Bitcoin Price Prediction: BTC Hits New Yearly High As This Spot Bitcoin ETF Approvals Play Hurtles Past $1.5 Million In Presale

BySteven Walgenbach

Updated: 24 November 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 hit a new high for the year of $38,392 today just three days after the US unveiled a record $4.3 billion settlement plan with Binance Holdings.

The king of crypto pared gains to trade at $37,838 at 1:05 p.m. EST with analysts now seeing a further rally to $40k as inevitable.

This surge saw the cryptocurrency’s value breach the strong $38K resistance and the leading cryptocurrency is now trading around support and resistance levels established before the Terra Luna UST capitulation in early 2022.

Bitcoin Price: Momentum Needed For Rally Is Building

4-hour chart for BTC/USDT (Source: TradingView)

The Bitcoin price rebounded from the 50 Exponential Moving Average (EMA) line on the 4-hour chart in the last 24 hours. This bounce resulted in a higher low being recorded, which also led to the formation of an ascending triangle pattern. Should this bullish pattern be validated, the leading cryptocurrency’s price may attempt to flip the resistance level at $38,150 into support within the next 24 hours.

Two consecutive 4-hour candle closes above this significant price point will clear a path for the Bitcoin price to rise to $40K in the next couple of days. A potential sign that the cryptocurrency will pull back will be if BTC breaks below the hypotenuse of the triangle chart pattern. This could lead to a correction down to the 50 EMA line, which is around $36.5K. Continued sell pressure at this point will most likely see BTC correct to the key $35,120 support level.

Short-term momentum is currently in favor of buyers. The Moving Average Convergence Divergence (MACD) indicator on BTC’s 4-hour chart was flagging bullish. The MACD line breaking away above the MACD Signal line suggests Bitcoin may continue its move to the upside in the next few days. This, coupled with the fact that BTC has the support of the 50 EMA line, indicates the possibility of the cryptocurrency king’s price climbing to $40K soon.

A catalyst for the recent breakout recorded by the Bitcoin price is heightened anticipation around the first spot Bitcoin ETF (exchange-traded fund) receiving approval. As this excitement grows, investors may find buying into Bitcoin ETF Token in their best interests.

Rewarding Holders As Spot Bitcoin ETFs Go Mainstream

Bitcoin ETF Token is the only cryptocurrency that rewards its holders after every development related to Spot Bitcoin ETFs. The project’s native token, BTCETF is a steal at just $0.0058.

Investors may want to act fast with Bloomberg estimating a 90% chance that the first spot Bitcoin ETF is approved by early in January. Adding to the urgency, the price of BTCETF is set to increase within the next four days. Its presale has already raised more than $1.5 million. Anyone looking to buy in at this stage can use USDT, ETH, or a bank card.

Bringing More Value To Early Investors

🔍 The #BitcoinETF — a long-awaited focus for #Crypto entrepreneurs.

Simplifying #Bitcoin interest, it enables stock market traders to access digital asset shares via regular brokerage accounts, bypassing the complexities of direct purchase and storage. pic.twitter.com/dCeBuzd1n3

— BTCETF_Token (@BTCETF_Token) November 24, 2023

Investors can generate substantial returns from the speculative value of BTCETF while the Bitcoin ETF Token also offers a lucrative staking program. The staking program implements a dynamic reward structure and offers an incredible 163% APY.

The potential for BTC to surpass the $40K mark soon, combined with the lucrative staking program offered by Bitcoin ETF Token and the rapidly rising anticipation of the first spot Bitcoin ETF, makes for the perfect environment in which buy to buy this token. Indeed, these factors combined may well lead to a meteoric rise in the price of BTCETF.