The post Bitcoin Price Holds Steady at $35,000, Analysts Predict Huge Next Move appeared first on Coinpedia Fintech News
Bitcoin (BTC) has once again taken center stage, while many are surprised by its maintained positive trading range, defying expectations of a market correction. The price currently stands at $34,981, reflecting a 1.28% increase in the past 24 hours.
Despite noticeable price volatility, strong buying momentum, indicated by a 16% surge in trading volume, positions BTC favorably to sustain its current level and possibly reach new price milestones.
Bullish Momentum Keeps Bitcoin Afloat
Within the cryptocurrency market, insights from seasoned analysts hold significant sway. Renowned market analyst Credible Crypto noted that Bitcoin (BTC) has held firm, refusing to drop to the local invalidation point of $34,600.
This remarkable stability was accomplished with the support of market bulls who effectively maintained the midrange, initiated consolidation, and triggered a new impulse.
Meanwhile, Credible Crypto outlined these movements based on a predefined guide shared in an earlier analysis. However, in a recent YouTube video update, Credible Crypto highlighted the logical next step as surpassing $35,000.
Credible Crypto’s Elliott Wave analysis highlights three significant levels to monitor: $34,314, $34,714, and $35,119, representing the range low, midrange point, and high, respectively.
With Bitcoin exuding a positive short-term momentum, Credible Crypto suggests that the coin might continue to shift impulses until it reaches the psychologically significant level of $40,000. If achieved, this could pave the way for a new record high (ATH), according to the analyst.
Excitement Growing for Bitcoin Spot ETF Approval
The cryptocurrency world is abuzz with discussions about Bitcoin spot ETF products. There is growing anticipation that the US SEC will soon approve these products, which are expected to attract institutional investors. Notably, the presence of significant players like BlackRock are involved, heightening expectations of approval.
While the exact timeline for approval remains uncertain, many industry experts project it could happen next year. However, Galaxy Digital CEO Mike Novogratz is optimistic, suggesting approval might be secured before the year’s end.
With bullish momentum and anticipation for ETF approval, the crypto community eagerly awaits the future of Bitcoin.