Bitcoin, which has been under the influence of negative news for months ( BTC), ETFstarted to signal the bull run by taking the applications behind it.
The collapse of Terra in May of last year and the bankruptcy of FTX in November of last year paved the way for the collapse of the crypto market. BTC , experienced a strong decline due to the negative news that emerged and dragged the crypto market with it. Over the past year, many altcoins have sunk into the dusty shelves of history. But 2023 is going to be quite a different year for crypto.
With the pressure of the regulators and the solidarity of crypto to this pressure, the approach of institutions to crypto and the negative news running out, the green days for BTC have begun. By the middle of the year, it seems that bull sounds are coming from BTC. So what is happening in BTC and what is expected?
Bull Walk From Bitcoin
Bitcoin ( BTC ), continues its upward trend for 10 days. The rise in Bitcoin started with BlackRock’s ETF application and was exacerbated by other institutions applying for ETFs.
BTC in the last week 16.39 percent and it is seen that there has been an increase of 16.51 percent in the last month. However BTCWhen analyzed from a broad perspective, it has experienced a serious increase at the level of 82.63 percent in the last six months. BTC, January 1, 2023entered a different period after its date.
BTCThe rise experienced by, according to most crypto commentators bull trap Although, many crypto analysts think that the bull is coming. The biggest bull maximalist is still Michael Saylor.
the past day BTC, for $31,500 rose to a near level. With BTC getting to this point, the latest 14 AprilThe one-year high seen in . 14 Aprilon BTC, $31.043had risen to its level.
BTC’s rise to its highest price point in a year, Bitcoin ETF associated with the subject. The world’s largest asset manager BlackRock‘of ETFThe process that started with the application Bitcoin futures ETFexacerbated by the approval of his application. Bull, BTC began to give signals. However, analysts still think that this is not enough for the bulls.
BTC if $32,638 If it manages to break the level, it will return to the price level of May 10, 2022. The importance of this is actually quite big. Because BTC, 11 May 2022He went into a deep crisis with the Terra collapse in , and was dragged into a bull market.
of BTC on his 32,638 journey The support point it will want to hold on will be the $29,950 level. If BTC loses this support point, $28,300 up to landing. If BTC’s breakout support point is at $25,000 level.
While it is not clear whether the BTC price is bull or bull trap, news feeds will play an important role. The negative news feeds that Bitcoin could experience are almost completely gone. US regulators have sued all crypto exchanges. Many market makers have gone bankrupt and many crypto actors are struggling with legal processes.
Bull scenarios covering 2023 and 2024 in Bitcoin:
- 1- Acceptance of BlackRock’s Bitcoin Spot ETF application
- 2- SEC losing the Ripple case
- 3- Weakness of SEC in Binance and Coinbase case
- 4- Resignation of SEC Chairman Gary Gensler
- 5- Bitcoin halving
- 6- US interest policy and inflation
Bull trap scenarios covering 2023 and 2024 in Bitcoin:
- 1- SEC rejects Bitcoin Spot ETF application from BlackRock
- 2- SEC victory over Ripple
- 3- SEC’s prominence in Binance and Coinbase lawsuits
- 4- Tether (USDT) and many stablecoins are sued or regulatory work begins
- 5- Bankruptcies that may occur in altcoins
- 6- Continuation of the tightening in global markets
Regardless of the scenarios, BTC is focused on the halving period. Although global regulators may label each altcoin a security, the commodity view for BTC remains dominant. BTC, digital goldis defined as.
