Is Bitcoin Price Consolidating in Wait for ETF Approvals?

Bitcoin’s price has remained relatively stable over the past day, hovering around $43,700 at the time of writing. The top cryptocurrency is up a modest 3% for the week so far.

According to some market observers, Bitcoin bulls may be positioning themselves in anticipation of potential Bitcoin exchange-traded fund (ETF) approvals in January 2024. Previous ETF application decisions have tended to coincide with bumps in Bitcoin’s price.

As for Bitcoin’s near-term price outlook, prominent crypto analyst Ali offered some key levels to watch: “Are you anticipating a #Bitcoin price correction? The first indicator would be a sustained close below $43,200. If this happens, $BTC could be headed towards $37,000.”

In other words, Ali is watching to see if Bitcoin can hold the $43,200 support level. A decisive move and close below this key level could signal a impending price pullback toward $37,000.

“However,” Ali continued, “as long as the crucial $43,200 support level holds, the odds seem to favor the bulls, potentially sending #BTC to $47,360.”

So according to Ali’s analysis, as long as Bitcoin holds above $43,200, there is scope for prices to climb toward $47,360 in the near-term.

In terms of how altcoins might perform, crypto analyst Captain Faibik offered the following take: “$BTC.D Dominance has been moving within an Ascending Channel since September 2022. Now, I am expecting a Downside Breakout of channel soon, triggering Altcoins Bullish Rally.”

In other words, should Bitcoin’s market dominance break below its current ascending channel, it could pave the way for a broad altcoin rally. When Bitcoin dominance declines, investors tend to rotate capital into alternative cryptocurrencies.

So in summary, analysts are keeping a close watch on key Bitcoin price levels and market dominance trends to gauge the potential for near-term price moves and shifts between Bitcoin and altcoins. As we head toward 2024, the possibility of ETF approvals could act as a catalyst for the crypto bulls.

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.