Bitcoin (BTC) price is following an interesting pattern that could provide confidence to investors in the coming days. At current price levels, the price of the largest cryptocurrency has risen to levels before the decline of the major crypto exchange FTX and even beyond the levels of April 2022. So, what will be the next situation for Bitcoin? Let’s take a closer look.
Crypto analyst and investor Titan of Crypto announced that based on the price movements in the last 72 hours, he expects Bitcoin to rise to $46,500 from his personal X account. Currently, the largest cryptocurrency is following the same pattern of a correction after a short period of price increase in the last three days.
Another anonymous crypto analyst, Bitcoin Maximalist, predicts a significant rally in the price of Bitcoin. The analyst expects Bitcoin to ignite a large green candle that can surpass $100,000 and beyond from the current levels. On-chain data also supports analysts’ bullish expectations. The number of Bitcoin wallet addresses holding more than 100 BTC has increased during the rally above $40,000 in the last four weeks.
As for long-term expectations, market observers point out two important catalysts for the largest cryptocurrency. The first catalyst is the potential approval of the first spot Bitcoin ETF in the US. The second catalyst is the expected Bitcoin block reward halving in April 2024.
Another question of interest is whether the price will surpass $50,000 before the approval of the spot Bitcoin ETF and whether it will be in a good position to reach the next stage of the bull run. Experts suggest that the possible dates for the ETF approval announcement could be between January 6-8, 2023, but the US Securities and Exchange Commission (SEC) has the option to delay the ETF approval for a few more weeks due to technical reasons.
