Bitcoin Price Prediction: $100,000 BTC Incoming as the ETF Deadline Ends Today?

The most famous cryptocurrency, Bitcoin, recently seen a jump to about $48,000, which is a shocking development. This unanticipated surge began with a deceptive tweet from the US Securities and Exchange Commission (SEC), which erroneously suggested that Bitcoin ETFs had been approved.

 

But this upsurge didn’t last long because the SEC wasted no time addressing the issue, denying clearance of Bitcoin ETFs and confirmed their social media account had been hacked. As a result of this explanation, the price of Bitcoin corrected and is now about $46,000.

 

 

 

Worldwide, the value of all cryptocurrencies fell by 0.83% to $1.71 trillion in the 24 hours following the occurrence, causing substantial volatility in the market.

 

Crypto enthusiasts, despite the uncertain market conditions, are counting down the days before the ETF deadline, with some even predicting that Bitcoin’s value may soar to $100,000.

 

The increasing influence of institutional shifts and governmental actions on the volatile and speculative cryptocurrency market is highlighted by this most recent episode.

 

 

Bitcoin Market Volatility Set Off by a False SEC Tweet

 

The US Securities and Exchange Commission (SEC) sent a misleading tweet not long ago, which caused a tornado to sweep across the bitcoin market.

 

when briefly soaring to $47.9K, Bitcoin’s price dropped back to $45.4K when the tweet misrepresented the approval of Bitcoin ETFs.

 

 

After the incident, the SEC made amends by acknowledging that their Twitter account had been compromised since two-factor authentication was not in place. Speculation of potential market manipulation or internal faults arose as a result of this episode.

 

Misinformation and its eventual correction show how the market reacts to rumors and news about regulations.

 

 

 

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Increasing Confidence in Bitcoin Despite Institutional Focus

 

 

 

According to Fundstrat Global Advisor Tom Lee, Bitcoin might reach $150,000 in the coming year and $500,000 in the next five years—particularly if Bitcoin spot ETFs are approved.

 

The data from Glassnode also shows that institutional investors are showing a lot of interest, with 36% of the market being Bitcoin futures on the CME Exchange.

 

This change shows that institutional investors are becoming more comfortable with Bitcoin derivatives, which could mean that the market is stabilizing and maturing.

 

It is becoming more clear that institutional investors are having an effect on trading patterns in the cryptocurrency market, which could lead to wider adoption of cryptocurrencies.

 

Bitcoin may have a better future because to Tom Lee’s optimistic forecasts and the increasing institutional interest shown by Glassnode. This might boost investor confidence, which in turn could cause demand to increase and prices to rise, both in the near and distant future.

 

 

 

 

Bitcoin Price Prediction

 

 

Bitcoin is exhibiting a consolidation pattern as it hovers around $45,990 as of January 10, during the US trading day. At $45,721, the cryptocurrency will find its daily pivot point. At $46,306, Bitcoin is facing its first resistance level; at $47,228 and $47,922, it may find other difficulties that slow its ascent.

 

In the event of a decline, $45,230 has been identified as a support level, with further safeguards at $44,739 and $44,398. To prevent additional price declines, these levels are vital.

 

At its present level of 57 on the Relative Strength Index (RSI), Bitcoin’s mood is fairly bullish, but it is not yet overbought, which usually indicates a possible price retreat.

 

 

 

 

 

The price of Bitcoin is currently above its 50-Day Exponential Moving Average (EMA), which is $44,708.0, suggesting that there is a short-term positive trend.

 

Bitcoin most recently completed a Fibonacci retracement around $45,721, which coincides with the 38.2% Fibonacci level, according to the technical chart analysis.

 

A sustained decline below this level might heighten selling forces, particularly as Bitcoin recovers from overbought conditions, making this retracement an important indicator.

 

If Bitcoin maintains a price over $45,250, the current trend will likely continue, which is a cautiously optimistic outlook. Bitcoin, according to short-term predictions, may try to break through its immediate resistance levels soon.

 

 

 

 

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