Had Falls, What Will Happen To Bitcoin After The Approval Of Bitcoin Spot ETF?

Bitcoin predictions after the Bitcoin spot ETF approval (photo: Unsplash)

JAKARTA - Bitcoin (BTC) started positive 2024, with prices soaring by more than $45,000. However, it did not last long, as Bitcoin fell sharply on Wednesday 3 January.

However, Bitcoin was able to rebound from the level below US$41,000 (Rp636 million) to around US$42,000 (Rp652 million) on Thursday 4 January.

Tokocrypto trader, Fyqieh Fachrur assessed that Bitcoin is still trying desperately to return to the level of US$43,000 (Rp667 million). Because currently, BTC is at a crucial point, between two important supply walls.

According to him, Bitcoin has strong support between levels 41,200 and 42,400 US dollars (Rp 639 million and Rp655 million), where this support level is also strengthened by Bitcoin's large market liquidity.

"Previously this sharp decline had reduced the value of BTC and investors and traders reducing exposure both on the long and short sides," explained Fyqieh in his statement.

In addition, Fyqieh mentioned that the approval of the Bitcoin spot ETF could also be a positive catalyst for the price of Bitcoin. Because, this ETF approval will open up access for institutional investors to invest in BTC, which has the potential to increase demand and encourage prices.

However, Fyqieh sees many views that ETF approval can also be a 'Buy Rumor' event, Sell The News,' where there will be a potential decline when the news of approval comes out. Currently, traders' profits reach points that are usually followed by price drops.

Overall, Fyqieh estimates that the price of Bitcoin will remain volatile in early 2024. Most likely, Bitcoin will move in the range of 40,000 - $45,000 or IDR 621 - 698 million.

However, the potential after the ETF is approved there will be an increase in BTC prices in the high range, Fyqieh sets a limit of 48,000 to 51,000 US dollars (Rp745-792 million), where at this point it is estimated that there will be a strong resistance.