Bitcoin Rallies Imminent As Market Gears Up for ‘Most Bullish Fundamental Catalyst’ in Last Few Years: Analyst

Bitcoin has been gaining attention as the market prepares for a potentially significant event – the approval of a Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). A pseudonymous analyst known as Credible Crypto believes that the market is showing bullish signals, indicating that Bitcoin is ready for a surge. The analyst points to higher lows and higher highs in Bitcoin’s price, low open interest levels, a negative perpetual futures basis indicating spot trading at a premium, reset funding, and the absence of leveraged players in the market. All of these factors suggest that Bitcoin is in a strong position to experience a bullish trend. Credible Crypto also suggests that Bitcoin may experience a slight dip before breaking out of its current resistance level at $45,500. However, if Bitcoin can surpass $45,500 convincingly, the anticipated dip may not occur. As of now, Bitcoin is valued at $44,156.