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The Bitcoin price slipped more than 1% over the past 24 hours to trade at $36,804.18 as of 9:45 am EST as investors cash in their profits from the cryptocurrency king’s positive week.
Despite the slight pullback in price, Real Vision CEO and former Goldman Sachs executive Raoul Pal predicts in a report that liquidity could lead to Bitcoin’s rally continuing well into 2024.
“Our models for the global liquidity cycle bottomed back in October of last year and continue to suggest an upward trajectory well into 2024,” Pal said.
The Bitcoin Price: Looking To Establish the Support Needed to Reach $40K
Monthly chart for BTC/USDT (Source: TradingView)
The Bitcoin price has broken above the key support level at $34,100 over the past week. Should it close this month’s candle above this significant price point, then it may continue to climb to the $40K resistance level in the following couple of months.
Continued buying pressure could then elevate the leading cryyptocurency’s price to as high as $48,550 towards the first quarter of 2024.
Bitcoin Price: Momentum Favours Buyers
Technical indicators on BTC’s monthly chart suggested that momentum is in favour of buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators support a bullish outlook.
The MACD line broke above the MACD Signal line during the past 2 months and traders generally see that technical flag as a sign of a cryptocurrency’s bullish trend continuing in the medium term.
Buyers Have the Upper Hand
Buyers also seemed to have gained a significant amount of strength against bears, as the monthly RSI line was positioned above the RSI Simple Moving Average (SMA) line.
Bulls’ strength also seemed to be increasing, since the monthly RSI line was sloped positively towards overbought territory. There was also an ample amount of upside potential for BTC to continue to rise, with the monthly RSI just under 60.
There may still, however, be a correction in BTC’s price on its journey to the aforementioned $48,550 target. The Bitcoin price closing this month’s candle below $34,100 could lead to this potential drop in price.
In this bearish scenario, the cryptocurrency could dip to the $29,500 support level in the following few weeks. Given the bullish technical flags present on BTC’s monthly chart, any pull back in the Bitcoin price may just be a liquidity move before another strong move up.
The potential for BTC’s rally to to continue into the new year, coupled with the growing anticipation of the first spot Bitcoin ETF (exchange-traded fund) in the U.S., makes Bitcoin ETF Token a promising project with which to play the likely Bitcoin rally.
The First Project of Its Kind
Bitcoin ETF Token is a pioneering project that aims to reward its holders following any positive developments surrounding spot Bitcoin ETFs. With the first spot Bitcoin ETF expected to receive approval as soon as January 2024, investors looking to buy into this gem may want to do so very soon.
Selling at just $0.0056, Bitcoin ETF Token’s native cryptocurrency BTCETF could comfortably generate 20X returns for early-stage investors. This promising cryptocurrency can be purchased through its presale, with BTCETF’s price scheduled to increase within the next 3 days.
Investors Are Betting Big on This Bitcoin ETF-Leveraged Project
@ARKInvest persists in its push for a spot #BitcoinETF, filing another update for the #ARK 21Shares Bitcoin ETF with the #SEC.
The journey continues! 🚀
Do you think we’ll see a #Bitcoin #ETF approved in 2024?#BTCETF has also now raised over $1.2 Million! ✅ pic.twitter.com/jh06EPQiqU
— BTCETF_Token (@BTCETF_Token) November 20, 2023
Bitcoin ETF Token has already raised more than $1.2 million through its presale. As the hype surrounding spot Bitcoin ETFs continues to rise, BTCETF holders are sure to receive a return on their investment even before the first spot Bitcoin ETF is approved.
Adding to the project’s potential is the expected continuation of BTC’s rally. Bitcoin ETF Token’s play on the phrase “Bitcoin ETF” will most likely also continue to attract investors.
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