Bitcoin investors are optimistic, expecting the cryptocurrency to reach the $50,000 mark in the coming month. Even with a small dip after almost touching $38,000 this week, the overall upward trend remains strong.
Analyst Rachel Lin, CEO of SynFutures, believes that Bitcoin’s bull rally persists, despite the Securities and Exchange Commission (SEC) postponing the approval of the eagerly awaited spot exchange-traded funds (ETFs).
Bitcoin Resilience Amid SEC Delay: Investors Remain Bullish
This week, Bitcoin faced a test at the $38,000 resistance level, but a delay from the Securities and Exchange Commission (SEC) triggered a pullback, bringing the value under $37,000.
Despite this setback, investors are holding firm in their optimism, with options showing resilience, as noted in an analysis by Rachel Lin. Lin points out that call options ranging from $30,000 to $50,000 have the “most open interests for November and December,” indicating a sustained confidence in the cryptocurrency.
Lin highlights a strong bullish bias with the open interest call-to-put ratio standing at two to one, showcasing the ongoing positive sentiment among investors.
Notably, cryptocurrency analyst Michaël van de Poppe views the SEC’s delay in approving spot Bitcoin ETFs as a positive development. According to him, the SEC actively seeking contact with all parties applying for a spot Bitcoin ETF is a progressive step, signaling a positive outlook for the cryptocurrency market.
The fact that the SEC is actively seeking for contact with all the parties applying for a spot #Bitcoin ETF is progressive and positive.
Most likely, during December, the momentum and hype should come back in the markets projecting an approval of those ETF applications.
— Michaël van de Poppe (@CryptoMichNL) November 17, 2023
Bitcoin’s Ongoing Surge: A Look at Recent Developments
Despite a recent pullback from $37,885 earlier this week to the current $36,426, Bitcoin has shown remarkable resilience, rallying by nearly 45% in the past three months.
According to cryptocurrency analyst Michaël van de Poppe, Bitcoin is on the cusp of its first year of a bullish trend. His analysis suggests a potential price range of $50,000 to $55,000, a projection that aligns with Rachel Lin’s assessment.
Lin notes that calls for a price up to $50,000 indicate investors foresee Bitcoin approaching this level either this month or the next, highlighting a positive sentiment among market participants.
While the current outlook is bullish, van de Poppe suggests that the momentum in Bitcoin may see a resurgence in December. He anticipates that during December, market excitement and momentum could return, especially if there are positive developments regarding the approval of ETF applications, signaling a potentially impactful month for the cryptocurrency.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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