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Bitcoin Price Prediction as $30k Barrier Is Broken Again. What Can We Expect Today?

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Following Bitcoin price’s drop below the support at $30k earlier this week, the level became a major resistance that the price has been struggling to breach ever since.

Today, July 20th, finally seems to mark the day when the resistance has fallen before BTC, as the coin begins a major surge.

Starting at a price of $29,850k earlier today, Bitcoin has made two attempts to go above the $30,000 mark.

The first one allowed its price to briefly climb above this level, only for it to get rejected.

However, the coin did not drop too deep, finding its foothold at around $29,950. After that, it made another effort to grow and has not stopped.

At the time of writing, Bitcoin price surged to $30,300. The surge was rather sharp, so it is likely that it will result in a strong price correction. However, before it does, it will be interesting to see whether the coin can go higher and potentially reach $31k again.

Chart 1 July 20

The surge may have been caused by a new wave of good news for the coin, starting with the fact that the SEC has accepted up to 6 Bitcoin spot ETF proposals for review.

US SEC accepts more Bitcoin ETF filings for review

After it rejected all Bitcoin spot ETF filings a few weeks ago, the SEC has seen an entire wave of re-filings as the rejected companies corrected the errors that the regulator pointed out and came back for another round.

Once again, it started with BlackRock, which addressed the regulator’s issues with its filing by entering into a surveillance-sharing partnership with Coinbase.

The others made similar moves, and the SEC was forced to formally acknowledge up to 6 Bitcoin ETF applications. The applications came from BlackRock, Fidelity, Bitwise, Invesco, WisdomTree, and VanEck.

A crypto trading firm expects a Bitcoin spot ETF to bring $30b in demand

Demand for Bitcoin ETF has existed for a decade around the world, but while some areas already got it, the US is not among them.

The US SEC has kept rejecting proposals for 10 years now, and this time, with major players filing for ETFs, experts believe that the SEC no longer has valid excuses to keep rejecting the filings.

A crypto trading company NYDIG recently published a research report that suggests that a Bitcoin spot ETF would cause the demand for the coin to skyrocket.

According to its prediction, another $30 billion in new demand can be expected should the SEC finally approve one of the proposals.

The platform said:

The brand recognition of BlackRock and the iShares franchise, familiarity with purchase and sale methods through securities brokers, and simplicity of position reporting, risk measurement, and tax reporting, a spot ETF could bring some noted benefits compared to existing alternatives.

Bitcoin in a bullish phase

Speaking of predictions, analysts believe that Bitcoin is in a strongly bullish phase right now. According to technical indicators, there have been several bullish signals, including a head & shoulders pattern and a falling wedge pattern.

The falling wedge pattern suggests an upcoming price increase. The price action has already completed the pattern, and it also made a pullback to the bottom of the descending triangle.

Analysts have also spotted an inverse head and shoulders pattern, which is a signal for a strong bullish trend on the horizon.

Chart 2 July 20

At the moment, Bitcoin price is skyrocketing rapidly, taking the coin past the resistance at $30.2k and even allowing it to test the $30.3k level. Whether the resistance will manage to hold still remains to be seen. However, analysts seem optimistic, and the patterns are backing that optimism.

Evil Pepe presale blows up

In addition to the strong interest in Bitcoin, the market is also showing fascination with certain meem coin projects.

The most recent hit on the market is Evil Pepe (EVILPEPE) — a project which is deep in the meme culture and invites users to “embrace their evil side” and take risks.

The project is in the middle of a presale which is scheduled to last for another 13 days.

So far, it has already raised over $136,000 at a price of $0.000333 per EVILPEPE. The project’s goal is to raise close to $2 million, and anyone who is interested in buying its tokens can do so with ETH or uSDT.


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