Bitcoin price has risen above $30,000 after the news of SEC approving BlackRock’s spot Bitcoin ETF, but it has since pulled back towards its previous price levels. Despite this pullback, some signs indicate that the largest cryptocurrency may still be moving within a strong upward trend in the short term.
Gauss Channel Indicator Signals a Rise in Bitcoin
Experienced anonymous crypto analyst Seth, closely followed by investors, conducted a comprehensive analysis by evaluating Bitcoin’s long-term price movements and claimed that the turning of the Gauss channel indicator to green indicates that it is time to HODL historically. According to the crypto analyst, there are clear signs that the bull market has returned in Bitcoin. In this context, Seth optimistically invited his followers to be ready for the journey towards a new record level.
The Gauss channel indicator has recently turned green, and the analyst’s prediction based on the price chart dating back to 2013 suggests that Bitcoin will move towards the $120,000, even $200,000 range in the next few years.
The indicator seems to have predicted the rise of Bitcoin in the past, when it reached a record high around $20,000 in 2018 and renewed that record to $69,000, the all-time high in 2021. It is worth noting that after the rise signal from the Gauss channel indicator, Bitcoin renewed its record within 1.5 – 2 years.
Bitcoin Price Analysis
At the time of writing this article, Bitcoin is trading at $28,363, with a 0.26% decrease in the last 24 hours. Current data shows that the largest cryptocurrency has risen just above 5% in the last 7 days and just above 4% in the last 30 days.
The rise that occurred on the first day of the week after the news of SEC approving BlackRock’s spot Bitcoin ETF provides an important insight into what could happen if real approval comes. Indeed, the common prediction among experts and market observers is that Bitcoin’s price will reach a range of $100,000 to $250,000 after the approval of the spot Bitcoin ETF.
