Bitcoin Breaks $30K Amid Rising Optimism Over Imminent ETF Approvals After SEC’s Ripple ``Capitulation’’ – And That Indicates Boom Times For Bitcoin Minetrix

Bitcoin Breaks $30K Amid Rising Optimism Over Imminent ETF Approvals After SEC’s Ripple “Capitulation’’ – And That Indicates Boom Times For Bitcoin Minetrix

ByLockridge Okoth

Updated: 23 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Bitcoin (BTC) eased past the psychologically important $30,000 level amid optimism over the imminent approval of spot Bitcoin ETFs after the Securities and Exchange Commission (SEC) dropped charges against two top Ripple executives last week.

BTC was up 2% at $30,502 at 5:50am ET after ”Rich Dad, Poor Dad” author Robert Kiyosaki added to positive sentiment by tweeting that Bitcoin’s next stop is $135,000. Trading volume surged 27%.

Gold will soon break through $2,100 and then take off. You will wish you had bought gold below $2,000. Next stop gold $3,700. Bitcoin testing $30,000. Next stop Bitcoin $135,000. Silver from $23 to $68 an ounce. Savers of fake dollars F’d. Please tell your friends to “Wake up.”…

— Robert Kiyosaki (@theRealKiyosaki) October 20, 2023

The dominant cryptocurrency is up almost 10% in a week with lawyer Jeremy Hogan further adding to positive sentiment when he tweeted that “For all Intents and Purposes the Ripple v. SEC case is over,” adding to hopes that the regulator will soon approve spot Bitcoin ETFs.

The regulator is also under increasing pressure to approve the ETFs after Grayscale Investments won a court victory against it in late August.

The judge called the regulator’s decision to approve Bitcoin Futures ETFs, but not spot Bitcoin ETFs, ”arbitrary and capricious.” When the SEC decided not to appeal that decision on Oct. 13, it further shortened the odds for approval of spot crypto ETFs.

Bitcoin Price Targets

The odds still favour the upside for Bitcoin’s price. Increased buying pressure may see BTC shatter the $31,000 psychological level. However, for confirmation of a continuation rally, the price must break and close above $31,777.

The aforementioned level, which is already in sight for the Bitcoin price and marking the last higher high, is critical for the next directional bias. The level is also critical considering BTC was rejected from here several times before. If BTC records a decisive candlestick close above $31,777, the next bull targets will be $32,000 and $35,000 in a highly bullish case.

For technical support, the Ichimoku cloud provides solid support, trailing Bitcoin price from below. Its cloud, hovering around the $28,676 to $26,734 region shows where BTC could find support. The Relative Strength Index (RSI) remains northbound, pointing to a strong price strength or momentum at 77. For as long as the RSI continues to point up, Bitcoin price will continue rising amid increasing buying pressure.

The Awesome Oscillator (AO) indicator shows large volumes of green histogram bars, suggesting bulls are heading the market. Perpetual traders looking to open new long positions should probably wait for BTC to confirm above $31,777, about 5% above current levels.

On the flipside…

A rejection from the $31,000 psychological level could see Bitcoin price drop, potentially flipping the $28,676 support floor to a resistance barrier. In the dire case, the price could dwindle to test the demand zone, extending from $26,995 to $26,510.

This zone, defined by a huge buyer population is critical for Bitcoin’s optimistic outlook. If it fails to hold as a support level, a break below its midline at $26,734 could commence a downtrend. The bearish target for such a move would be the $25,000 psychological level.

As Bitcoin price continuation rally is pending confirmation, enlightened investors are looking at BTCMTX, one of the top 3 ICOs to buy in October 2023.

Promising Alternative to Bitcoin

BTCMTX is the powering token for the Bitcoin Minetrix ecosystem. It is a new Ethereum (ETH) based presale cloud-mining project that recently breached the $2 million mark in sales as investors buy BTCMTX at current rates of $0.0112.

Announcement! 📢#BitcoinMinetrix has achieved a monumental milestone, surpassing $2,000,000 raised!

We are now also less than 40 minutes away from the start of Stage 3! 🪙 pic.twitter.com/iZENKYsxcd

— Bitcoinminetrix (@bitcoinminetrix) October 23, 2023

The project is committed to making every willing investor a BTC owner, in an easy and straightforward process. The project has eliminated hassles relating to noise, heat, hardware cost, and space, swindles due to third-party involvement, and general affordability. Simply stake your BTCMTX tokens for credits, then redeem these credits for mining hash power.

What #BitcoinMinetrix brings to the table:

Ease of entry 🚪

Cost efficiency 💵

No need for large spaces and no noise 🔇

No resale worries 😌 pic.twitter.com/CGenMwjFS6

— Bitcoinminetrix (@bitcoinminetrix) October 23, 2023

Bitcoin Minetrix is in the third stage, spanning two weeks with the countdown already running. Join the community of enlightened traders flocking to this new crypto presale.