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The Bitcoin price has dropped 1% in the last 24 hours to trade at $42.4K as of 8:30 a.m. EST.
This comes after Securities and Exchange Commission chair Gary Gensler said the regulator is taking a ”new look” at spot Bitcoin ETF (exchange-traded fund) applications after a number of legal setbacks.
“We had in the past denied a number of these applications, but the courts here in the District of Columbia weighed in on that,” Gensler said. “So we’re taking a new look at this based upon those court rulings.”
🇺🇲 SEC Chair Garry Gensler commented on @CNBC about SPOT #Bitcoin ETF.
How they have been denying a dussin of these ETFs in the past, but now BlackRock… I mean Courts in DC have intervened and now the SEC have to reprocess these ETF applications again. 😅
Remember what I… pic.twitter.com/QrD42zaLIo
— Seth (@seth_fin) December 14, 2023
Bitcoin Price Prediction
Despite this news, looking at 45-minute BTC/USD charts, Bitcoin’s short-term trajectory remains uncertain, as indicators point out. The 50-period moving average has exceeded the 200-period moving average to form a golden cross. This points towards a bullish short-term on the Bitcoin price.
The Relative Strength Index indicator is also on a downward trajectory as it heads towards the oversold region. The MACD also moves in the red zone, showing bearishness on Bitcoin as resistance is felt at $44.6K. Both suggest a bearish short-term term, showing the uncertainty on the Bitcoin price, leaving the prospects of a break out on either side open.
The Bollinger Bands are moving close to each other, showing low volatility levels on the Bitcoin price. This can be attributed to dropping trading activities that have seen Bitcoin’s trade volume drop by 26% in the last 24 hours.
Meanwhile, as the Bitcoin price plunges, the new Bitcoin ETF Token is looking like an excellent alternative investment as the BTCETF presale now surges past $4.1 million in presale. BTCETF tokens are currently priced at $0.0068.
Bitcoin Price Prediction: Is BTCETF A Better Alternative?
With Bitcoin stabilizing around $42,000 after briefly reaching $45,000, investors are capitalizing on the current stability, anticipating a potential record-breaking surge in digital asset prices.
BTCETF, an Ethereum-based token, incorporates burn mechanisms triggered by ETF approval, launch, and other milestones, ensuring immediate benefits for token owners at crucial junctures.
With competition for supremacy in the ETF market intensifying, with Vanguard and BlackRock vying for dominance, BTCETF is poised to capitalize on a likely surge in the Bitcoin price should the applications be approved.
https://twitter.com/BTCETF_Token/status/1735341990160540109?s=20
Long-Term Perspective: SEC Approval and Economic Shifts
Investing in BTCETF extends beyond a short-term bet on SEC approval, positioning investors for a pivotal economic moment. With global economic dynamics changing, Bitcoin’s potential for gaining mainstream acceptance is gaining traction, with spinoff benefits for derivative coins like BTCETF.
The token’s value proposition is strengthened by a shrinking total supply and decreasing transaction tax at each milestone.
In summary, the Bitcoin ETF Token presents a unique investment opportunity with the potential for significant returns amid a rapidly evolving cryptocurrency landscape. With this in mind, the new BTCETF token could be an excellent alternative to Bitcoin itself.
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