Bitcoin (BTC) could rise to nearly $50,000 as the United States approves the first spot-priced exchange-traded fund (ETF).
as marked According to prominent analyst CryptoCon, the Ichimoku cloud indicator is counting down the continued rise in BTC price.
Analysis: BTC price at $43,000 is ‘the most conservative level’
Bitcoin is in a rare position on the weekly time frame as far as Ichimoku Cloud Signal is concerned.
As Cointelegraph reported, the indicator combines past, present, and future trading cues to suggest that the BTC price increase has just begun.
In a post on X (formerly Twitter) on November 27, CryptoCon was able to provide a concrete target for what might happen next.
The leading span of the Ichimoku chart has crossed, leading to the formation of new upward clouds. With the lag span and Chikou breaking through the resistance, the price should logically move higher now.
“The weekly Ichimoku cloud predicts our last Bitcoin rally to 38k 2 months in advance and predicts future crosses,” he wrote.
“Now we wait for it to complete the next pullback, completing our move up and our first target of 43k. From the crossover this will take 7 to 11 weeks, with an average of 10 weeks, which means our relocation will be Completed in early January.”
CryptoCon added that $43,200 is actually the “most conservative level” and $48,000 is a suitable upper limit.
He concluded:
“Even with some pauses in the middle, indicators looking ahead suggest we’re not done yet!”
As of this writing on November 28, Bitcoin is trading at $37,000, according to data from Cointelegraph Markets Pro and Cointelegraph Markets Pro. trading view.
A match made in heaven?
The timing of Ichimoku is arguably as interesting as its purpose.
Related: $48,000 Is Now a ‘Reasonable’ BTC Price Target — DecenTrader’s Filbfilb
If traditional timing materializes, based on the previous bull market, a move to $48,000 should occur in early January – consistent with the expected ETF approval date.
Little is known about U.S. regulators’ plans and which specific ETF products, if any, will be approved first.
Meanwhile, the U.S. Securities and Exchange Commission (SEC), which is responsible for listed ETFs, continues to take enforcement action against Binance, the world’s largest exchange, weighing on cryptocurrency sentiment.
Meanwhile, shares of rival exchange Coinbase have also benefited from a $4.3 billion fine and the firing of CEO Changpeng Zhao (CZ), with shares up more than 250% so far this year.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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