Bitcoin Price Prediction: VanEck Sees BTC Hitting New ATH Next Year, But This Bitcoin ETF Token Might 10X Next Month

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The Bitcoin value is down 2% within the final 24 hours to commerce for $41,178 as of 11:30 p.m. EST time, however buying and selling quantity is up 35%.

Buyers are popping out of the weekend prepared for motion. The bears are prevalent with the Transferring Common Convergence Divergence (MACD) giving a promote sign. Expectations of a pullback proceed to brew, with merchants anticipating a revisit of the $36,000 to $37,000 vary.

I believe another run up in the direction of 44 okay earlier than the nuke.

I nonetheless count on 36/37 okay to get hit.

Invalidation above 46 okay#btc

Oh and that i overlook to sayQ1 2024 = $55 000 #btc 📸

— WIZZ ( beware scammers ) (@CryptoWizardd) December 17, 2023

One dealer has noticed that the Bitcoin value fully reset the each day Relative Energy Index (RSI). It places the momentum indicator at its lowest stage in two months. The final time the BTC RSI was this low is when Bitcoin value was $27,300.

#BTC has now fully reset the Every day RSI which was what was mentioned as a possible situation

Every day RSI now at lowest stage in 2 months and at ranges when the BTC value was $27.3k, nonetheless now $41k: https://t.co/2Qyu6YyJfi pic.twitter.com/X8YQVI20yM

— Matthew Hyland (@MatthewHyland_) December 18, 2023

With the RSI recording decrease lows whereas Bitcoin value information larger highs, this outlook precipitates a bearish divergence.

TradingView: BTC/USDT 1-day chart

The a number of promote indicators have one analyst weighing a 50% drop under present ranges. This could imply Bitcoin value revisits the $20,500 stage.

The #BTC value might simply drop 50% from right here.

I do not suppose it is seemingly, however no person is aware of for positive.

Would not change my ideas although:#Bitcoin will likely be price much more in 10 years than it is price in the present day.

— Rajat Soni, CFA (@rajatsonifnance) December 18, 2023

For now, nonetheless, the bulls stay in management as each the MACD and the Superior Oscillator (AO) stay within the optimistic territory. The place of the RSI above the 50 midline can be a superb signal, pointing to sturdy value power.

⚡#BTC the primary crimson pack of crimson from early October.Regardless of the closure of 8 consecutive weeks, the entire CT turns to a descending crimson candle.The cows are nonetheless in full management. pic.twitter.com/qyTvEnuhVd

— Buying and selling Schooling (@tradingedu_co) December 18, 2023

Jan Van Eck Anticipates New All-time Highs For Bitcoin Value In 2024

The bullish outlook has VanEck CEO Jan van Eck anticipating a brand new all-time highs for BTC. His forecast follows the current Federal Open Market Committee (FOMC) assembly, with the minutes pointing to rate of interest cuts in 2024.

Fed Chair Powell: “As we speak we determined to go away our coverage rate of interest unchanged and to proceed to scale back our securities holdings. Given how far we’ve got come, together with the uncertainties and dangers that we face, the Committee is continuing rigorously.” #FOMC pic.twitter.com/ZiOCKcrT9b

— CSPAN (@cspan) December 13, 2023

“The macro behind Bitcoin and gold are very sturdy,” he instructed CNBC Tv in an interview, including the 2 property “sort of do carry out equally,” peaking in 2021 and rallying throughout 2023.

Acknowledging that Bitcoin value stands 170% north year-to-date, the VanEck government expects extra positive aspects incoming. He predicts new all-time highs in 2024 steered by the likes of occasions such because the BTC halving. The occasion is slated for April 2024 the place miner rewards will likely be slashed by 50%.

Bitcoin Value Prognosis

As is the case for the weekly timeframe, Bitcoin value is confronting a provide barrier even within the three-day timeframe, starting from $44,074 to $47,488. With the bulls nonetheless main the market, BTC market worth might overcome this order block, flipping it right into a bullish breaker above the $48,000 psychological stage.

To verify the uptrend, Bitcoin value should file a three-day candlestick shut above the imply threshold (midline) of the order block at $45,843.

A transfer above the $48,000 psychological stage would set the tone for Bitcoin value to focus on the $50,000 psychological stage subsequent, or larger, testing the $60,000 mark. In extremely bullish instances, BTC value might lengthen a neck larger to check the $69,000 vary excessive. Such a transfer would represent a 67% climb above present ranges, doubtlessly setting the tone for an prolonged transfer north.

The RSI stays above the 50 stage, whereas the AO and the MACD stay throughout the optimistic territory. This exhibits the bulls proceed to guide the market, accentuating the bullish thesis.

Bitcoin price — TradingView: BTC/USDT 3-day chart

Converse Case

On the flip aspect, a rejection from the three-day provide barrier might ship Bitcoin value south, inflicting a flip of the $37,800 assist to resistance. An prolonged suppression might see the king of crypto drop decrease previous the 50-day Easy Transferring Common (SMA) at $31,684 to check the $30,000 psychological stage. A break and shut under this stage would invalidate the bullish thesis.

Within the dire case the place the aforementioned stage fails to carry as assist, Bitcoin value take a look at the 100- and 200-day SMA at $29,648 and $25,625 ranges respectively.

In the meantime, with the BTC group wanting ahead to the halving occasion and the euphoria across the anticipated spot Bitcoin exchange-traded funds (ETFs), a brand new Bitcoin by-product, BTCETF, is out there, trending as analysts anticipate 10X development potential.

Promising Various To Bitcoin

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#BitcoinETF represents a #Crypto token intently linked to $BTC and the approaching #SEC approvals for the anticipated #ETFs.

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Observe alongside, activate alerts, and keep knowledgeable about monumental #Bitcoin occurrences! 🚀 pic.twitter.com/HqNWM7AH5l

— BTCETF_Token (@BTCETF_Token) December 16, 2023

The challenge marks the anticipation of the Bitcoin ETF launching within the US market. It represents a crypto token intently linked to BTC and the approaching SEC approvals for the anticipated ETFs.

What is the position of the $BTCETF #Token? 🤔

This ERC-20 token marks the anticipation of #Bitcoin ETFs getting into the American monetary panorama. 🚀 pic.twitter.com/RAhD5uuqi9

— BTCETF_Token (@BTCETF_Token) December 16, 2023

Bitcoin ETF Token challenge is within the presale stage, with gross sales now reaching $4.669 million out of a goal of $5.059 million. The token is promoting for simply $0.0068 within the present stage, giving buyers an opportunity to purchase BTCETF at low charges earlier than seemingly exponential development at itemizing.

#SEC units new “Money Redemption Mannequin” for #Bitcoin Spot #ETF candidates, impacting approval standards.@InvescoEMEA adopts it initially while @BlackRock introduces “Prepay” for simpler Wall Road participation.

How would possibly these fashions reshape ETF accessibility?#BitcoinETF has… pic.twitter.com/NN4nnfEJ2M

— BTCETF_Token (@BTCETF_Token) December 14, 2023

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