After Bitcoin ETF Approval, What Is The Potential Price For Bitcoin Today?

Bitcoin price predictions following the approval of the Bitcoin Spot ETF (photo: Freepik)

JAKARTA - After the Bitcoin ETF was approved by the SEC (Securities and Exchange Commission) in the United States, we have seen the price of Bitcoin increase by four percent at a price of 47.647 US dollars or around Rp741 million.

However, Tokocrypto Trader Fyqieh Fachrur sees this momentum as yet to result in a significant spike in the price of Bitcoin, even after the announcement of the approval.

"This is surprising to many, because usually the ETF's approval will trigger strong bullish sentiment. However, Bitcoin price movements remain relatively stable, indicating more complex market dynamics," said Fyqieh.

For this reason, Fyqieh explained several factors that might cause Bitcoin price increases not to be too dramatic, one of which is hoaxes that have been circulating in recent times, thereby reducing the euphoria of these moments.

"In addition, the long wait for SEC approval may have made some market participants anticipate this decision by buying the rumors, sell the news," he added.

However, Fyqieh predicts that the Bitcoin price hike may come as the ETF trade begins, scheduled for Thursday, January 11 in the United States.

Meanwhile, Bitcoin is likely to remain in the price range between $45,000 to 48,000, as it awaits action from the 11 asset management.

If the flow of funds occurs, it is likely that Bitcoin will successfully break the previous resistance level at 48,178 US dollars (Rp750 million) and head to the next resistance level at 50,500 US dollars (Rp786 million), explained Fyqieh.