Despite the recent price correction, Bitcoin (BTC) is still poised for a long-term bullish run, according to analysts. The approval of a Bitcoin ETF in January 2024 could be a major catalyst for the cryptocurrency's price, and there are three key accumulation levels that investors should watch before then.
- The first accumulation level is at $33,000. This is a significant psychological level that has acted as both support and resistance in the past. If BTC breaks below this level, it could fall as low as $30,000. However, if it holds, it could be a sign that the bulls are in control and that the price is ready to move higher.
- The second accumulation level is at $35,000. This is the price at which BTC was rejected in October 2023. If BTC can break above this level, it will be a major bullish signal. It could then go on to test the $40,000 resistance level.
- The third accumulation level is at $40,000. This is a major psychological level that has acted as a ceiling for BTC in recent months. If BTC can break above this level, it could open the door to a move towards $50,000 or even higher.
In addition to these key accumulation levels, investors should also watch for the following technical indicators:
The Relative Strength Index (RSI): The RSI is a momentum indicator that measures the speed and magnitude of price movements. When the RSI is below 30, it indicates that an asset is oversold and could be due for a rebound.
The Moving Average Convergence Divergence (MACD): The MACD is a trend-following indicator that measures the relationship between two moving averages of the price. A bullish MACD crossover occurs when the shorter moving average crosses above the longer moving average.
Overall, the outlook for Bitcoin is bullish. The approval of a Bitcoin ETF in January 2024 could be a major catalyst for the cryptocurrency's price, and there are three key accumulation levels that investors should watch before then.
The Moving Average Convergence Divergence (MACD): The MACD is a trend-following indicator that measures the relationship between two moving averages of the price. A bullish MACD crossover occurs when the shorter moving average crosses above the longer moving average.
Overall, the outlook for Bitcoin is bullish. The approval of a Bitcoin ETF in January 2024 could be a major catalyst for the cryptocurrency's price, and there are three key accumulation levels that investors should watch before then.