Cryptocurrency investors are happy as the BTC price surpasses $37,000, signaling a market-wide recovery. Bitcoin has been fluctuating around the $36,500 level throughout the day and started to rise as the daily closing approached. The king cryptocurrency, which ended the fifth week in green, now seems ready for the anticipated new wave of growth.
Bitcoin Price is Increasing
The king cryptocurrency has been focused on reaching new highs since reclaiming $31,000. The rally, which gained momentum in October, has brought the price up to the $38,000 mark this month. The RSI is above the neutral zone and is recovering along with the price. Bitcoin mining power reached an all-time high last week. All of these factors support optimism about the medium and long-term price performance.
Moreover, there has been another significant development supporting the rise of cryptocurrencies. Argentina elected a Bitcoin-friendly candidate as its new president, and a recent report indicates that Bitcoin adoption has reached new highs.
Despite the optimism that an ETF approval could come within a few weeks, recent delays have undermined this sentiment. However, there is not much time left until the final decision by the SEC for most ETFs in January. Strengthened communication and ETF filing updates may be early signals of a real bull season.
Waiting for Cryptocurrencies
If BTC can capture $38,000 as a support level, it could lead to significant increases in the prices of altcoins. In fact, we may even see many altcoins multiplying their prices several times over in terms of the rally. So, what do price expectations indicate for Bitcoin? The Elliott Wave (EW) theory can give us an idea.
The most likely count indicates the beginning of a five-wave upward movement in September. Accordingly, BTC is oscillating in the famous third wave, known for triggering new highs. The sub-wave count suggests that the price has entered the fourth wave and is in the middle of a corrective movement.
If the Bitcoin price continues to move upward, it could increase by 35% and potentially reach the horizontal resistance at $50,000. The local peak at $42,500 is ideal, and after a temporary correction due to profit-taking, we may see a test of the $50,000 peak.
In the opposite scenario, the target is at $33,500.
