Bitcoin (BTC) could cruise to nearly $50,000 as the United States approves the first spot BTC exchange-traded fund (ETF).
like flagged Popular analyst CryptoCon’s Ichimoku Cloud indicator is counting down to a continuation of the BTC price rise.
Analysis: $43,000 BTC price is “the most conservative level.”
Bitcoin is in a rare position on the daytime time frame when it comes to Ichimoku Cloud signals.
As Cointelegraph reports, an indicator combining past, present, and future trading signals suggests that the BTC price rally is just beginning.
In a post published on X (formerly Twitter) on November 27, CryptoCon relayed specific goals for what could happen next.
Ichimoku’s main spans crossed, forming a new rising cloud. Due to the lagging range, Chikou will break the resistance and the price will now logically go higher.
“Weekly Ichimoku Cloud said our last Bitcoin rise was two months ago to 38,000 with an expected crossover in the future,” he wrote.
“Now we wait for the next request, completion of the ascent and filling the first target of 43k. This took between seven and 11 weeks on the cross, with an average of 10 weeks meaning our move would be completed in early January.”
CryptoCon added that $43,200 is actually the “most conservative level” and that $48,000 is an appropriate limit.
He concluded:
“Even if there is some pause in between, forward-looking indicators say we are not done yet!”
Bitcoin was trading at $37,000 at the time of writing on November 28, according to data from Cointelegraph Markets Pro and TradingView.
A match made in heaven?
Ichimoku’s timing will be just as interesting as his goals.
Related: $48K Is Now a ‘Reasonable’ BTC Price Target — Filbfilb on DecenTrader
If traditional timing is applied based on previous bull markets, a move to $48,000 should occur in early January, which coincides with the expected ETF approval date.
Little is known about what U.S. regulators are preparing or which specific ETF products will get approval first.
Meanwhile, the U.S. Securities and Exchange Commission, which decides which ETFs come to market, continues to put pressure on cryptocurrency sentiment. Enforcement action against Binance, the world’s largest exchange.
A $4.3 billion fine and the firing of CEO Changpeng Zhao have sent shares of rival exchange Coinbase up more than 250% so far this year.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.