Today, important statements are coming from two famous analysts after the SEC postponed its decision for Bitcoin ETFs. Analysts Michaël van de Poppe and McGlone give surprising Bitcoin targets. Let’s look at the approaches of analysts in a period when the volatility of the markets increases.
Bitcoin faces price volatility amid ETF uncertainty
Poppe comments on Bitcoin price falling to $26,000 following delays in approving ETF proposals. Accordingly, this has led to uncertainty in the crypto market. The recent price movement began with an increase in the value of Bitcoin, fueled by optimism that Grayscale had a positive outcome in its battle against the SEC. However, this initial surge did not continue. The price quickly reversed.
The price of #Bitcoin falls back to $26,000 after all ETF proposals are delayed!
Firstly, price started to break out over a positive outcome of Grayscale against the SEC.
After that, no follow through and prior to the news release of the delay of the ETF's, it dropped. Why? 👇… pic.twitter.com/Xqw8K4h6EL
— Michaël van de Poppe (@CryptoMichNL) September 1, 2023
It is tempting to attribute these sudden market changes to manipulation. However, inside information often plays a role in such scenarios. The crypto market’s propensity for rapid price changes means that even small developments can trigger significant fluctuations.
Mixed signals from the SEC
Bitcoin BTC’s price rally was initially driven by Grayscale’s victory against the SEC. This victory raised expectations for the SEC’s potential approval of the conversion of the GBTC fund into an ETF. However, the SEC’s failure to grant this approval led to disappointment and uncertainty among investors.
According to the analyst, delayed ETF decisions affect the price of Bitcoin. The end result was a delay in ETF offerings, a scenario many did not expect. As a result, the price of Bitcoin BTC settled at around $26,000, reflecting the prevailing uncertainty in the market.
No significant change in trading approach
Despite the recent turmoil in the market, the basic trading strategy for Bitcoin remains largely unchanged. Technical analysis and chart formations continue to guide investors in their decision-making processes. At this point, analyst Poppe states that in the current market structure, an aggressive entry point has emerged at $ 25,700. This level continues to be a focal point for traders. The broader outlook shows the possibility of a final market sweep to the $24,800-$25,300 range, just below the 200-Week EMA. However, the EMA is expected to remain an important support level.
Poppe states that the market is entering a long weekend. He also advises investors to be prepared for possible fluctuations in the coming days. The current thesis revolves around two potential long positions. The first of these is the sweeping of low levels. Accordingly, analyst Poppe targets the range of $ 24,800 and $ 25,200 as the primary long entry. Secondly, the analyst points to the $26,700 level. According to the analyst, as the price of Bitcoin regains this level, a long position will be triggered.
Bloomberg analyst predicts potential Bitcoin bull run
Bitcoin price has been experiencing constant fluctuations for the last two years. The cryptocurrency has been in a bullish range several times but could not sustain the upward momentum for long. However, a Bloomberg analyst predicts an unfounded rally for BTC. But the potential rally comes with certain factors and conditions.
Bloomberg Intelligence Senior Macro Strategist Mike McGlone points to a significant level for Bitcoin. The analyst implies that if Bitcoin price rises above $30,000, investors should expect a significant uptrend similar to the uptrend recorded in 2020 when Bitcoin reached its all-time high.
Current price $12,000 in the past
McGlone emphasized that Bitcoin’s $30,000 price reflects the $12,000 price point just before the 2020 rally. To provide context, although the price of Bitcoin hovered around $12,000 in 2020, the cryptocurrency experienced one of the most significant swings in its history. McGlone likens this extraordinary price increase to the speed at which Bitcoin could rise if it broke through the $30,000 price range.
Investors are eagerly awaiting signs of a potential Bitcoin bull run. On the other hand, they expect history to repeat itself with another extraordinary rally. In this context, when we look at it as cryptokoin.com, they will follow the $ 30,000 threshold closely.
