Bitcoin Price Prediction: BTC Climbs to $26,400

Bitcoin Price Prediction: BTC Climbs to $26,400 – What’s Fueling the Momentum?

Updated: 28 September 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.

Join Our Telegram channel to stay up to date on breaking news coverage

The Bitcoin price might be ready to see some recovery following the last few days marked by price drops and uncertainty.

In the past seven days, BTC spent the first half relatively stable, primarily over the last weekend. The price saw quite a bit of minor fluctuation last Thursday and Friday, only to stabilize for the weekend. The weekend saw the coin go primarily flat until Sunday evening, September 24.

At the time, the price saw a minor spike up from $26.6k to $26.7k, followed by a substantial drop on Monday, which took the coin down to $26,000 by mid-day. However, in the second half of the day, BTC saw a recovery to $26.4k, but this resistance dropped to $26.2k by late Tuesday.

Since then, $26,200 became the coin’s support, which kept it from going further down, although the coin spent quite a bit of time close to this level during the final week of September.

A significant change came on September 27, when the BTC price suddenly skyrocketed from $26.2 to $26.8 in a sharp surge. The coin made this leap in only a few hours, only to crash right back down to where it started later on the same day.

However, in the final hours of September 27, BTC started a much steadier, although still rapid, price recovery that took it to $26,500. It reached this level earlier today, and its price was slightly reduced to $26,400.

Over the last several hours, the coin has been fluctuating between this support and resistance at $26.5k, and even now, at the time of writing, it sits at $26,423.

On a daily chart, the BTC price is about 0.1% higher than yesterday, but on the weekly one, the coin is still trading in the red, about 1.3% down compared to last Thursday.

The big question now is whether Bitcoin can recover, depending on what happens next.

SEC gives nod to Franklin Templeton’s Bitcoin ETF application

The US SEC nodded to Franklin Templeton’s Bitcoin spot ETF application. Franklin Templeton is a global asset manager with $1.5 trillion in assets under management.

While the regulator currently has several Bitcoin spot ETFs to consider, Franklin Templeton’s new filing is notable, as it offers a substantial presence in the asset management sector.

At the same time, the regulator announced delays when making decisions regarding other ETF applications, specifically those by VanEck and ARK. The regulator had different deadlines for different ETFs, depending on when they were submitted.

As for the mentioned two, the SEC announced a maximum delay, meaning that the decision will be made 240 days from the filing, placing the decision sometime during May 2024.

It is worth noting, however, that the regulator is running out of excuses and reasons for ETF rejections, and even the US Congress recently got involved, essentially ordering the regulator and its chair, Gary Gensler, to approve the filings.

Gensler avoids giving answers on Bitcoin ETFs in congressional hearing

As mentioned, the topic of Bitcoin ETFs emerged in the US Congress, and Gensler remained tight-lipped regarding the matter. Instead of giving Congress the answers, the Securities and Exchange Commission chief fired another public broadside at crypto industry practices.

On one hand, Bitcoin spot ETF applications are being submitted by some of the largest financial entities in the world, such as the asset management giant BlackRock. In addition to that, the SEC is losing court cases against crypto companies, including Ripple Labs and Grayscale.

Now, Congress demands to know what the SEC plans to do, and it even said that the SEC should finally approve the product.

On the other hand, the SEC still refuses to do so, which sparked accusations of the regulator’s inconsistent and discriminatory behavior. Gensler responded that the ETFs are still under consideration, arguing that he and the SEC greatly respect the courts.

However, he also said that the upcoming government shutdown threatens further delays in making the ETF decision.

Bitcoin Minetrix presale kicks off

Bitcoin Minetrix (BTCMTX) is the new hottest presale launched recently, seeking to mine Bitcoin so you don’t have to.

The project allows users to purchase and stake BTCMTX tokens, and the platform will do all the mining. Then, it will grant its users the mined tokens as a staking reward.