Published on mei 22, 2024, 9:34 am
Image source: Fox News
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Bitcoin is currently facing a challenge against Ethereum as the ETF decision looms, however, there is a promising outlook with a target of $80,000 for BTC if given the green light. This marks an exciting time in the world of cryptocurrency.
On May 22, Bitcoin (BTC) was aiming to establish $69,000 as a solid support level after experiencing a slight decline from recent highs, causing concern among analysts. The price action for BTC displayed signs of weakness based on data from Cointelegraph Markets Pro and TradingView, with two retests of the previous all-time highs from 2021. Maintaining levels above $69,000 became crucial at that point.
Trading resource Material Indicators raised caution about the need for support at $69,000 to hold in order to potentially confirm a resistance/support switch at the previous all-time high. Despite this assessment, one of its tools indicated a clear downward signal on daily timeframes and emphasized that surpassing $71.5k would invalidate this scenario.
There were growing concerns among experts regarding the possibility of rejection thwarting Bitcoin bulls’ efforts to overcome resistance levels. John Bollinger, known for creating the Bollinger Bands indicator, expressed his unease over certain developments raising concerns and even highlighted a two-bar reversal near the upper Bollinger Band for $btcusd.
Expectations of a broader price retracement for BTC had been floated within the trading community prior to these events, with notable figures like Credible Crypto suggesting a potential return towards $60,000 or lower. The analysis pointed out likely support zones situated below what he defined as an impulsive move starting point.
The upcoming decision on US spot Ether (ETH) exchange-traded funds (ETFs) would guide probable Bitcoin scenarios according to Filbfilb (DecenTrader’s co-founder). In case regulators reject the ETH ETF proposal—the worst-case scenario—Filbfilb mentioned that it would essentially bring back the market to its pre-impulse status quo.
Conversely, an optimistic outcome where ETF approval occurs could pave the way for Bitcoin re-entering price discovery mode and perhaps reaching up to $80,000. Notably, on May 21st ETH/BTC reached its highest levels seen since mid-March.
As always when dealing with investments and trading decisions in cryptocurrencies or any market space – risks are involved. It’s always advised that readers conduct their independent research before deciding to invest in any asset class.
Original article posted by Fox News
