What is Bitcoin’s Price Outlook as Halving Approaches, After Recent Bitcoin ETF Approval ?
The world’s largest cryptocurrency, Bitcoin (BTC) has edged up slightly, 2.61% in the last 24 hours. Crypto investors have expressed mixed reactions over whether bitcoin price is likely to rise or decline in the short-term period.
For the prevailing price of $42,173.20, more than 70% of BTC wallet addresses are running on profit, according to on-chain figures. You never say never, but we do not expect Bitcoin price to drop below $40,000 in the short-term period.
The $40,000 BTC price might be the new resistant point as crypto analysts still expect Bitcoin to surge in the long-term as the looming BTC halving approaches. The bitcoin ETF approvals will continue to increase demand pressure on Bitcoin, creating an artificial shortage for the cryptocurrency.
Volume of BTC Transactions Increasing
On January 14, 2024, the amount of the Bitcoin Transactions Per Day (I: BTPD), has started rebounding to 591,806.0, an increase from 5 days ago, when volumes of bitcoin transactions stood at 383,774.
Bitcoin Transactions Per Day measures the daily number of transactions as recorded on the Bitcoin network. An increase in BTPD shows excitement around bitcoin, leading to potential increase in BTC price.
Should You Buy Or Sell Bitcoin Now?
It may be challenging to know how Bitcoin trends in the short-term due to the fading excitement over the cryptocurrency. However, in the long-term, the technical indicators point to a long-term upside to Bitcoin price even above $50,000.
Investors can snap up Bitcoin and accumulate more even it slides below $40 mark. It’s good to remain cautious over any changes in the bitcoin ETF market, as Vanguard decided not to offer bitcoin ETF to its customers.
