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The Bitcoin price is up 0.5% in the last 24 hours and 13% in the last week to trade for $43,432 as of 6:20 a.m. EST time.

Meanwhile, global investment manager VanEck predicts Bitcoin will hit an all-time high in November next year.

The fund manager made 15 crypto price predictions for 2024 saying the US Presidential elections will dismantle the hostile approach of the Securities and Exchange Commission (SEC) towards the crypto industry.

Spot Bitcoin ETFs, if approved, will attract over $2.4 billion in inflows in Q1 2024 amid fears of a US recession, the blog notes.

While assessing the impact of the Bitcoin halving event, VanEck predicts a publicly traded miner will make 10x by year-end. Bitcoin will also trade above $48K post-halving.

Ethereum will not flip Bitcoin in 2024, according to VanEck. Moreover, Solana will outperform Ethereum to become a top 3 blockchain by market cap. Solana’s growth will spur a rally for spot Solana exchange-traded funds (ETFs).

Santiment Attributes Dwindling Trading Volume To FUD

Meanwhile, trading volume for Bitcoin has dwindled by 12% with Santiment saying traders are afraid that the market may be in a bull trap at the moment. The on-chain behavior analysis tool attributes this to the current lack of momentum in Bitcoin price action even as Ethereum continues to lead the altcoin community forward.

Nevertheless, Santiment indicates that it is the same fear, uncertainty, and doubt (FUD) that could propel the king of cryptocurrency to the $50,000 psychological level.

Meanwhile, analysts observe that Bitcoin price has formed a bullish flag on the one-hour timeframe, suggesting it is coiling for a breakout.

Crypto Rover, a YouTuber, notes that the bullishness in Bitcoin price from a big-picture perspective is attributed to institutions as opposed to retail. This comes as $600,000,000 worth of Bitcoin short liquidations are lying around $44,500.

Bitcoin Price Prognosis As BTC Momentum Wanes

Bitcoin price action remains broadly northbound but faces strong opposition from the weekly supply barrier extending from $40,698 to $46,999. However, the level to beat is $43,860, which marks the midline or mean threshold of the supply zone.

If Bitcoin price manages to break and close above it on the weekly timeframe, it would confirm the continuation of the move north. The next logical target for the people’s crypto would then be the $54,763 resistance level, or in highly bullish cases, extend to tag the $66,098 hurdle. Such a move would constitute a 50% climb above current levels.

Momentum indicators support the bullish outlook, with the Relative Strength Index (RSI) still northbound suggesting momentum continues to rise. Similarly, the Awesome Oscillator (AO) remains in the positive territory with pronounced green histogram bars showing bulls show dominance in the BTC market.

Furthermore, the last candlestick of Bitcoin price has broken out above the upper band of the Bollinger indicator at $41,775. This hints at a possible continuation of the price north.

BTC
TradingView: BTC/USDT 1-week chart

Conversely, a rejection from the supply barrier could see Bitcoin price pull south, potentially testing the centerline of the Bollinger band indicator at $31,121, or in the dire case, descend to test the $30,000 psychological level.

Meanwhile, with Bitcoin price being a hot topic in the market, BTCETF, a Bitcoin ETF-themed coin, is primed to explode in Q1 of 2024. Experts anticipate 10X growth potential.

Promising Alternative To Bitcoin

BTCETF, which powers the Bitcoin ETF Token project, is an investment opportunity that is worth your attention. It is still in the presale, selling for $0.0064, a price tag that will increase in less than two days.

Presale sales are going fast, boasting an outstanding $3.079 million out of a target objective of $3.403 million.

Presenting a groundbreaking initiative set to transform the crypto space, Bitcoin ETF Token project prepares for the imminent launch of spot BTC ETFs. It stands out among other cryptocurrencies in the ecosystem, and rewards token holders just for ownership.

This comes as the realization of BTC ETFs seems assured as the US Securities and Exchange Commission (SEC) continues to engage with institutions. Grayscale CEO Michael Sonnenshein attested to this recently.

Visit the Bitcoin ETF Token website to buy BTCETF in the presale here.

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