Bitcoin Price Prediction As BTC Bulls Secure $26,000 Level: Next Stage Begins? | Taza Khabre

Like the BTC/USD pair showing a modest gain of +0.25%, trading today at $26,916, the crypto community is buzzing with speculation and optimism.

Fueling this bullish trend is the recent SEC approval of Grayscale’s Bitcoin ETF, a major gesture that has certainly pushed BTC prices higher.

Additionally, the digital currency’s rise is strengthening amid an environment of low inflation and heightened geopolitical tensions.

With these factors in play, the critical question arises: Is Bitcoin on the cusp of a trend reversal?

SEC green light for grayscale Bitcoin ETF sends BTC prices higher

Bitcoin (BTC) prices are rising following a game-changing development in the cryptocurrency industry. The US Securities and Exchange Commission (SEC) has he chose not to challenge a landmark ruling by the D.C. Circuit Court of Appeals, giving Grayscale Investments LLC the green light to launch a Bitcoin exchange-traded fund (ETF).

This decision, made public on Friday, marks a monumental change for the digital currency market.

The court’s decision, initially handed down by a three-judge panel, was pending a possible review by a larger court. However, the SEC’s choice not to challenge this ruling has paved the way for Grayscale’s transformation into an ETF.

Grayscale has long argued that such a transition would unlock substantial value for investors by introducing simplified share creation and redemption mechanisms, which are notably absent from its current closed trust structure.

This structure has often been criticized for restricting investors from redeeming shares during price declines, resulting in significant discounts relative to Bitcoin’s intrinsic value.

The introduction of a Bitcoin ETF is set to offer investors new flexibility, attracting more market participation.

This pivotal development is driving Bitcoin prices higher today as the cryptocurrency market prepares for the dawn of a new era.

Bitcoin rises amid low inflation and geopolitical tensions

Bitcoin (BTC) has seen a significant resurgence, in part due to the latest Consumer Price Index (CPI) data, which historically indicates BTC gains in low inflation.

In September, the CPI report revealed a 0.2% drop in inflation compared to August data, sending Bitcoin up 12% to $28,050 on Friday.

Industry analysts believe that despite geopolitical concerns and Bitcoin hitting its 2023 low, it is poised to retest $30,000, reaffirming its role as an inflation hedge.

Bitcoin’s resilience in these uncertain geopolitical situations underscores its appeal as a safe haven for investors seeking refuge from global turbulence. Against a gloomy backdrop, the conflict between Israel and Palestine continues, with tragic casualties.

Dozens, including women and children, have been killed in Israeli airstrikes, prompting international condemnation. The head of the UN, Antonio Guterres, implores reconsider evacuation orders in northern Gaza, fearing a catastrophic escalation.

Bitcoin price

The current dynamics of the Bitcoin market show a combination of stability and subtle movement. Today, it is priced at approximately $26,892, representing a nominal increase of 0.04% over the past 24 hours. This modest change is based on a sizeable trading volume of almost $4.8 billion.

Unwavering in its dominance, Bitcoin continues to lead the cryptocurrency charts, securing its top position on CoinMarketCap. Its significant market cap is around $524.79 billion, with a current circulating supply of 19,514,125 BTC coins, close to its default cap of 21 million.

Bitcoin price prediction

On the technical side, Bitcoin’s 4-hour chart offers some insights. A pivot point is seen at $26,450, while resistances and supports are shown at intervals: $28,050, $29,000, $30,550, and $25,430, $23,900, and $22,875, respectively.

Drilling down into specific indicators, the Relative Strength Index (RSI) reads 46, hinting at slightly bearish sentiment as it is below the standard midpoint of 50.

While the exact figures of the moving average convergence divergence (MACD) are still available, its trends and crossovers are vital to predict potential market momentum.

Bitcoin Price Chart – Source: Tradingview

Also, with the 50-day exponential moving average (EMA) sitting at $27,100 and the price of Bitcoin below, a short-term bearish trend is indicated.

Looking at Bitcoin’s price action, it appears to be navigating within a sideways range, predominantly between $26,900 and $26,500.

In conclusion, as long as Bitcoin price remains below $27,100, the broader trend can be interpreted as bearish.

Top 15 Cryptocurrencies to Watch in 2023

Stay informed in the realm of digital currencies by delving into our handpicked roundup of the top 15 altcoin and ICO initiatives to watch in 2023.

This compilation is the result of collaboration between experts at Industry Talk and crypto newsensuring informed recommendations and valuable insights for your crypto ventures.

Take this opportunity to discover the promise of these digital currencies and stay ahead of the curve.

Find the best price to buy/sell cryptocurrencies

Cryptocurrency Price Tracker – Source:

Disclaimer: The cryptocurrency projects endorsed in this article are not the financial advice of the author or publication of the publisher: Cryptocurrencies are highly volatile investments with considerable risk, always do your own research.

Leave a Comment