Bitcoin ETF approvals may have key timing as the Ichimoku Cloud demands the BTC price keep climbing into 2024.
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Bitcoin (BTC) may cruise to nearly $50,000 as the United States okays the first spot BTC exchange-traded fund (ETF).
As flagged by popular analyst CryptoCon, the Ichimoku Cloud indicator is counting down to upside BTC price continuation.
Analysis: $43,000 BTC price is “most conservative level”
Bitcoin is in a rare position on weekly timeframes when it comes to Ichimoku Cloud signals.
As Cointelegraph reported, the indicator, which combines past, present and future trading cues, suggests that the BTC price gains have only just begun.
In a post on X (formerly Twitter) on Nov. 27, CryptoCon delivered a specific target for what could happen next.
Ichimoku’s leading spans have crossed, leading to the formation of a new upside cloud. With the lagging span, Chikou, breaking out of resistance, price should now logically head higher.
“The Weekly Ichimoku cloud called our last Bitcoin rise to 38k 2 months in advance with the cross projected in the future,” he wrote.
“Now we wait for it to fill its next calls, the completion of our rise and the first target of 43k. This has taken anywhere from 7 to 11 weeks from the cross, an average of 10 weeks means our move completes in early January.”
Bitcoin Ichimoku Cloud annotated chart. Source: CryptoCon/X
CryptoCon added that $43,200 was in fact the “most conservative level,” and that $48,000 was a suitable ceiling.
He concluded:
“Even with some pause in between, the indicator that looks into the future says we are not done!”
BTC/USD 1-week chart with Ichimoku Cloud features highlighted. Source: TradingView
Bitcoin traded at $37,000 at the time of writing on Nov. 28, per data from Cointelegraph Markets Pro and TradingView.
A match made in heaven?
Ichimoku’s timing is arguably as interesting as its targets.
Related: $48K is now ‘reasonable’ BTC price target — DecenTrader’s Filbfilb
Should traditional timing play out, based on previous bull markets, the $48,000 move should come in early January — coinciding with the expected ETF approval date.
Little is known about what U.S. regulators have in store or which specific ETF products, if any, will get the green light first.
In the meantime, the U.S. Securities and Exchange Commission, which determines what ETFs come to market, continues to pressure crypto sentiment with enforcement actions against Binance, the world’s largest exchange.
A $4.3 billion fine and the removal of Changpeng Zhao as CEO have meanwhile benefited the shares of rival exchange Coinbase, which are up over 250% year-to-date.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Source: cointelegraph.com