Bitcoin, the world’s largest digital cryptocurrency, recently witnessed a significant surge, exceeding $47,000. This remarkable increase is attributed to the U.S. Securities and Exchange Commission (SEC) approving 11 new Bitcoin Exchange-Traded Funds (ETFs), marking a pivotal moment in the mainstream acceptance of cryptocurrencies as viable investment options.
Despite the initial excitement which saw the price spike, Bitcoin has since stabilized, currently trading around $46,600.
This development in the cryptocurrency landscape has been closely watched by investors and enthusiasts alike, with major financial institutions like BlackRock and Fidelity showing a growing interest in the ETF space.
Based on indicators last night I moved my $50K $BTC sell order down to $48,900 and it was filled. Im 100% out of $BTC and zero regrets. Rolling it into other #alts now in 10% dip buy orders. The % gains will be in #altcoins no matter how high #Bitcoin gos. Im not a paperhand just… pic.twitter.com/WmtonsnbWr
— Crypto Addict (@xAllinCrypto) January 11, 2024
Notably, Grayscale Investments, after winning a legal battle against the SEC, is in the process of transforming its $29 billion bitcoin trust into an ETF.
This move is anticipated to further boost investor confidence and demand for Bitcoin, potentially leading to a positive impact on its price.
The approval of these Bitcoin ETFs is not just a win for the proponents of digital currency but also signifies a significant evolution in the market, reflecting a shift towards broader adoption and enhanced liquidity in the crypto space.
Robert Kiyosaki Forecasts Bitcoin to Reach $150K Post-SEC ETF Approval
Following the U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs, Robert Kiyosaki, the renowned author of “Rich Dad Poor Dad,” has projected Bitcoin’s value to soar to $150,000.
Kiyosaki, who has previously profited from early Bitcoin investments, expresses his intention to further invest in BTC. He advocates for Bitcoin, gold, and silver over traditional fiat currencies.
According to him, while silver might face a downturn as investors liquidate to combat rising inflation, gold is poised to surge, buoyed by persistent purchases from central banks.
BITCOIN ETF. Yay. Glad I bought years ago. Bitcoin to $150k soon. Gold to the moon as Central Banks buy , store, and never sell. Silver to crash as silver stackers sell to pay bills, caused by rising inflation. Great news for silver stackers. Time to buy more as silver crashes.…
— Robert Kiyosaki (@theRealKiyosaki) January 10, 2024
Kiyosaki, a vocal critic of fiat currency, often referring to it as “fake money,” has been a staunch proponent of alternative investments. His bullish predictions for Bitcoin’s future value range from $135,000 in the short term to a staggering $1 million in the scenario of a global economic crisis.
This announcement bolsters the overall market optimism sparked by the SEC’s decision, further enhancing the positive momentum surrounding Bitcoin.
Bitcoin Price Prediction
Based on the latest 4-hour chart, Bitcoin displays a positive trend, trading within an ascending channel. Its pivot point, a key level for support and resistance, stands at $46,786.
Resistance levels are identified at $47,743, $48,584, and $49,509, while support levels are at $45,026, $44,007, and $42,58
The Relative Strength Index (RSI), currently at 56, signifies a market in equilibrium. Remaining above 50 but below the overbought threshold of 70, the RSI hints at a moderately bullish sentiment.
The 50-day Exponential Moving Average (EMA) is positioned at $45,014, just under the current price, reinforcing the short-term bullish trend indicated by Bitcoin trading above this EMA.
Bitcoin Price Chart
Notably, the chart reveals a potential double top pattern near the $47,750 mark, typically a bearish reversal indicator. This pattern suggests Bitcoin has twice struggled to surpass this level, potentially leading to a downward shift.
Yet, this pattern will only be confirmed if Bitcoin descends below the neckline, around $44,500, linking the lows of the pattern.
Overall, Bitcoin’s trajectory appears bullish, supported by its position above both the pivot point and the 50 EMA, and its movement within the ascending channel. In the short term, Bitcoin might challenge the $47,743 resistance. A break beyond this level is possible if market sentiment remains favorable.
Conversely, a drop below the $45,026 support could initiate a bearish reversal, potentially driving Bitcoin towards the double top pattern’s neckline at $44,500.
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