According to Cointelegraph: Bitcoin's price could be set to surge towards the $50,000 mark as expectations rise for the United States' first spot exchange-traded fund (ETF) approval for the cryptocurrency.
Popular crypto analyst CryptoCon has identified bullish signs within the Ichimoku Cloud indicator, suggesting an upward continuation for Bitcoin's (BTC) price.
The Ichimoku Cloud is a comprehensive indicator that considers past, present, and future trading information, and it hints at only the beginnings of Bitcoin price gains.
In a social media post on November 27, CryptoCon detailed the potential trajectory for Bitcoin. Given the crossing of Ichimoku’s leading spans, creating a new bullish cloud, and the lagging span (Chikou) breaking resistance, the price momentum is theoretically leaning towards an uptick.
The analyst mentioned that this cloud accurately anticipated Bitcoin's jump to $38,000 two months beforehand. He then laid out future projections, "our rise completes in early January," with Bitcoin hitting a minimum of $43,200, "the most conservative level," and potentially soaring to a cap of $48,000.
As intriguing as these projected figures is the timing they correspond with. If Bitcoin follows previous bull market patterns, it should hit $48,000 around early January, coinciding with the expected ETF approval.
However, no details have been made public about which potential ETF products may receive approval from US regulators.
In the interim, the US Securities and Exchange Commission (SEC), responsible for ETF market admissions, continues to sway crypto sentiment with enforcement actions, notably against Binance, the world's largest exchange.
Despite a hefty $4.3 billion fine and the displacement of CEO Changpeng Zhao, competitor exchange Coinbase has reaped benefits, with its shares soaring over 250% year-to-date.
