Cryptocurrency

Bitcoin

Grayscale Bitcoin Trust

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 <p class="paragraph">Bitcoin (BTC) continues to extend its gains in the short term, recently clearing the $42,000 resistance. This comes as Bitcoin attempts to put behind recent sell-offs that emerged following the spot exchange-traded fund (ETF) approval.&nbsp;</p>
 <p class="paragraph">It’s worth noting that despite the ongoing bullish sentiments surrounding Bitcoin, a section of the market continues to anticipate that the ETF will positively <a rel="noopener noreferrer nofollow" title="impact" href="https://thebittimes.com/tag/impact.html">impact</a> the asset in the long term.</p>
 <p class="paragraph">In particular, crypto trading expert Michaël Poppe, in a post on X (formerly Twitter) on January 27, focused on the longer-term <a rel="noopener noreferrer nofollow" title="impact" href="https://thebittimes.com/tag/impact.html">impact</a> of Bitcoin ETFs, anticipating a significant influence in the next few years. According to Poppe, widespread adoption could propel Bitcoin to reach a high of $500,000.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The real <a rel="noopener noreferrer nofollow" title="impact" href="https://thebittimes.com/tag/impact.html">impact</a> on the ETF is going to come in the next few years, resulting into a price of Bitcoin going to $300,000-500,000,” he said.&nbsp;</p>
 </blockquote>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="680" height="365" src="https://cdn.thebittimes.com/images/2024/01/28/d0b42b8f51305324cf60c0a33204f2e9.webp" alt class="wp-image-151755" srcset="https://cdn.thebittimes.com/images/2024/01/28/d0b42b8f51305324cf60c0a33204f2e9.webp 680w, https://cdn.thebittimes.com/images/2024/01/28/d0b42b8f51305324cf60c0a33204f2e9.webp 300w" sizes="(max-width: 680px) 100vw, 680px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
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 <h2 class="wp-block-heading" id="h-bitcoin-short-term-outlook-nbsp">Bitcoin short-term outlook&nbsp;</h2>
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       <h3 class="font-bold leading-6 " id="analyst-identifies-key-price-level-to-validate-bitcoin-s-bullish-scenario">Analyst identifies key price level to validate Bitcoin’s bullish scenario</h3>
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 <p class="paragraph">At the same time, after Bitcoin surged past the $42,000 mark, Poppe projected that the market should not expect further moves in the coming months, suggesting that the cryptocurrency is poised to consolidate in the range of $37,000 to $48,000 in the next months.</p>
 <p class="paragraph">In contrast to Poppe’s long-term outlook, crypto analyst <em>Fiery Trading</em>, in a<em> TradingView</em> post on January 27, offered an immediate perspective for BTC following the short-term gains.&nbsp;</p>
 <p class="paragraph">The expert remained cautious about the short-term bullish trend, emphasizing the importance of the $42,200 resistance level. In his opinion, a clear rejection at this point could signal continued bearish dominance in the short term.&nbsp;</p>
 <p class="paragraph">On the flip side, a successful breakthrough could pave the way for further gains, potentially reaching levels around $43,500 or higher. Additionally, he suggested that the ETF will likely have a longer-term <a rel="noopener noreferrer nofollow" title="impact" href="https://thebittimes.com/tag/impact.html">impact</a> on Bitcoin’s valuation.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="581" src="https://cdn.thebittimes.com/images/2024/01/28/1fe49aaa295367fb8201937628ede9dc.webp" alt class="wp-image-151756" srcset="https://cdn.thebittimes.com/images/2024/01/28/1fe49aaa295367fb8201937628ede9dc.webp 1024w, https://cdn.thebittimes.com/images/2024/01/28/1fe49aaa295367fb8201937628ede9dc.webp 300w, https://cdn.thebittimes.com/images/2024/01/28/1fe49aaa295367fb8201937628ede9dc.webp 768w, https://cdn.thebittimes.com/images/2024/01/28/1fe49aaa295367fb8201937628ede9dc.webp 1085w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-bitcoin-gains-as-etf-outflow-slows-nbsp">Bitcoin gains as ETF outflow slows&nbsp;</h2>
 <p class="paragraph">It’s worth noting that Bitcoin experienced a sell-off after the ETF approval, attributed to outflows from the Grayscale Bitcoin Trust (GBTC). Recent Bitcoin gains have coincided with a period where the profit-taking from GBTC has slowed.&nbsp;</p>
 <p class="paragraph">Overall, other funds experiencing increased inflows have withdrawn Bitcoin from the market, potentially contributing to upward price movements. While most ETFs are observing positive inflows, it is noteworthy that BlackRock’s (NYSE: BLK) &nbsp;iShares Bitcoin Trust (IBIT) surpassed the milestone of $2 billion in total inflows as of January 26.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis-nbsp">Bitcoin price analysis&nbsp;</h2>
 <p class="paragraph">By press time, Bitcoin was trading at $42,491, recording gains of almost 2% on the daily chart. On the weekly chart, BTC is up 1.8%. The current price level represents a five-day high after plunging to as low as $38,600 on January 23.</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/01/28/4c479caebc5fad85eb678c66736a27a0.webp" alt class="wp-image-151757" srcset="https://cdn.thebittimes.com/images/2024/01/28/4c479caebc5fad85eb678c66736a27a0.webp 1024w, https://cdn.thebittimes.com/images/2024/01/28/4c479caebc5fad85eb678c66736a27a0.webp 300w, https://cdn.thebittimes.com/images/2024/01/28/4c479caebc5fad85eb678c66736a27a0.webp 768w, https://cdn.thebittimes.com/images/2024/01/28/4c479caebc5fad85eb678c66736a27a0.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">Amid the current bullish sentiments, Bitcoin technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> is dominated by positive indicators. The summary of the one-day gauges retrieved from <em>TradingView</em> recommends a ‘buy’ at 13. The same sentiment is replicated for oscillators at 2, while moving averages suggest a ‘strong buy’ at 11.</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="201" src="https://cdn.thebittimes.com/images/2024/01/28/145d8bbc9c0778a8f3f8d0b47b04fbca.webp" alt class="wp-image-151758" srcset="https://cdn.thebittimes.com/images/2024/01/28/145d8bbc9c0778a8f3f8d0b47b04fbca.webp 1024w, https://cdn.thebittimes.com/images/2024/01/28/145d8bbc9c0778a8f3f8d0b47b04fbca.webp 300w, https://cdn.thebittimes.com/images/2024/01/28/145d8bbc9c0778a8f3f8d0b47b04fbca.webp 768w, https://cdn.thebittimes.com/images/2024/01/28/145d8bbc9c0778a8f3f8d0b47b04fbca.webp 1536w, https://cdn.thebittimes.com/images/2024/01/28/145d8bbc9c0778a8f3f8d0b47b04fbca.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Bi<em>tcoin technical analysis. Source: TradingView</em>
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 </figure>
 <p class="paragraph">In conclusion, although Bitcoin has recorded short-term gains, most analysts remain cautious, with some noting that the price could move either way as long as the asset is below $48,000.</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/btc-has-potential-to-rise-this-much-once-bitcoin-etf-s-real-impact-is-realized-tbt78018.html">https://thebittimes.com/btc-has-potential-to-rise-this-much-once-bitcoin-etf-s-real-impact-is-realized-tbt78018.html</a></p>

BTC has potential to rise this much once Bitcoin ETF’s real impact is realized

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