Bitcoin may reach $50,000 as US approves first spot price ETF
According to popular analyst CryptoCon, the Ichimoku Cloud indicator suggests that Bitcoin (BTC) could potentially reach nearly $50,000 following the approval of the first spot price exchange-traded fund (ETF) in the United States. The indicator, which combines past, present, and future trading cues, indicates that the BTC price gains have only just begun.
Ichimoku Cloud signals show conservative target of $43,000 BTC price
Bitcoin is currently in a unique position on weekly timeframes when it comes to Ichimoku Cloud signals. CryptoCon revealed that the leading spans of the indicator have crossed, leading to the formation of a new upside cloud. With the lagging span, Chikou, breaking out of resistance, it is logical to expect the price to head higher. The specific target given for the next move is $43,000, with $48,000 being a suitable ceiling.
Timing of $48,000 BTC price coincides with expected ETF approval date
If traditional timing plays out, the move to $48,000 should occur in early January, which aligns with the anticipated approval date of the ETF. It is currently unclear which specific ETF products will be approved and what U.S. regulators have planned. However, the Securities and Exchange Commission (SEC) continues to impact crypto sentiment through enforcement actions against Binance, while rival exchange Coinbase has seen its shares rise over 250% year-to-date following a $4.3 billion fine and the removal of its CEO, Changpeng Zhao.
Note: This article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.
