Is a Major Price Breakout Imminent?

• Bitcoin hits $30k after several reports confirmed the possibility of a spot Bitcoin ETF getting approval in the US.

• This bullish market sentiment has affected the entire crypto market, sending the likes of Solana and XRP to an incredible height. 

Bitcoin (BTC) had finally hit $30k at the time of writing after losing some of its gains yesterday to touch the $28k price zone. In the last 24 hours, the asset has surged by 5.47 percent, and a 12 percent gain in the last seven days to take its market cap to a whopping $585,410,567,303.

Despite this incredible surge, the asset is still 58 percent down from its all-time high of $69,045.00. Among the top 10 highest-ranked cryptos, only Solana and XRP have outperformed Bitcoin with a 24-hour growth of 12 percent and 8 percent respectively. 

Ethereum, which is the second largest crypto by market cap, has surged by 4.5 percent in the last 24 hours to trade at $1,621.24. With a bullish market sentiment, Ethereum currently has a market cap of $195,077,459,001 and a safety score of 89/100.

According to some analysts, the asset has the potential to go as high as $2,919.96 before the year ends. Dogecoin is still holding onto its position as the largest meme coin in the ecosystem and has surged by 3.5 percent in the last 24 hours. Shiba Inu, on the other hand, has recorded an incredible growth of 4.3 percent over the same period. 

Bitcoin Price Prediction 

For now, investors are more interested in the next move of Bitcoin. A quick look at the Bollinger Bands Width (BBW) indicator for Bitcoin shows a decrease to 0.20. It is important to note that this metric serves as a volatility indicator for the price of assets. The Bollinger bands could expand or contract depending on the market behavior. Historically, the narrowing of the bands hints at an upcoming massive shift in either direction. 

According to Yann Allemann, co-founder of Glassnode, the positions of the Bollinger Bands 50 and the Moving Average (MA) 50 indicate a bullish sign. This hints that Bitcoin could likely continue its upward trend. However, he cautions that volatility is brewing. Per his observation, it is just about to “make its grand entrance.”

The overall surge in the crypto market has been linked to the recent statement by the Fed’s chair Jerome Powell, that there would be a halt in the interest rate hikes when the inflation continues to improve. In addition, the rising chance of a spot Bitcoin ETF approval seems to have influenced investors to enter the market.

Galaxy Digital CEO Mike Novogratz recently stated that the US could soon see its first spot-based ETF product. He further mentioned the rising public demand for such a product, referring to the support received by BlackRock to get approval.

According to Bloomberg analysts, there is a 75 percent chance of getting an ETF approved this year. For next year, it is almost certain. Crypto services provider Matrixport has predicted that Bitcoin could trade between $42k to $56k after BlackRock’s application gets approval. This prediction is based on the possible investment inflow from gold ETF investors. 

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