Bitcoin has dazzled traders excellently, taking off from $42,280 on January 1 to $52,369.03 at the hour of composing in the wake of jumping by 4.60% in 24 hours or less. The development came following the endorsement and growth of the spot Bitcoin ETF product by the US SEC.
With the enormous surge that has procured Bitcoin a 22.48% increase Year-to-Date (YTD) presently slowing down, a reboot is expected to light further interest in the coin.
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According to the expert Ali Martinez, Bitcoin’s 10-minute chart illustrates what’s on the horizon. Per the examiner, the help trendline for the TD Consecutive indicator is fixed at $51,700 with resistance locked at the $52,515 price mark.
On #Bitcoin 10-mins chart, the TD Sequential’s support trendline sits at $51,700 while the resistance trendline is at $52,515. A sustained close outside of this zone will determine the direction of $BTC next move. pic.twitter.com/D0awMEQTxp
— Ali (@ali_charts) February 19, 2024
Ali Martinez further mentioned that the price of Bitcoin should close over the upper level to chart another direction. The forecast for Bitcoin price is with the end goal that it could outperform its All-Time High (ATH) of $68,789 a few weeks from now.
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The impact of the spot Bitcoin ETF is referred to as a significant catalyst to drive this growth, as institutional investors embrace the ETF product from BlackRock, Fidelity Investment, Galaxy, and others.
Many market leaders have detected the market supply and demand awkwardness wherein the everyday BTC obtained by these ETF issuers far outweighs the supply of the asset. The CEO of JAN3 Samson Mow affirmed on February 16 that BTC demand was 10x its supply.
Bitcoin Halving
Past the spot Bitcoin ETF impact, the industry is set to welcome Bitcoin halving occasion in April this year.
Through this occasion, the Bitcoin block prizes will be splashed from 12.5 BTC to 6.25 BTC, further shrinking the already limited supply of the asset.
If the demand from the spot Bitcoin ETF market perseveres, a significant rally may be recorded for the coin pushing ahead with projections as high as $200,000.