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So, the US Securities and Exchange Commission (SEC) has been making some waves in the crypto world recently. They’ve gone ahead and extended the deadline for Hashdex and Grayscale to switch their Bitcoin futures ETFs over to spot ETFs. Originally, this was supposed to happen by November 17, but it looks like the SEC is taking a bit more time to think things over.

On November 15, Bitcoin did something it hasn’t done in nearly a year and a half – it crossed the $38,000 mark, hitting $38,016. Even though it has since retreated, that’s still a lot! Quite a bit of this surge is thanks to the market getting hyped about the SEC potentially approving those spot Bitcoin ETFs, and because more big players (think institutions) are getting into Bitcoin. Even though the SEC is taking its time with those ETF applications, Bitcoin’s price hasn’t really taken a hit – if anything, it shows that the confidence in Bitcoin is strong.

Analysts are eyeing January 2024 for when the SEC might start approving a bunch of spot BTC ETFs, which could be great for both big-time traders and the regular Joes looking to get in on Bitcoin. Before we get into the near-term potential price trajectory for BTC, those curious about where Bitcoin will be in a year and beyond, a peek at this Bitcoin (BTC) price prediction could offer some intriguing insights.

Bitcoin (BTC) Technical Analysis and Price Prediction  

When we dive into the nitty-gritty of technical analysis, things are looking pretty optimistic for Bitcoin. The Simple Moving Average (SMA) numbers are giving us some good vibes – the 10-day SMA is higher than the 200-day SMA, suggesting that Bitcoin’s short-term growth is outpacing its long-term trend. That’s a positive sign of a continuing upward trend. 

Bullish Scenario – BTC Price Eyes $40,800

The Relative Strength Index (RSI) is hanging out at 62.41 – well below the overbought threshold (70), suggesting that there is still r

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Author: Crypto Daily

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