Bullish forecasts for Bitcoin are cheering up the community
Bitcoin is gearing up for a $ 70,000 supersonic run in April. So believes Nick Spanos, co-founder of Zap.org – a decentralized oracle data feed startup. In an email interview, the market analyst said who sees the price of Bitcoin higher due to two very favorable developments in the cryptocurrency market.
First, Spanos noted, the much-publicized direct listing of Coinbase Global Inc.’s shares on the Nasdaq Stock Exchange would drive Bitcoin prices up. Coinbase’s shares (Ticker: COIN) would serve as a gateway for more conservative investors to embrace cryptocurrency and other digital assets.
“Coinbase’s next public debut is particularly exciting for investors in the mainstream market,” Spanos told NewsBTC.
“They will have a more direct opportunity to buy the shares of a company that plays a central role in Bitcoin and the crypto space.”
Finally, the analyst noted a recent increase in the number of companies seeking approval for Bitcoin-enabled exchange-traded funds from the United States Securities and Exchange Commission. The agency has so far denied all cryptocurrency ETF proposals that have come to its table, citing concerns over regulatory uncertainty and price manipulation.
However, many believe that the U.S. can see its first Bitcoin ETF, especially after the appointment of Gary Gensler to the position of SEC chairman. Mr. Gensler has taught courses on cryptocurrencies and appears to be more flexible in the industry, in general, than his predecessor Jay Clayton. Mr. Clayton is notorious for dragging many initial currency offering projects under the controversial SEC securities law, including Ripple Labs’ XRP token.
Matt Hougan, chief investment officer at Bitwise Asset Management, which sought to launch a Bitcoin ETF, believes that the new class of derivatives could bring much more capital to the cryptocurrency market. North America’s first Bitcoin ETF in Canada has amassed more than $ 1 billion in assets since its launch in February.
Mr. Spanos built his optimistic narrative on a similar narrative, stating that the growing number of companies looking for an ETF could take Bitcoin to a new high of $ 70,000 by the end of April.
Bitcoin technical look
Technical indicators also point to a sustained recovery of $ 70,000 or more. One is the Ascending triangle, a bullish continuation pattern that is now registering an upward movement. The graph below shows the triangle.
Bitcoin shows signs of breaking the triangular pattern. Source: BTC / USD at TradingView.com
Expectations are high about a breakout move above the upper trend line of the triangle that would at least send the price down to $ 70,000. Its overall bullish target remains at $ 80,000, equal to the maximum distance between the upper and lower trend lines of the triangle.