The trader who accurately called the crypto market crash of 2021 says that Bitcoin’s price action is suggesting that a sustainable rally back to its all-time highs could be underway.
Pseudonymous analyst Dave the Wave tells his 143,000 followers on the social media platform X that a new push to BTC’s current all-time high is possible as weekly momentum remains strong.
Dave the Wave often uses his own version of logarithmic growth channels (LGC) which aim to forecast market cycle tops and bottoms while filtering out short-term volatility and noise.
He refers to the bottom strip of the LGC as the “buy zone” for longer-term Bitcoin holders, which is where the price is and has been since it appeared to have correctly marked the bottom in late 2022.
“Shorter-term volatility is always the most difficult to predict.
Brace yourselves for this one. Even though daily momentum is down, weekly BTC momentum is still up.
Technically, a push to the highs is possible, and with price still in the LGC buy zone [for longer-term investors].”

According to the analyst, Bitcoin bulls can afford to be “quietly confident” based on the moving average convergence divergence (MACD) indicator, which aims to pinpoint momentum and trend reversals, being in bullish territory.
The trader also says that Bitcoin is potentially on a “sustainable” path to all-time highs. He looks at the monthly chart and notes how last time BTC was at the current levels, it only took a month of parabolic price action to crack the $60,000 mark.
This time around, however, Dave the Wave says BTC is still in a relatively tame uptrend, suggesting that the price is nowhere near an exhaustion point.
“What’s of interest here is that as compared to previously, BTC’s price is only a month of pushing all-time highs… and yet price is not going parabolic like last time.
Meaning all the potential for more sustainable prices at these levels.”

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The price of bitcoin spiked $800 following a tweet by Bloomberg ETF specialist Eric Balchunas.Balchunas claimed that the SEC has been engaging with exchanges in relation to numerous spot bitcoin ETF filings. 
The price of bitcoin spiked by $800 immediately following a report that the U.S. Securities and Exchange Commission has been interacting with exchanges in relation to numerous spot bitcoin ETF applications. 
"Hearing chatter SEC’s Trading & Markets engaged with exchanges this week on spot bitcoin ETF 19b-4s, is advising them they'd like the ETFs to do cash creates (vs in-kind), and has asked them to get in amendments in next couple weeks," wrote Eric Balchunas, senior ETF analyst for Bloomberg, on the social media platform X. "This isn't unexpected but good sign nonetheless."
Balchunas noted that cash creates make sense because they reduce limitations on broker dealers. He said that a few bitcoin ETF applications had planned this already while the remainder had chosen to go for in-kind.
"Anyway, this doesn’t change our 90% odds up or down but is good sign the process marching and SEC has a path [forward] in the plumbing that they are comfortable with," he added.

The price of bitcoin surged from roughly $36,000 to $36,800 in just minutes following the post before settling down, according to The Block's Price Page. 
link : https://www.theblock.co/post/263567/bitcoin-price-spikes-800-on-claims-sec-is-engaging-with-exchanges-over-spot-etfs

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