Bitcoin price could surge to $50,000 if SEC approves spot BTC ETF
Bitcoin (BTC) price continues to show a bullish trend, with the potential to reach new heights if the Securities and Exchange Commission (SEC) approves a spot exchange-traded fund (ETF). The current price of Bitcoin is supported by the 25-day and 50-day Exponential Moving Averages (EMAs) at $43,130 and $41,391, respectively. The Relative Strength Index (RSI) is also showing rising momentum, indicating increased buying pressure. If Bitcoin overcomes the critical threshold of $43,860, it could quickly climb to $48,000 and potentially reach the psychological level of $50,000. Traders who exercise caution could set the pace for Bitcoin to even reach the ambitious target of $60,000.
On the other hand, if the SEC rejects the spot ETF or delays its decision, Bitcoin price could see a downward trend. In this scenario, Bitcoin could break below the 25-day and 50-day EMAs and test the confluence between the 100-day EMA and the horizontal line near the $37,800 level. A further decline could jeopardize the bullish outlook, with Bitcoin price needing to close below the psychological level of $30,000 to invalidate the current optimism.
Ethereum price poised for 10% climb to $2,500 as momentum builds
Ethereum (ETH) price is currently within an ascending parallel channel, with a potential 10% climb to $2,500 on the horizon. The RSI is moving in an upward direction, indicating rising momentum, and the falling Average Directional Index (ADX) suggests that the previous slump in ETH value is losing strength. If buying pressure increases, Ethereum price could break the $2,388 resistance and move towards the $2,445 range high. The ultimate target is the forecasted $2,500 level, with a strong breakthrough potentially pushing the market value of ETH to $3,000.
Conversely, if profit takers decide to sell, Ethereum price could reverse its upward trajectory and potentially lose support at $2,135. Below this level, ETH could face a further decline, with a worst-case scenario of breaking and closing below $1,935, which would invalidate the bullish outlook.
Ripple price finds support, rallies possible with SEC decision
Ripple (XRP) price may have found support at $0.5442, as indicated by a recent recovery. The RSI is showing upward movement, suggesting rising momentum, while the rising ADX indicator implies a strengthening trend. If buyer momentum continues to increase, Ripple price could surpass the critical support at $0.5784 and potentially breach the resistance of the descending trendline around the $0.7000 psychological level. This could lead to a rally and the collection of sell-side liquidity.
However, if traders who were affected by the January 2 crash decide to exit the market, XRP price could decline. A break below the $0.5442 support level could expose Ripple price to further downside, potentially reaching the midline of the Fair Value Gap (FVG) at $0.5002. A break and close below this level would confirm the continuation of the downtrend.
Bitcoin eyes $50,000 as spot ETF optimism grows
Bitcoin (BTC) price remains within the midline of the weekly supply zone at $43,860, but the possibility of spot ETF approval from the SEC could be a catalyst for a breakout. The current support provided by the 25-day and 50-day EMAs at $43,130 and $41,391, respectively, along with the northward inclination of these moving averages, indicates that the path of least resistance is upwards. The RSI is also showing rising momentum, further supporting the bullish outlook for Bitcoin.
If buying pressure continues to increase, Bitcoin price could surpass the $43,860 threshold and extend its rally to the next critical range at $48,000. This could set the stage for a quick run towards the psychological level of $50,000, although profit booking may occur at this point. Traders with a strong profit appetite could even push Bitcoin towards the highly ambitious target of $60,000.
However, if the SEC rejects the spot ETF or the decision is delayed, Bitcoin price could face a downward trend. In this scenario, Bitcoin could break below the 25-day and 50-day EMAs before testing the confluence between the 100-day EMA and the horizontal line near the $37,800 level. To invalidate the current bullish outlook, Bitcoin price would need to close below the psychological level of $30,000.
Ethereum price set for 10% climb, $2,500 target within reach
Ethereum (ETH) price is currently trading within an ascending parallel channel, with a potential 10% climb to the $2,500 mark. The RSI is moving in an upward direction, indicating rising momentum, and the falling ADX suggests that the previous dip in ETH value is losing strength. If buying pressure continues to increase, Ethereum price could break the $2,388 resistance and aim for the $2,445 range high. The ultimate target is the projected $2,500 level, with a strong breakthrough potentially leading to a market value of $3,000 for ETH.
On the other hand, if profit takers decide to sell, Ethereum price could reverse its upward momentum. In this scenario, ETH could lose support at $2,135, and a further decline could take it to the depths of $2,000. In a worst-case scenario, the bullish outlook could be invalidated, and ETH might break and close below $1,935.
Analyst comment
Bitcoin price could surge to $50,000 if the SEC approves a spot BTC ETF, which would lead to increased buying pressure and potentially push the price towards $60,000. On the other hand, if the SEC rejects or delays the ETF, Bitcoin price may see a downward trend, breaking key support levels and jeopardizing the bullish outlook. As an analyst, I predict that the market will react positively if the ETF is approved, but negatively if it is rejected or delayed.
