Bitcoin is on track to hit $50,000 target, says prominent crypto analyst

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• Bit­coin spot ETF appli­ca­tions could be approved by the US SEC by Novem­ber 17, fuel­ing a BTC price rally. 
• A lead­ing cryp­to ana­lyst has set a $50,000 tar­get for Bit­coin price, pre­dict­ing an accel­er­a­tion phase in BTC. 
• Bit­coin price sus­tained above $36,400, after wip­ing out week­end gains. 

Bit­coin price wiped out its week­end gains, cor­rect­ing to the $36,400 lev­el, ear­ly on Tues­day. BTC traders are await­ing the release of US CPI data for Octo­ber, as macro­eco­nom­ic cat­a­lysts influ­ence the risk asset’s price trend.

BTC hold­ers are await­ing the US Secu­ri­ties and Exchange Commission’s (SEC) deci­sion on 12 spot Bit­coin ETF appli­ca­tions. The SEC’s win­dow to approve all BTC ETF appli­ca­tions opened on Novem­ber 9 to Novem­ber 17.

Also read: Bit­coin price drops below $37,000 ahead of US CPI

Daily Digest Market Movers: Bitcoin spot ETF approval window closing soon, BTC traders tread cautiously ahead of US CPI

• Bit­coin price trad­ed side­ways, below the $37,000 lev­el, ahead of the US CPI data release for Octo­ber 2023. The macro­eco­nom­ic cat­a­lyst is like­ly to deter­mine the direc­tion of BTC price on Tues­day. Read more about it here.
• BTC yield­ed 4.35% week­ly gains for hold­ers, before its recent pull­back to the $36,400 level.
• Bit­coin price trend is cur­rent­ly influ­enced by the pos­si­bil­i­ty of spot BTC ETFs by the US finan­cial reg­u­la­tor. An approval is set to ush­er in wide­spread insti­tu­tion­al inter­est in Bit­coin, fuel­ing demand for the asset and pos­si­bly dri­ving prices high­er. Typ­i­cal­ly, demand and util­i­ty for reg­u­lat­ed instru­ments like ETFs grows along­side its price. 
• The approval win­dow for the 12 Bit­coin ETF appli­ca­tions is clos­ing on Novem­ber 17.
• Opposed to main­stream sen­ti­ment on approval of spot Bit­coin ETFs, a JPMor­gan report says that the excite­ment about poten­tial approval has fueled a strong ral­ly in cryp­tocur­ren­cies, but the move seems overdone. 
• The bull­ish sen­ti­ment among cryp­to traders has been buoyed by the pos­si­bil­i­ty that the SEC’s stance on cryp­to may soft­en, post the ETF’s approval. 
• JPMor­gan ana­lysts’ argu­ment is that instead of new cap­i­tal enter­ing cryp­to, exist­ing demand for Grayscale Bit­coin Trust and list­ed min­ing com­pa­nies will move to new­ly approved spot ETFs and gen­er­ate lit­tle to no inter­est from investors, as seen in the case of sim­i­lar ETFs in Cana­da and Europe. 

Technical analysis: Bitcoin price gears up for rally to $50,000

Cryp­to ana­lyst Faibik, behind the han­dle @CaptainFaibik on X, eval­u­at­ed the Bit­coin price trend and set a $50,000 tar­get for the risk asset. Accord­ing to the ana­lyst, if Bit­coin price remains with­in the $34,000 to $38,000 range for two months, it could begin the halv­ing ral­ly by mid-Feb­ru­ary and hit $50,000 by late March 2024.

BTC/USD 3‑day chart 

The ana­lyst behind the X han­dle @el_crypto_prof’s the­sis sup­ports Faibik’s $50,000 tar­get for Bit­coin. The expert argues that Bit­coin has returned to Elliott wave B of an A‑B-C cor­rec­tion, just as it does every time since 2012, ahead of a halv­ing event. The ana­lyst expects a new all-time high in 2024, how­ev­er iden­ti­fies the $48,000 to $50,000 area as the next big tar­get for Bit­coin price.

BTC/USD 1‑month chart 

At the time of writ­ing, Bit­coin price is $36,555 on Binance. The asset’s price is mut­ed over the past 24 hours.