Bitcoin is finding buyers at $34,500 and despite being in Fed week, the king of crypto remains strong. The event that occurred for the first time in 550 days and technical readings give us strong signals about the direction of the markets. So what’s next for investors? How high can Bitcoin go in the coming days and weeks?
For the first time in 550 days, we saw that the weekly closing price of BTC reached $34,525. The weekly chart shows that the price has sharply increased in the last 14 days. Although there has been a $700 drop from the yearly peak, the price is still at a strong level confirming investors’ optimism.
The RSI on the weekly chart also confirms the upward trend. In fact, the strengthening of demand in institutional BTC products rather than crypto exchanges suggests that traditional financial actors know something. This could reflect their beliefs against the upcoming ETF approval. The SEC has experienced many defeats in the past 6 months and has been reviewing the GBTC decision since last week.
As a result, it would not be surprising to see the increase in Bitcoin price continue. Today’s upcoming CoinShares report may also be exciting.
Rafay Gadit, Co-founder and CFO of Zignaly, recently stated that the approval of a spot Bitcoin ETF could attract much more institutional demand. We have been talking for years about how this approval would be a great confirmation of BTC’s legitimacy. Institutional demand will increase for two reasons. First, they will be able to easily add BTC to their balance sheets through ETFs in a much safer and easier way. Second, the regulatory uncertainty and fear that hinder BTC purchases will be eliminated with the confirmation of legitimacy.
So, how much will Bitcoin be worth? Elliott Wave counting can give us a good idea on the technical front. The most likely count suggests that Bitcoin is in the third wave of a five-wave upward movement. Currently, the BTC price is in the fourth wave, and it is expected to surpass $39,300 when the corrective movement ends.
For the bullish prediction to become invalid, bears need a daily candle close below $33,000. In this case, we could see a decline to $31,880 and $30,000. QCP analysts previously mentioned that daily closes above $32,000 are possible for new highs.