The price of bitcoin (BTC) had little movement in recent days, to remain hovering in the range of $29,800 and $31,300. However, this trend would be about to change in the coming days, according to renowned analysts.
After a 25% increase to go from $24,900 to over $30,000 in the middle of last June, BTC has seen difficulties to follow a clear uptrend.
For cryptocurrency analyst Rekt Capital, a “positive catalyst” would change this scenario dramatically.
“All that is needed is a positive catalyst to end the BTC decline,” he wrote on his Twitter account.
— Rekt Capital (@rektcapital) July 7, 2023
Were ETFs a wasted opportunity?
During a video on the TechnicalRoundup channel, analyst DonAlt asserted that the filing of bitcoin exchange-traded funds (ETFs) by Wall Street giants such as BlackRock was a catalyst that should have already triggered a rally.
“BTC is consolidating above resistance right now. The problem I have with all of this is that, in my opinion, the whole ETF thing is big enough that it should have already pumped. And the fact that it hasn’t has me worried,” he said.
Bitcoin futures ETFs track BTC futures contracts or agreements to buy or sell the cryptocurrency at a specific price, on a specific date. A spot bitcoin ETF would track the market price of bitcoin.
According to the analyst, bitcoin’s support level at $29,000 must hold to avoid a significant correction.
“As long as [bitcoin] is above $29,000 during its daily close, I think this looks good. If it closes below it would look bad,” he added.
According to fellow analyst Axel Adler Jr, it’s only a matter of time before ETFs are a major catalyst for the cryptocurrency.
When will Bitcoin rocket to the moon? 🚀
No one knows the exact date, a trigger needs to be set off. Approval of an ETF could be such a trigger.
We should see an explosive increase in BTC: Total Transfer Volume. pic.twitter.com/WqMZLSFKCF
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) July 7, 2023
His analysis is based on the total volume of BTC transfers as an indicator of a large upward price movement.
While Adler Jr. did not venture to predict the exact timing of the rise, he suggests it could be triggered by the approval of the bitcoin exchange-traded fund (ETF).
What do the bitcoin price charts say?
Analyst Daan Crypto Trades expects a decisive breakthrough that will propel the BTC price into a significant move.
He stressed that the sideways charts bitcoin is showing are just “the prelude to an imminent explosion.”
IF $BTC were to grind back to the highs from here, I'd be pretty confident that the next breakout will be "the one" where we finally break out of this area.
I also think this would be the sharpest move and likely sets the top for 2023 followed by a slow rest of the year.
— Daan Crypto Trades (@DaanCrypto) July 6, 2023
Once the cryptocurrency breaks free of this trend, Daan Crypto Trades predicts that the resulting breakout will cap by 2023.
“This would be the sharpest move and probably set the top for 2023, followed by a slow rest of the year. […] I would guess we would visit approximately $36,000-40,000 in a quick manner,” he mentioned.
At the moment (17:34 UTC), the bitcoin price stood at $30,294 with a slight increase of 0.14% in the last 24 hours. At the time of writing, BTC accumulated small losses of 0.74% in seven days.
This announcement is not directed at investors or potential investors and does not constitute an offer to sell or a solicitation of an offer to buy any securities. It should not be used or relied upon to evaluate the merits of any investment.
Any projections, estimates, forecasts, targets, prospects, and opinions expressed in this release are subject to change without notice. The contents herein should not be construed as or relied upon as investment, legal, tax, or other advice.
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