Bitcoin Price Prediction: BTC Hits $27,400 – Will Bull Market Continue?

Updated: 30 August 2023

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The US Securities and Exchange Commission (SEC) has just suffered its second major crypto-related defeat in court. A federal appeals court ordered the regulator to “vacate” its rejection of Grayscale’s bid to convert its Grayscale Bitcoin Trust into an ETF.

As a result, this could mean that the US is finally about to get its first Bitcoin ETF, despite the SEC’s disapproval.

While massive news for the crypto industry, a research analyst at Fineqia International stepped up to clear potential misconceptions. The analyst, named Matteo Greco, said:

Grayscale obtained the chance of seeing their filing re-evaluated by the SEC as the causes of rejection did not seem fair to the judge. It doesn’t mean that now Grayscale will be 100% able to list a spot Bitcoin ETF, nor that this will happen in the future.

In other words, despite this being a big step in securing a Bitcoin ETF, there are still no guarantees that one will be approved. Greco said,

The Final decisions on when and if Grayscale will be able to list its product as an ETF are yet to be made.

Bitcoin Blows Up Following Court Ruling

As the ruling details became known to the public, the ETF hype returned, causing Bitcoin’s price to jump by over 6%. The coin, which previously sat at around $26k, commonly dipped below this level, then surged back up.

The first price surge took BTC to $27.6k, which started acting as a strong resistance. However, BTC managed to break it after struggling for a few hours and to surge even further up to $28k.

Since then, the token gradually corrected, heading toward $27.5k. At the time of writing, Bitcoin’s price sits at $27,445.

The coin also saw its daily volume more than triple following the ruling. On August 28, the coin’s volume fluctuated between $8 and $10 billion.

By the time BTC reached its peak at $28k, the volume had skyrocketed to $23 billion, and right now, despite price correction, it has exceeded $31 billion, climbing by around 190% in the last 24 hours. The coin’s market cap is also up by 6%, currently at $534.33 billion.

Will Bitcoin Continue To Surge?

While many have rushed to buy or sell BTC following Grayscale’s court victory, experts believe the new bull run will not last long. Some have called this a fake pump, proclaiming it the “bull trap for the year.”

According to the analysts, Bitcoin’s pump is just a bull trap, and they warned buyers not to fall for it. They said the chart prints a head and shoulders pattern — a highly bearish signal.

The neckline is still holding, so the pattern is not yet confirmed, but the analyst says that the possibility of a breakdown is massive.

Finally, they warned that the trend is no longer bullish and that this is not the time to get into Bitcoin, apart from shorting.

As the analyst noted, the altcoin behavior suggests the same, stating that DOGE saw a massive crash of 70%, which shows that Bitcoin is still not ready for the bull market.

Wall Street Memes Presale In Final Stage

Those who believe the pump is a bull trap can still choose to make a different move and turn to one of the cryptocurrencies available in presales.

One example is Wall Street Memes (WSM), a meme coin that recently entered its last stage. The project has already raised over $25 million, and it is now inviting buyers to use this last opportunity to purchase the token for $0.0337.

The token will finally reach crypto exchanges in 28 days, and from that point, its price will be subject to the same volatility as the rest of the crypto market.

Whether the price will go up or down remains to be seen once it goes live, but many believe WSM has a bright future.

Anyone interested in buying it now can do so with ETH, USDT, BNB, or their credit/debit card.

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