Bitcoin Price Prediction: Bloomberg Sees BTC Heading To $500K In New Crypto Supercycle That Would Send This Bitcoin ETF-Themed Coin Into Orbit

ByLockridge Okoth

Updated: 05 December 2023

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Bitcoin price is up 0.3% in the last 24 hours to trade for $41,715 as of 5:00 AM EST, flanked by a 21% increase in trading volume.

Amid ongoing Bitcoin exchange-traded funds (ETFs) hype and the anticipated BTC halving, the crypto industry is rediscovering its animal spirits.

That’s why now would be the best time to buy BTCETF, a project that’s front-running spot Bitcoin ETF approvals and rewarding token holders just for ownership.

The #BTCETF #Token stands as more than a typical #DigitalCurrency; it's a forward-thinking initiative shaping the future of #Bitcoin ETFs. 🌟

Leveraging #Ethereum, #BitcoinETF foresees and embraces this forthcoming evolution, presenting exclusive advantages to its user base. pic.twitter.com/inReCyJ3Ax

— BTCETF_Token (@BTCETF_Token) November 28, 2023

Bloomberg Sees The Start Of A Crypto Supercycle

Amid the hype, Bloomberg said that “Bitcoin topping $42,000 is just the start of a fresh crypto supercycle that will push the world’s biggest token above $500,000 in what adherents say is the new monetary order taking Wall Street by storm.”

With Bitcoin price climbing for the third month in a row, boasting upwards of 10% in gains since the onset of December, it’s reclaimed levels last seen in April 2022 before the collapse of the Terra UST ecosystem.

In the meantime, Bitcoin price is trading within a weekly supply zone on the 1-week timeframe. It shows potential to extend the primary trend, as technical indicators support the bullish outlook.

Bitcoin Price Prognosis As BTC Trades Within A Weekly Supply Zone

After a 150% climb year-to-date, Bitcoin price is trading within a supply barrier that extends from $40,517 to $46,972. The primary trend is bullish, with technical indicators showing increasing appetite among the bulls.

For starters, the Relative Strength Index (RSI) is northbound suggesting momentum is still rising. If sustained, it could deliver more gains for Bitcoin price especially because the bulls continue to maintain a presence in the BTC market. Evidence of this is the position of the Awesome Oscillator (AO) in the positive territory with growing volumes of green histogram bars. This shows that the bulls are leading the BTC market.

Increased buying pressure above current levels, therefore, could see Bitcoin price extend north to confront the mean threshold (midline) of the supply barrier at $43,864. A break and close above this level would confirm the continuation of the trend, potentially seeing the weekly supply zone flipped to a bullish breaker.

Further north, Bitcoin price could extend the gains to breach the $50,000 psychological level and in a highly bullish case, extend the gains to confront the $55,560 resistance level, last tested in November 2021.

On the flip side, if the supply zone holds as a resistance level, rejecting Bitcoin price, the ensuing selling pressure could send BTC south, losing the $40,000 psychological level. In the dire case, the slump could extend for Bitcoin price to test the $30,000 psychological level. Such a move would denote a 30% drop below current levels.

On-chain Metrics Supporting Bullish Outlook For Bitcoin Price

Santiment data shows fresh capital still flowing into the BTC market, indicated in the spikes on the active stablecoin deposits and the increasing market capitalization of Tether (USDT) stablecoin. This adds credence to the bullish thesis.

Bitcoin santiment — BTC Santiment: Active stablecoin deposits, USDT market cap

Also, the daily active addresses are spiking pointing to increasing crowd interaction with BTC. This is bullish for Bitcoin price as it shows the number of unique addresses involved in BTC transactions is increasing.

Meanwhile, anything that is good for Bitcoin and Bitcoin ETF applications is also good for the Bitcoin-themed ETF coin, BTCETF.

Promising Alternative To Bitcoin

BTCETF, powering the Bitcoin ETF Token project, is a clear front-runner ahead of spot BTC ETF approvals. It is the only ecosystem that rewards token holders as the ETF products are approved, which explains the community support it has garnered, nearing 3.5K in followership on X so far.

What's the aim of the #BTCETF #Token?

This #BitcoinETF token, operating as an ERC-20 token, commemorates the anticipated introduction of #Bitcoin ETFs into the American financial markets. 🎉 pic.twitter.com/nybwFgMwwH

— BTCETF_Token (@BTCETF_Token) December 5, 2023

The project is in the seventh stage of the presale, where each BTCETF token is selling for $0.0062. Presale sales have reached $2.558 million, out of the target objective of $2.876 million. Buy BTCETF in the current stage to avoid higher rates.