Bitcoin price rises currently at $30,300, reflecting a 24-hour decline of less than 0.30%, on this Wednesday morning. But, it is not these small variations that make the headlines of the crypto market but rather the announcement of ARK Investment Management, the company of Cathie Wood which is positioning itself for a leading role in the race for Bitcoin ETFs.
All eyes are therefore on this possibility and its potential impact on the price trajectory of Bitcoin. This article, therefore, takes a look at predicting Bitcoin prices amidst this ongoing market dynamics and explores the possible implications of ARK’s ambitious move in the ETF universe of cryptocurrencies.
Reports suggest that Cathie Wood’s ARK is taking the top spot in the race for Bitcoin ETFs.
There application for a Bitcoin spot ETF submitted by ARK Invest in collaboration with 21Shares, race in the leadaccording to some information, preceding the application filed by BlackRock.
The financial giant, BlackRock, had filed a proposal for a spot Bitcoin ETF as early as mid-June, effectively boosting market confidence. This indeed raised high expectations in the investing public and BlackRock’s position seemed quite secure and legitimate, given its financial standing.
But today, several leaders and experts suggest that contrary to this widely held idea, BlackRock might not be the first to launch a spot Bitcoin ETF in the US. So Bloomberg’s senior ETF analyst Eric Balchunas summed up the case succinctly in his tweet with a terse: “What does BlackRock know?” and Nate Geraci, the co-founder of the ETF Store, expressed a similar sentiment in his June 26 tweet.
THE time chosen by BlackRock to apply to a spot Bitcoin ETF has, indeed, caught the attention of several industry analysts, leading some to speculate that the company may have inside information about upcoming regulations regarding BTC ETFs from the SEC.
Additionally, given the lack of progress since the Winklevoss twins filed in 2017, Wilshire Phoenix partner Wade Guenther said the SEC is unlikely to approve a spot Bitcoin ETF in 2023.
“As the review period is still ongoing, we do not expect a spot Bitcoin ETF to be made available to the public anytime soon. we may not see a Bitcoin ETF until next year, or maybe the year after that.”
Previously, Nate Geraci, the co-founder of the ETF Institute, also predicted that a Bitcoin ETF would not be available until the end of 2023. And, these pessimistic views are ultimately putting pressure on the world’s leading cryptocurrency. , dampening initial optimism over BlackRock’s bid for an ETF.
Bitcoin Price Prediction
Bitcoin continues to consolidate in a narrow trading range, encountering resistance at the $31,000 level and support near $30,000. Analyzing the daily time frame on the price chart and considering leading technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), it is evident that Bitcoin in the overbought zonesuggesting a potential downside correction classes. However, strong fundamentals continue to dampen Bitcoin’s bearish momentum.
From a technical standpoint, Bitcoin’s substantial resistance remains around the $31,000 mark. If Bitcoin manages to break through this level, the next target will probably be at $32,500, and beyond that, another target could be identified around $34,000. Conversely, on the downside, if Bitcoin breaks below the support at $30,000, it could lead the cryptocurrency towards the 38.2% Fibonacci correction level at $28,700 or the 50% correction level at $28,000.
The 50-day exponential moving average may also significantly resist Bitcoin’s downtrend around the $28,000 level. In summary, the strategy is to wait for Bitcoin to break out of the tight range described above before making important trading decisions.
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