The potential of Bitcoin (BTC) to reach nearly $50,000 may be realized as the United States approves the first Bitcoin exchange-traded fund (ETF). CryptoCon, a popular analyst, has indicated that the Ichimoku Cloud indicator is pointing to a bullish trend in the BTC price.
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Analysis: $43,000 BTC price is “most conservative level”
Bitcoin is in a unique place when it comes to Ichimoku Cloud signals on weekly timeframes.
As previously reported by Cointelegraph, the indicator, which combines past, present and future trading cues, suggests that the BTC price is just beginning to rise.
On Nov. 27, CryptoCon shared a specific target for potential future price action on X (formerly Twitter).
The Ichimoku Cloud’s leading spans have crossed, resulting in the formation of a new upside cloud. With the lagging span, Chikou, breaking out of resistance, the price could now head higher.
“The Weekly Ichimoku cloud called our last Bitcoin rise to 38k 2 months in advance with the cross projected in the future,” CryptoCon wrote.
CryptoCon also stated that $43,200 was the “most conservative level”, and that $48,000 could be a suitable ceiling.
The final comment was:
At the time of writing on Nov. 28, Bitcoin was trading at $37,000, according to data from Cointelegraph Markets Pro and TradingView.
A match made in heaven?
Ichimoku’s timing and its targets are both intriguing prospects.
If the traditional timing is anything to go by, based on the previous bull markets, the $48,000 move should happen in early January — which is in line with the expected ETF approval date.
Not much is known about what the U.S. regulators have in store or which particular ETF products will get the green light.
The U.S. Securities and Exchange Commission, which makes the decision of which ETFs to bring to market, is still putting pressure on crypto sentiment with its enforcement actions against Binance, the world’s largest exchange.
A $4.3 billion fine and the removal of Changpeng Zhao as CEO have resulted in a boost for the shares of rival exchange Coinbase, which are up over 250% year-to-date.
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