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Bitcoin price has dropped 1.26% in the last 24 hours to trade for $42,686 as of 5:20 a.m. EST time, with a 12% drop in trading volume.
Coming toward the end of the year, all eyes remain peeled on the calendar for January 5, when the window for spot Bitcoin exchange-traded funds (ETFs) will open. With the expected approval barely six days out, the BTC market could witness some volatility, with Bitcoin price likely to break out from its prevailing pattern.
Meanwhile, an executive from investment bank Goldman Sachs, Mathew McDermott, says a spot BTC ETF approval will bring more institutional investors into the crypto scene.
Goldman Sachs Head Of Digital Assets Anticipates More Institutional Interest With Spot BTC ETF Approval
Speaking to Fox Business, McDermott said that a spot BTC ETF approval would increase liquidity in the market by creating tradable institutional products separate from bare assets. According to the Goldman Sachs executive, this would “open up the universe of the pensions, insurers, etc.”
Nevertheless, he does not anticipate an immediate transformation with the approval of spot Bitcoin ETFs, adding that the market could witness a gradual shift in the landscape across 2024 should the approval happen.
By and large, McDermott says 2024 will be an exponential year, with increased commercial applications of blockchain and the growing involvement of traditional financial institutions in the space over the last 12 to 18 months driving the growth of the cryptocurrency market.
Bitcoin Price Forecast As The Year Ends
Bitcoin price is consolidating along an ascending trendline with the $43,770 level holding as a resistance. The level holds significance as it coincides with the midline of a weekly supply barrier, which means a candlestick close above it on the weekly timeframe would confirm the continuation of the uptrend.
Nevertheless, the Relative Strength Index (RSI) appears subdued, moving horizontally even as BTC is overbought. This hints at a possible correction. If the RSI crosses below the 70 level, it would trigger a sell signal by confirming that BTC is ripe for selling.
The ensuing seller momentum could see Bitcoin price lose the support offered by the lower boundary of the weekly supply zone at $40,387, with a possible extension south below the ascending trendline. In the dire case, Bitcoin price could extend the fall to test the critical support at $37,800.
However, for the prevailing bullish outlook to be invalidated, Bitcoin price must record a weekly candlestick close below the $30,000 psychological level.
Bitcoin Price: Converse Case
With the histogram bars of the Awesome Oscillator (AO) indicator flashing green and with the Moving Average Convergence Divergence (MACD) indicator moving above the signal line (orange band), the odds still favor the upside.
Increased buying pressure above current levels could see Bitcoin price overcome the critical barrier at $43,770. Further north, BTC could flip the supply zone into a bullish breaker, confirming the move above the $48,000 psychological level.
In highly ambitious cases, the gains could extend for Bitcoin price to test the $50,000 or $60,000 psychological levels, which were last tested in December and November 2021, respectively.
Meanwhile, with the Bitcoin market being the point of focus as the countdown to the Spot BTC ETF window continues, enlightened investors are looking to BTCMTX. This cloud-mining token features among experts’ choices for promising BTC alternatives.
Promising Alternative To Bitcoin
BTCMTX is the native crypto for the Bitcoin Minetrix ecosystem, a cloud-mining project that makes BTC ownership achievable even for ordinary folk. This is through its innovative cloud mining mechanism.
Opt for #BitcoinMinetrix for seamless mining!
Entering cloud mining and waving goodbye to concerns about selling hardware. 🚀#BTCMTX manages upgrades, empowering users to concentrate on their $BTC journey, free from outdated equipment hassles. pic.twitter.com/JX3G4zG2BP
— Bitcoinminetrix (@bitcoinminetrix) December 27, 2023
Bitcoin Minetrix is in the presale stage with upwards of $6.672 million already in the bag. The project is edging towards the $7.182 million target fast, with investors looking to buy BTCMTX at stage 16 value only having just about three days to take advantage of the $0.0125 rates before the price increases.
#BitcoinMinetrix Stage 16 has commenced! 🌟
What risks or challenges could hinder #Bitcoin's future growth? pic.twitter.com/2KhBINl4CH
— Bitcoinminetrix (@bitcoinminetrix) December 27, 2023
Visit the Bitcoin Minetrix website to buy BTCMTX in the presale here.
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