. The news could also be supported by a change in mass crowd psychology, according to Elliott Wave Principle and the current projected count in BTCUSD. All of this could cause the top cryptocurrency by market cap to double in a flash.</p> 
<h2 id="the-countdown-to-bitcoin-price-doubling">The Countdown To Bitcoin Price Doubling</h2> 
<p>During every major bull run, there is a phase where the rally is supported by the regular occurrence of bullish <a href="https://www.newsbtc.com/analysis/btc/bitcoin-trend-strength-striking-similarities-last-bull-run/">Bitcoin news</a>. If it all seems to arrive at once, this is due to the way mass crowd psychology works, according to Elliott Wave Principle.</p> 
<p>When an asset, in this case BTCUSD, reaches what’s referred to as an impulse wave, humans begin to behave in an impulsive way, selling at the first sign of a correction, and buying every minor pump that ultimately gets retraced. Because so many market participants are entering during this phase, things get extra volatile.</p> 
<p>If this sounds familiar, this is precisely what’s going on with Bitcoin now, and it’s only going to pick up momentum as ETF-related investments are revealed. Compare the chart below referencing BTCUSD now versus late 2020. During the green box, bullish news was breaking all day long.</p> 
<p><img loading="lazy" decoding="async" class="size-large wp-image-569185 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/01/BTCUSD_2024-01-11_14-23-48.png?w=860&amp;resize=860%2C504" alt="BTCUSD_2024-01-11_14-23-48" width="860" height="504" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/BTCUSD_2024-01-11_14-23-48.png?w=4015 4015w, https://www.newsbtc.com/wp-content/uploads/2024/01/BTCUSD_2024-01-11_14-23-48.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/BTCUSD_2024-01-11_14-23-48.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/BTCUSD_2024-01-11_14-23-48.png?w=860&amp;resize=860%2C504 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/BTCUSD_2024-01-11_14-23-48.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/BTCUSD_2024-01-11_14-23-48.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/01/BTCUSD_2024-01-11_14-23-48.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/BTCUSD_2024-01-11_14-23-48.png?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/01/BTCUSD_2024-01-11_14-23-48.png?w=3000 3000w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"></p> 
<h2 id="show-me-the-charts-and-i-ll-tell-you-the-news">Show Me The Charts, And I’ll Tell You The News</h2> 
<p>An onslaught of big companies began buying BTC, such as MicroStrategy, Tesla, and Square. From the bottom of what is labeled wave (iv) in BTCUSD to the top of wave (v) in 2020 into early 2021, the first ever cryptocurrency went on a 136% run. This caused price to more than double from around $18,000 to $42,000.</p> 
<p>Today, Bitcoin is in a similar wave count, with news catalysts ready to help propel the crypto market higher. If the Elliott Wave Principle count is accurate, BTCUSD could see a similarly move where it doubles in a matter of a month. Another 136% increase from here would take BTC to around $95,000 per coin and complete wave (v) and wave 3.</p> 
<p>Wave 3’s are commonly referred to as an impulse wave. An impulse wave can be sub-divided into five sub-waves. When the powerful wave 3 ascent is over, only a short-lived wave 4 sharp correction should follow, at which point wave 5 will begin and complete the cycle.</p>

Bitcoin News Catalyst: Could ETF Hype Cause BTC Price To Double?

Table of Contents

NewsBTC

Other articles published on Jan 11, 2024

First Spot Bitcoin ETF Begins Pre-Market Trading in the US

Why is Mantle (MNT) Price Up?

Oil Prices To Reach $110 per Barrel as Middle East Conflict Escalates

WisdomTree Bitcoin Fund (BTCW) Launches in Historic First Wave of Bitcoin ETFs

Top Altcoins To Buy January: ETC, DOGE, XAI

FTX Crash: Former Customers Demand Change in Repayment Method

Join our free newsletter for daily crypto updates!