The rise of Bitcoin (BTC) since September last year has restored confidence in the crypto market. Can the upcoming approval of spot ETFs add fuel to help Bitcoin ignite a year-long rally?
(Previous summary: Rich dad’s New Year’s warning: The American empire will end and “war is coming”! Buy Bitcoin, gold, and silver quickly)
(Background supplement: Celsius transitioned to mining Bitcoin to “pay off debt”! The court approved the start-up of a mining company with a starting capital of 225 million magnesium)
Dear crypto market followers, Bitcoin is ushering in a new chapter in 2024. What is exciting is that Bitcoin is in the rising cycle that started in September last year and may usher in the fifth month of continuous rise. Is January’s increase likely to be the same as last year?
Looking back on Bitcoin’s history, will it rise in January?
It has been 14 years since Bitcoin was born. If you look at the price increases and decreases in the past 13 years on a monthly basis, it is indeed a very satisfactory result – since 2011, the average return rate of Bitcoin in January has remained at 10.5%. , although the 13-year historical record cannot be called “sufficient”, and cryptocurrencies are also famously unpredictable, it cannot stop the confidence of crypto investors.
Bitcoin’s monthly rise and fall records over the past 13 years｜Source: CrpytoRank
CME Bitcoin futures return to $5 billion
According to a tweet from Bitcoin News, the total open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) has returned to the $5 billion mark, which means that there have been large transactions before the approval of the Bitcoin spot ETF. Layout first. This also makes many analysts optimistic and even close to certain that spot ETFs will pass.
NEW: The #Bitcoin CME futures open interest is back above 💵 $5B, amid TradFi trying to front run spot #Bitcoin ETFs pic.twitter.com/9sKnvbEEmo
— Bitcoin News (@BitcoinNewsCom) December 31, 2023
Crypto Investor Crypto Chase: Will rise to $46,000 after passing
As of press time, the current price of Bitcoin is around US$42,500, and crypto trader Crypto Chase said in a post last night (31) that Bitcoin is entering a resistance period for the month and is in a downward trend, but the approval of spot ETFs may come soon Two weeks are coming,At this time, Bitcoin will have the opportunity to rise to $46,000.
Into monthly resistance. When moving down to H4 chart, one can see the clear respect of the monthly levels (EQ and lower bound). EQ has only ever served as resistance while lower bound flip flops, but currently resistance.
Technically, H4 is in a downtrend and wants 40.5K~… pic.twitter.com/rFjzhLp0fH
— Crypto Chase (@Crypto_Chase) December 31, 2023
Crypto Chase also predicted that the post-ETF approval rally would be followed by a wave of dumping. Everyone is thinking, can Bitcoin’s performance in 2024 replicate the surprise of 2023, or even soar into the sky? We will see the market impact of the spot ETF results within this month.
📍Related reports📍
Rich dad’s New Year’s warning: The American empire will end and “war is coming”! Buy Bitcoin, Gold, Silver…
Reuters: SEC may approve “Bitcoin Spot ETF” as soon as next week!Tuesday or notify publisher first
BlackRock, Fidelity… 9 issuers announced “underwriter AP”, SEC approved the final step of Bitcoin spot ETF
2024-01-01 04:09:56
#Bitcoin #surged #January #BTC #spot #ETF #starting #point #rising #prices
