Bitcoin fortifies $48,000 between $55,000 price target
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If the largest cryptocurrency can break through key resistance levels, Bitcoin may face minimal traffic on its way to $55,000.
Bitcoin (BTC) shows a clear path towards $60,000, although this depends on BTC breaking resistance near the $48,000 price range, according to technical analyst Ali Charts. The last time this level was seen was in April 2022, when the US banking crisis broke out and the Terra ecosystem collapsed.
On-chain data from IntoTheBlock, Quote The trader said that BTC may target this resistance point after forming support around $42,000. At this level, nearly 2.5 million Bitcoin addresses purchased 1.12 BTC, which is now worth over $52.5 billion after the cryptocurrency king coin hit a 21-month high above $47,000.
The upcoming approval of a spot BTC ETF and the Bitcoin halving in April could be two catalysts that could drive market prices higher. The U.S. Securities and Exchange Commission (SEC) is reportedly close to making a decision on a BTC ETF tied to spot prices rather than futures funds, which are already trading on major exchanges.
The landmark decision could attract billions of dollars into Bitcoin as U.S. institutional and retail investors will finally gain regulation over their Bitcoin exposure. While issuers and cryptocurrency proponents consider it a foregone conclusion that the spot BTC ETF will be approved, reports suggest the SEC may still delay or deny the application.
There is also a view that the Bitcoin halving may mask the market price impact caused by approved ETFs. This event occurs every four years and cuts block mining rewards in half, slowing the rate at which new Bitcoins enter the market. Normally, this change would complement BTC’s scarcity and could push the price higher when coupled with strong demand, and the spot BTC ETF happens to anticipate just that.
