Bitcoin, the world’s most valuable cryptocurrency, has recently experienced a dip in trading value, currently at around $27,700, below its $28,000 threshold. This could be due to the overall stability of traditional financial markets, which is attributed to the slow growth rate of the US job market. Investors are eagerly awaiting the job data from the US this Friday, which could have either a positive or negative effect on Bitcoin’s price.
Steven Schoenfield, CEO of MarketVector Indexes and ex-BlackRock MD, predicted at CCData’s Digital Asset Summit in London that the SEC will approve a Bitcoin spot ETF in 3-6 months. Schoenfield and Bednall also believe the SEC will approve all Bitcoin ETF applications at once, to avoid an unfair advantage.
Recent SEC actions could indicate potential openness to the issue – a lawsuit filed by Grayscale was lost by the SEC, and BlackRock is considered a strong contender for the first Bitcoin spot ETF approval due to their experience with the SEC. If approved, a Bitcoin ETF could attract $150-200 billion in investments over three years, potentially doubling or tripling the current amount managed through Bitcoin products.
Former BitMEX CEO Arthur Hayes has made a bold prediction about the future of Bitcoin – that by 2026, it could reach as high as $750,000 to $1 million. This is notably higher than most other predictions, but many experts remain optimistic about Bitcoin’s long-term potential, especially as it gains acceptance among mainstream investors.
The integration of Bitcoin Improvement Proposal (BIP) 324 into Bitcoin Core could also be a contributing factor in BTC gaining more popularity. This proposal has garnered support within the BTC community because it improves security measures against cyber attacks, as it enables nodes to encrypt their communication with other nodes on the network. It also improves censorship resistance and introduces pseudorandom byte strings, making it more difficult for eavesdropping or censorship attempts.
Bitcoin currently stands at a pivotal juncture, with the pivot point identified at $27,279. Immediate resistance is at $27,873, followed by $28,460 and $29,997. If the market faces selling pressure, Bitcoin could seek support at $26,798, $26,414, and $25,982. The RSI is at 49 – indicating a nearly balanced market sentiment – and the 50-day EMA is at $27,279, aligning with the pivot point. Any movement above this could signal a short-term bullish trend, while a dip below it might hint at bearish momentum.
To explore the potential of the digital asset market, Cryptonews has handpicked a collection of the best 15 alternative cryptocurrencies and ICO projects to watch in 2023. This list has been curated by professionals from Industry Talk and Cryptonews, providing expert advice and critical insights for cryptocurrency investments.
Finally, Cryptonews has also created a cryptocurrency price tracker, giving users the opportunity to find the best price to buy or sell cryptocurrency. It is important to note that cryptocurrencies are highly volatile investments with considerable risk, so always be sure to do your own research before investing.
