Sudden Surge: Bitcoin Skyrockets, Predicted to Reach $44,000

Bitcoin has surged to nearly $38,000, erasing the losses from the previous three days and resuming its upward trend. The price spike coincided with the SEC’s continued delay in deciding the conversion of Bitcoin ETF Futures funds into Spot ETF funds.

Despite the ETF delays, optimism prevails. Leading ETF analyst James Seyffart recently shared insights on the SEC’s slow approval process for three Bitcoin ETF applications, including those from Hashdex, Franklin, and GlobalX. These delays seem to have been anticipated, and Seyffart remains optimistic.

UPDATE: There's the delay order for @hashdex 's application to convert $DEFI from a #bitcoin futures ETF to an ETF that holds both futures and spot.

h/t @News_Of_Alpha https://t.co/AAHHFiMQBu pic.twitter.com/tWJrYvqOrf

— James Seyffart (@JSeyff) November 15, 2023

The prominent analyst continues to highlight a “fairly good chance” of approval with a 90% probability by January 10, 2024. He asserts that these delays should not be considered impediments to the high approval prospects of the Bitcoin ETF. The SEC has also decided to take more time before determining whether to allow the conversion of Bitcoin and Ethereum Futures ETFs into Spot ETFs.

In response to the September application for Hashdex’s Bitcoin ETF Futures, proposing the conversion of exchange-traded fund shares listed on the New York Stock Exchange into a physically settled product, the SEC stated in a filing that an additional 45 days would be needed before a decision could be effective, potentially extending beyond January 1, 2024.

The filing for the establishment of Grayscale’s ETF came shortly after the SEC paved the way for the first Ethereum Futures ETFs. Both VanEck and ProShares have also launched ETFs based on Ethereum futures contracts.

Bitcoin’s bullish momentum remains intact, with analysts suggesting a potential surge to $44,000 in the near future. Credible Crypto, addressing their 350,000 followers on X (formerly Twitter), highlighted Bitcoin’s position in what seems to be the latter stages of a corrective wave four.

The analyst pointed to recent corrections and the emergence of an ascending triangle pattern on shorter time frames, indicating a consolidation phase before a potential upward price movement.

Quick 13 minute vid where I break down the cause of this recent drop, discuss the likelihood of further continuation down, and talk about key levels of interest I'll be watching as PA develops.

In partnership with @_WOO_X.

Likes/shares appreciated! https://t.co/4HBPDLV0hA pic.twitter.com/VpmESGjBXw

— CrediBULL Crypto (@CredibleCrypto) November 14, 2023

The concept of corrective wave patterns aligns with Ralph Nelson Elliott’s 1920s Elliott Wave theory, rooted in recurring fractal wave patterns influenced by mass psychology. This theory involves five waves following the primary market trend, accompanied by three corrective waves, providing a framework for predicting asset price movements. Elliott’s accurate forecast of the stock market’s bottom in 1935 during a 13-month correction bolstered the theory’s credibility.

Credible Crypto’s BTC price chart suggests that a breakthrough above the $38,000 level would signal the end of wave four, paving the way for Bitcoin to reach the $44,000 milestone. Despite a recent pullback, the analyst noted a significant decrease in Bitcoin open interest, reflecting a reduction in outstanding BTC futures contracts. This decrease in leverage is seen as a positive development, positioning Bitcoin for an upward trajectory.

On the contrary, Bitcoin whales, or large holders, exhibit a somewhat bearish sentiment. Recent data indicates these whales have been realizing profits over the past week, redistributing approximately 60,000 BTC valued at around $2.22 billion. This move follows a 30-day surge of 34.8% in the cryptocurrency’s value.