Is Bitcoin Price Consolidating in Wait for ETF Approvals?

Bitcoin’s price has remained relatively stable over the past day, hovering around $43,700 at the time of writing. The top cryptocurrency is up a modest 3% for the week so far.

According to some market observers, Bitcoin bulls may be positioning themselves in anticipation of potential Bitcoin exchange-traded fund (ETF) approvals in January 2024. Previous ETF application decisions have tended to coincide with bumps in Bitcoin’s price.

As for Bitcoin’s near-term price outlook, prominent crypto analyst Ali offered some key levels to watch: “Are you anticipating a #Bitcoin price correction? The first indicator would be a sustained close below $43,200. If this happens, $BTC could be headed towards $37,000.”

In other words, Ali is watching to see if Bitcoin can hold the $43,200 support level. A decisive move and close below this key level could signal a impending price pullback toward $37,000.

“However,” Ali continued, “as long as the crucial $43,200 support level holds, the odds seem to favor the bulls, potentially sending #BTC to $47,360.”

So according to Ali’s analysis, as long as Bitcoin holds above $43,200, there is scope for prices to climb toward $47,360 in the near-term.

In terms of how altcoins might perform, crypto analyst Captain Faibik offered the following take: “$BTC.D Dominance has been moving within an Ascending Channel since September 2022. Now, I am expecting a Downside Breakout of channel soon, triggering Altcoins Bullish Rally.”

In other words, should Bitcoin’s market dominance break below its current ascending channel, it could pave the way for a broad altcoin rally. When Bitcoin dominance declines, investors tend to rotate capital into alternative cryptocurrencies.

So in summary, analysts are keeping a close watch on key Bitcoin price levels and market dominance trends to gauge the potential for near-term price moves and shifts between Bitcoin and altcoins. As we head toward 2024, the possibility of ETF approvals could act as a catalyst for the crypto bulls.

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