The Bitcoin price curve is following an interesting pattern that could potentially give investors confidence for the days to come. At the current level, the BTC price retraced the April 2022 level, which was a few weeks before the FTX collapse erupted in the crypto market.
Also Read: Bitcoin Maxi Says Further BTC Price Uptrend “Will Shock The World”
BTC Price Forecast
According to X account of Titan of Crypto, a projection up to $46,500 is made based on price activity in the last 72 hours. When observed in lower time frame of 15 minutes, the top cryptocurrency is following the same pattern of price rise and consequent correction in the last three days. Hence, based on the same projections, BTC price is expected to touch the $46,500, the analyst said. He added,
“Bitcoin $46,500 next? In the lower timeframe (15min) BTC seems to be replicating the same exact pattern for 3 consecutive days. If this pattern were to repeat again today, $46.5k would be the target.”
Meanwhile, on-chain data shows that the Bitcoin wallets with over 100 BTC have activated in the lasy four weeks in the lead up to the rally above $40,000. Also, Bitcoin Maximalist said he was expecting a ‘God candle‘ for BTC to further rise by $100K from the current level.
Long Term Prospects
In the longer term, the top cryptocurrency could likely have a huge boost with the potential approval of the spot Bitcoin ETF as well as the upcoming Bitcoin Halving event. It remains to be seen if the price breaches $50,000 before the ETF approval comes, only to be well placed to reach the next stage of bull run. Analysts are expecting the next possible dates for ETF approval announcement to be around the small window between January 6 to 8, 2023.
However, the U.S. Securities and Exchange Commission (SEC) stands every chance to further delay the approval for few weeks owing to technical reasons.
Also Read: US SEC Delays Grayscale Ethereum Trust ETF Decision to Jan 25
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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