Given that regulatory authorities may quickly approve the first physical Bitcoin Exchange Traded Fund (ETF), Bitcoin (BTC) has risen to over $37000, setting its highest price in 18 months. According to historical data analysis, this rebound indicates that the asset may trigger a major bull market
Given that regulatory authorities may quickly approve the first physical Bitcoin Exchange Traded Fund (ETF), Bitcoin (BTC) has risen to over $37000, setting its highest price in 18 months. According to historical data analysis, this rebound indicates that the asset may trigger a major bull market.
In this scenario, anonymous cryptocurrency analyst el_ Crypto_ Prof tweeted on X (formerly known as Twitter) on November 10th that Bitcoin is on the brink of ushering in the "largest bull market in history" based on historical indicators.
The analyst pointed out that on the M chart, Bitcoin exhibits a rare buying signal, which was once experienced eight years ago and is impressive. In addition, Bitcoin has successfully broken through and risen above the 20 day moving average, marking an important milestone. He emphasized that based on chart trends, the convergence of these indicators may indicate that Bitcoin is about to enter its largest bull market in history, and institutions may step into the market.
This indicator displays a buy signal on the BTC's M chart, which has only happened once before, 8 years ago. That's one of the reasons I believe we are facing the largest bull market in history. The institution is here, "he said.
In the ETF hype, Bitcoin hit a historic high, breaking the 20 moving average. The historical background of this rare event is consistent with Bitcoin's pursuit of the next historical high amidst regulatory uncertainty. The recent surge in Bitcoin prices is eye-catching, and its momentum is attributed to the possible approval of 12 independent Bitcoin ETF spots next week.
Bloomberg ETF analysts James Seyfart and Eric Balchunas pointed out that the US Securities and Exchange Commission (SEC) must review and potentially approve several high-profile issuances by renowned US fund managers before November 17th. Among all applicants, investors are particularly optimistic about the possibility of approval for the world's leading investment company BlackRock (New York Stock Exchange code: BLK). Despite such expectations, some in the cryptocurrency market believe that the approval of ETFs does not guarantee the subsequent rise of Bitcoin.
In fact, with the rise of Bitcoin, investors have also observed a similar trend. According to Finbold's report, most Bitcoin holders are currently in a profitable state. In this context, the level of around $34000 is considered a key support level worth noting.
As of the time of publication, the valuation of Bitcoin was $37026, which has increased by less than 1% in the past 24 hours. In the past 7 days, BTC has increased by 6%.
The technical indicators retrieved from other data sources such as TradeView show a bullish outlook for Bitcoin. The summary of daily indicators shows 14 "buy" signs, while there are 13 "strong buy" signs on the moving average. However, the oscillation indicator displays a "sell" signal at three locations.
At the same time, Bitcoin seems to remain above the $35000 mark, and people's attention has shifted to breaking through the $40000 resistance level.
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