Bitcoin price could revisit $45,000 according to crypto analyst
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●Bitcoin price touches $40,000 as BTC holders await green light for Spot Bitcoin ETF.
●BTC price rally to $45,000 is likely prior to the fourth halving event, according to a crypto analyst.
●Analysts at Santiment believe demand for BTC could push the asset towards $50,000 in the ongoing cycle.
Bitcoin price crossed the $41,000 mark on Binance, in its ongoing uptrend. BTC price rally is likely driven by the anticipation of Spot Bitcoin ETF approval. There are more catalysts driving BTC price gains in the current cycle.
The rising demand for BTC among institutional investors, ahead of the Spot ETF approval and ordinals, tokens created in accordance with the BRC-20 token standard are other catalysts fueling Bitcoin price uptrend.
Bitcoin price eyes $45,000 amidst rising demand, awaiting Spot Bitcoin ETF approval
Bitcoin price marked its first weekly close above the $40,000 level, since April 2022, fueling a bullish outlook among BTC holders. It represented the seventh consecutive green weekly close, signaling that bulls are in control of Bitcoin price uptrend.
Analysts at Santiment evaluated the BTC price uptrend and identified a Fear Of Missing Out (FOMO) among market participants. Analysts believe Bitcoin price could revisit $50,000 sooner or later, depending on whether BTC traders engage in profit-taking or demand pushes the asset higher.
Bitcoin price could rise to $50,000, Source: Santiment.
Bitcoin Open Interest (OI) on the Chicago Mercantile Exchange topped $4 billion for the first time since October 2021, when BTC price rallied past the $60,000 level. BTC OI has crossed an important milestone, supporting a bullish thesis for Bitcoin price.
BTC holders are anticipating a green signal from the US financial regulator for Bitcoin Spot ETF, between January 5 and 10, 2024, according to Bloomberg ETF analyst Jeff Seyffart.
Technical Analysis: Bitcoin price gears up to revisit $45,000
Crypto analyst behind the X handle @rektcapital evaluated the Bitcoin price trend and predicted that BTC price could revisit the $45,000 level prior to the fourth halving event, scheduled for April 2024. The analyst notes the trend that repeated in the past three cycles and predicted a pullback to the $42,000 level after BTC touches $45,000.
BTC/USD 1-month price chart, Source: TradingView.
Crypto analyst @Pentosh1’s prediction supports @rektcapital. The analyst has identified the $40,000 to $42,000 level as the most important one for Bitcoin, marking it as range highs in the ongoing cycle. The analyst believes $36,300 is the mid resistance level and BTC price could find support between $31,000 and $32,500.
BTC/USDT 3-day chart, Source: TradingView.
Bitcoin price is $41,323 on Binance, at the time of writing. BTC price rallied 10% in the past week and yielded nearly 4% daily gains for holders.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
