It has been just revealed that Bitcoin is gearing up for a new move following the brief correction that it saw. Check out the latest reports about this below.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $30,506.
Bitcoin price prediction is out
According to a skilled crypto strategist who accurately predicted the end of Bitcoin’s bull market in 2021, the conditions seem to be favorable for the cryptocurrency to make its next move up.
Going by the pseudonym Pentoshi, this trader has informed his 694,900 Twitter followers that Bitcoin’s most recent decline has already met his foretold forecast of a retracement that would cause the cryptocurrency to briefly fall below $30,000.
“I was hoping for some fills at $29,200 on any pullback but got front run on those.
We did get one higher up at $29,800 but will treat that one as a scalp.
Ultimately, I think the market structure is still fine. Nothing has changed at this point in time.”
According to Pentoshi, Bitcoin still looks bullish after holding support at around $30,000.
“Complex pullback for BTC support supporting.”
Based on the trader’s chart analysis, it seems that Pentoshi is anticipating a Bitcoin surge towards the $32,400 mark. As of now, BTC is being traded at $30,489.
Additionally, the crypto analyst is closely monitoring Ethereum (ETH) and suggests that it might be the next to emulate Bitcoin’s trend.
“ETH time to shine next in my opinion.
Going to trend towards the yearly highs as well with this type of structure.
But perhaps you’ll be shaken out along the way.”
Spot BTC ETF to face more hardships in the future
The value of Bitcoin increased by almost 25% within a span of two weeks after the announcement of BlackRock’s proposal to the Securities and Exchange Commission for a Bitcoin spot exchange-traded fund.
BlackRock has a reputable history with ETF applications, and ETFs can provide easier access to underlying assets for retail investors, which could result in an influx of millions or billions of dollars into different markets.
Investors and holders of Bitcoin saw the entry of the prominent firm into the crowded field of Bitcoin spot ETF seekers as an opportunity for success.
