The Bitcoin price curve is following an interesting pattern that could potentially give investors confidence for the days to come. At the current level, the BTC price retraced the April 2022 level, which was a few weeks before the FTX collapse erupted in the crypto market.
According to X’s account of Titan of Crypto, a projection of up to $46,500 is made based on price activity in the last 72 hours. When observed in the lower time frame of 15 minutes, the top cryptocurrency is following the same pattern of price rise and consequent correction in the last three days.
The Bitcoin wallets with over 100 BTC have been activated in the last four weeks in the lead-up to the rally above $40,000. Also, Bitcoin Maximalist said he was expecting a ‘God candle‘ for BTC to further rise by $100K from the current level.
In the longer term, the top cryptocurrency could likely have a huge boost with the potential approval of the spot Bitcoin ETF as well as the upcoming Bitcoin Halving event. It remains to be seen if the price breaches $50,000 before the ETF approval comes, only to be well placed to reach the next stage of the bull run.
However, the U.S. Securities and Exchange Commission (SEC) stands every chance to further delay the approval for a few weeks owing to technical reasons.