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Bitcoin party ‘has not even started’ as BTC eyes $40k

Bitcoin party ‘has not even started’ as BTC eyes $40k

As Bitcoin (BTC) remained above the critical psychological level at $30,000 and then moved further up, breaking its yearly high upon the rumors of an impending spot BTC exchange-traded fund (ETF) approval, indicators suggest more strength for the maiden cryptocurrency in its near future.

Specifically, crypto trading specialist Michaël van de Poppe has observed that the flagship decentralized finance (DeFi) asset “held above $30,200 and started breaking the yearly high,” as he highlighted in an analysis shared in an X post on October 24.

Indeed, van de Poppe admitted he was surprised with such a turn of events, “but that’s what you get pre-ETF approval, adding that, as long as Bitcoin stays above $31,000, “everything is all right, and we’ll see $40K this year,” advising his followers to “buy the dips.”

Bitcoin price action analysis. Source: Michaël van de Poppe

At the same time, pseudonymous crypto analyst CoinsKid shared his view that “the party has not even started” yet, sharing a United States Dollar Index (DXY) chart that shows USD forming a descending triangle – a bearish sign for the currency amid strengthening of the crypto market.

USD index chart. Source: CoinsKid

As a reminder, DXY typically negatively correlates with Bitcoin, and the signs of the American fiat currency’s future weakness (such as the descending triangle chart pattern) usually indicate a further strengthening of the largest cryptocurrency by market capitalization.

Spot Bitcoin ETF imminent

Meanwhile, the recent Bitcoin pump ensued shortly after several influential people on X, including Bloomberg’s senior ETF analyst Eric Balchunas, shared the news of the iShares Bitcoin Trust’s listing on the “DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades).” 

According to the DTCC product listing, the iShares Bitcoin Trust’s spot Bitcoin ETF product has received a CUSIP (Committee on Uniform Securities Identification Procedures) number of 46438F101, as well as an “IBTC” ticker, and Balchunas added that this was “again all part of the process of bringing ETF to market.”

Bitcoin ETF listing on DTCC. Source: Eric Balchunas

Bitcoin price analysis

At press time, Bitcoin was changing hands at the price of $34,038, indicating an increase of 11.46% in the last 24 hours, in addition to gaining 19.67% across the previous seven days and advancing 28.15% over the past month, as the most recent charts demonstrate.

Bitcoin 24-hour price chart. Source: Finbold

All things considered, Bitcoin’s massive growth could, indeed, continue, not just in line with the technical analysis (TA) indicators but also once the spot Bitcoin ETF finally and officially receives a green light to enter the market, for which all the signs are already here.

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