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Bitcoin’s $48k bulwark between $55k price target

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Bitcoin may face minimal traffic on the road to $55,000 if the largest cryptocurrency can break a key resistance level. 

According to technical analyst Ali Charts, Bitcoin (BTC) shows a clear path toward $60,000, although it hinges on BTC breaking through resistance around the $48,000 price range. This level was last seen in April 2022 following a U.S. banking crisis shortly before Terra’s ecosystem implosion. 

On-chain data from IntoTheBlock, cited by the trader, suggests that BTC could target this resistance point after forming support of around $42,000. At this level, nearly 2.5 million Bitcoin addresses bought 1.12 BTC, currently worth over $52.5 billion after crypto’s king token made a 21-month high by surpassing $47,000.

A forthcoming spot BTC ETF approval and the Bitcoin halving in April may be two catalysts driving market prices forward. The U.S. Securities and Exchange Commission (SEC) is reportedly close to a decision on BTC ETFs tied to spot price rather than futures funds, which already trades on major exchanges. 

The landmark decision could attract billions into BTC since American institutional and retail investors would finally have regulated access to Bitcoin exposure. Although issuers and crypto proponents regard an approved spot BTC ETF as a done deal, reports say the SEC may still delay or deny applications. 

There has also been an argument that BTC’s halving could overshadow market price impacts triggered by an approved ETF. The event, happening once every four years, halves the block mining reward, slowing the rate new BTC enters the market. Typically, this change supplements BTC scarcity and could drive up prices when coupled with strong demand, which is coincidentally expected from spot BTC ETFs.


Bitcoin
BTC makes 21-month high | Source: TradingView


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Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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