Bitcoin, Ethereum, Dogecoin Rally Ahead Of Fed Meeting — Analyst Says Apex Crypto Hit Resistance At This Level, But To 'Continue Towards $45-50K Pre-Halving'


Published Oct 30, 2023 02:42

Updated Oct 30, 2023 04:10

Bitcoin, Ethereum, Dogecoin Rally Ahead Of Fed Meeting — Analyst Says Apex Crypto Hit Resistance At This Level, But To 'Continue Towards $45-50K Pre-Halving'

Benzinga - by Mehab Qureshi, Benzinga Staff Writer.

Major cryptocurrencies surged on the growing optimism surrounding the anticipated regulatory approval of a spot Bitcoin exchange-traded fund (ETF) listing.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC) +1.39% $34,483
Ethereum (CRYPTO: ETH) +1.25% $1,794
Dogecoin (CRYPTO: DOGE) +1.65% $0.069

What Happened: Bitcoin has, in recent years, exhibited a significant correlation with U.S. equity markets. However, it now appears to be decoupling from this trend. It is worth noting that the largest cryptocurrency has achieved a remarkable year-to-date gain of over 100%.

Last week, the ticker for BlackRock’s ETF, IBTC, which was poised to be a significant player in the market, was unexpectedly removed from the site of the Depository Trust & Clearing Corporation.

Bloomberg senior ETF analyst Eric Balchunas pointed out an interesting development in the world of ETFs.

According to Balchunas, the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to receive regulatory approval in the U.S. in 2021, had an impressive trading week, reaching a volume of $1.7 billion. Additionally, the Grayscale Bitcoin Trust (GBTC) recorded a volume of $800 million. These significant increases in trading volume for these existing instruments indicate that when spot Bitcoin ETFs are eventually introduced, we can expect them to attract substantial trading volumes.

Van de Poppe added, "I think we’ll see Bitcoin hit resistance at $38K, but most likely we’ll continue towards $45-50K pre-halving. After that, consolidation, sideways action for a long period before we’ll start making new ATH’s. In the meantime? Probably altcoins starting to show strength."

Pseudonymous crypto analyst Pentoshi said it is crucial to monitor the closing price of Bitcoin, as a dip could signal a potential shift or invalidate the current trend. Looking ahead, Pentoshi suggests that there is a possibility of BTC reaching $40K-42k in the upcoming weeks.

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