Despite not yet returning to the levels above $44,000 it briefly reached earlier this month, Bitcoin (BTC) seems to have resumed its bullish advance, and its next step could be to test the area right below $50,000 ahead of the approval of the first spot Bitcoin exchange-traded fund (ETF).
Specifically, Bitcoin tested the lows successfully and did not take the liquidity beneath the lows, and now the correction looks to be over, as per a chart analysis shared by cryptocurrency expert Michaël van de Poppe in an X post published on December 19.
According to the crypto market analyst, the flagship decentralized finance (DeFi) asset is likely to test the zone between $47,000 and $50,000 right before the spot Bitcoin ETF approval by the United States Securities and Exchange Commission (SEC), so he advised his followers to “buy the dips.”
Bitcoin price analysis
Meanwhile, Bitcoin was at press time changing hands at the price of $42,670, which represents an increase of 3.33% in the last 24 hours, in addition to advancing 2.90% across the previous seven days and gaining 17.05% on its monthly chart, according to the data on December 19.
Indeed, many analysts believe that the launch of the first spot Bitcoin ETF would kickstart a bullish rally for the maiden crypto asset, potentially unlocking over $70 billion in new capital influx and leading it toward new highs, considering its explosive reaction to the fake spot BTC ETF approval news earlier in October.
In terms of the possible date for this to happen, Bloomberg’s senior ETF analyst Eric Balchunas said in November that the media outlet’s research team was maintaining its stance on the 90% odds of approval by January 10, 2024, as Finbold reported on November 29.
At the same time, Bernstein Research, the independent research arm of the global asset management firm AllianceBernstein, is also positive that this highly anticipated event is coming soon, with January 10 as the probable due date for the SEC to finally cave in and approve its first spot Bitcoin ETF.
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