Despite its consolidatory price action over the weekend, the Bitcoin price has fallen below the $37,000 mark, correcting by a marginal 0.6% in the daily time frame.

BTC is now down 3% from its yearly high of $38,000 that it hit last week. The Bitcoin price attempted to retest this level on Sunday – however, it faced a strong rejection at $37.3k, resulting in a 1.1% depreciation to the $36.8k price mark.

Despite the temporary weakness, experts predict Bitcoin to resume its rally this week and breach the $38k yearly high.

Indeed, Michael van de Poppe of MN Trading highlights that even if BTC plunges to $35,000, its directional trend would remain upwards. For him, the crypto market is in a confirmed bull run and any correction only presents excellent “buy the dip” opportunities.

Analyst @CryptoTony__, who has over 350k followers on X, reveals that the total crypto market capitalization – which is currently at $1.41 trillion – could surge 20% before it encounters any substantial resistance. This bodes well for Bitcoin, considering that the largest cryptocurrency comprises over 52% of the global crypto market cap.

Indeed, Bitwise CIO Matthew Hougan believes that a potential Bitcoin ETF approval is not yet fully priced in.

This is despite the fact that the ETF hype has led to Bitcoin investment funds now holding an all-time high of 863,434 BTC, adding over 22,100 BTC in October. Meanwhile, the broader digital asset investment funds experienced a net inflow of $767 million over the past month and a half.

Meanwhile, a new cryptocurrency – Bitcoin ETF Token – is also harnessing the ongoing ETF buzz, having already raised close to $500k in its presale in less than a week.

Bitcoin Price Prediction – Will BTC Hit $40k This Week?

For the most part, the Bitcoin price continued to consolidate sideways over the weekend – indeed, BTC’s 24-hour daily volume has dipped during the period.

However, BTC is expected to resume its bull rally over the next week, with analyst @CryptoGodJohn predicting the token to hit the $40k mark in the coming days.

After all, market insiders remain bullish that a spot Bitcoin ETF approval is imminent. According to analyst @DaanCrypto, Bitcoin’s dominance will continue to increase until the SEC gives its nod to the ETFs, after which the capital will likely rotate to the altcoin market. His Bitcoin price prediction has BTC hitting the $46,000 price mark if the ETFs are approved.

Similarly, analyst @CryptoJelleNL has laid out two price targets for Bitcoin this year – $40,000 by November and $48,000 by the end of the year.

There is also a considerable chance that the SEC could approve the ETFs by the 17th of November. James Seyffart and Eric Balchunas of Bloomberg reveal that an 8-day window – from the the 9th of November to the 17th of November – has opened for the SEC, if it wants to approve all 12 ETF applications at the same time.

Such a scenario would only lead to more FOMO, giving fresh legs to the ongoing Bitcoin price bull rally.

New Bitcoin ETF Token Nears $500k In ICO – Could It 10x After Launch?

Bitcoin is not the only cryptocurrency that investors are purchasing to prepare for a post-ETF bull run. The Bitcoin ETF Token is also gaining traction amongst investors, thanks to its innovative tokenomics.

$BTCETF is designed to track the spot Bitcoin ETF market, rewarding its holders when certain key milestones are hit. The first milestone will be reached when $BTCETF has a trading volume of $100 million, while the second and the third milestones will be achieved when the first Bitcoin ETF is approved and on the day it launches, respectively.

The project also anticipates the approved ETFs to bring in significant institutional investment, thus creating a positive impact on the Bitcoin price. Consequently, there are two additional milestones which will be hit when the ETFs have a combined asset-under-management of $1 billion and when the Bitcoin price reaches $100k.

At each milestone, 5% of the $BTCETF tokens will be burned to create a deflationary supply, which could lead to a surge in the token’s value. The transaction tax – which will be at 5% to begin with – will also be reduced by 1% on every milestone.

The Bitcoin ETF Token also allows investors to stake their tokens and accumulate attractive passive income – currently at an APY of 507% – irrespective of the broader market outlook. After all, the lead up to an ETF approval could be marked by FUD and extreme price fluctuation, making $BTCETF’s staking utility an important tool.

Due to its unique value proposition, the Bitcoin ETF Token has already raised over $400k in its presale. Furthermore, popular traders such as Jacob Bury believe that the token could display a 10x bull rally after its launch.

Visit Bitcoin ETF Token Presale

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The project in the above article is not related to Bitcoin or to a Bitcoin ETF. It’s a completely different token.

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Filed under: Bitcoin - @ November 13, 2023 11:22 am