In the dynamic world of crypto money, signals of a new rise are emerging for Bitcoin (BTC). Meanwhile, analysts and influential names in the industry offer optimistic views. Here are the details…
Credible Crypto is bullish for Bitcoin
Famous pseudo-analyst Credible Crypto, known for his timely Bitcoin calls, suggests that the recent pullback in Bitcoin price has a positive impact. Credible Crypto, followed by more than 352,700 enthusiasts on X, notes that the pullback purged overleveraged traders from the market. Open interest (OI), a metric that tracks outstanding derivative contracts, has returned to healthy levels as spot market bulls continue to accumulate BTC.
Credible Crypto said, “And with that, the stage is officially set, folks. OI has been completely reset. Funding has been reset. Spot purchases continue. BTC refueled. “The Moon is ready to continue its mission.” said. The analyst also noted that the bearish price action of altcoins supports the bullish stance on Bitcoin. He also notes a potential shift of capital from altcoins to BTC. Bitcoin is currently trading at $36,519, comfortably above Credible Crypto’s downside target of $35,766.
Cathie Wood expressed her optimism
On the other hand, in addition to Credible Crypto’s technical analysis, Cathie Wood’s statements recently attracted attention. Cathie Wood, CEO of Ark Invest, one of the companies awaiting SEC approval for the Spot Bitcoin ETF, stated that there has been a positive change in the SEC regarding their application. “Something has changed” in the agency’s approach to Ark Invest’s ETF application, Wood said in an interview. It is seen as a positive development that the SEC has shown new interest rather than outright rejection.
Wood remains bullish on Bitcoin, citing factors like the upcoming halving and the cryptocurrency’s 21 million supply limit. Expressing his confidence in Bitcoin’s potential to scale, Wood shares Ark Invest’s base price forecast of $600,000 to $650,000. Emphasizing Bitcoin’s scarcity, Wood predicts that institutional investors will flock if the SEC approves a Bitcoin ETF.
Santiment talks about the increase in BTC dominance
Finally, Santiment, a leading crypto analysis provider, adds to the positive sentiment by noting the resurgence in Bitcoin price dominance. Altcoins have pulled back after a month of rapid gains, prompting discussions of fear, uncertainty and doubt (FUD) in the market. Santiment suggests that any concern among investors could lead to rapid price recoveries.
📊 #Bitcoin price dominance is finally back, at least for the time being. #Altcoins have been retracing on the tail end of the week after the past month's blistering hot rally. If the crowd begins to get worried and show #FUD, however, we could see some quick price rebounds. pic.twitter.com/VAcKd27WIH
— Santiment (@santimentfeed) November 17, 2023
As Bitcoin continues to remain in the spotlight, a confluence of bullish signals from analysts, influencers, and market metrics paint a promising picture for the future trajectory of the leading cryptocurrency. Investors and enthusiasts are eagerly watching the next chapter in Bitcoin’s journey as the market environment continues to evolve.
