The price trajectory of Bitcoin has two potential outcomes, according to analysts at CryptoQuant. Their analysis, which offers insights into both bullish and bearish possibilities, is based on the support and resistance levels that are established by the average holding prices of Bitcoin investors.
Bitcoin may reach a regional peak of $48,500 prior to the SEC’s decision. Based on the growing participation of short-term holders—those who have owned their assets for a week or less—this prognosis has been made. Should their percentage exceed 8% of all Bitcoin owners, this would indicate an overheated market and a future correction in price. This $48,500 level represents a critical resistance point since it corresponds with the average price held by long-term investors.
The market is eagerly awaiting the SEC’s decision as Bitcoin recently reached its annual high of $47,218—a level that is similar to what was observed in April 2022. At roughly $45,732, Bitcoin is currently trading 7% higher than it was a few days ago. The judgment on spot Bitcoin ETF applications is much awaited and is expected to have a big impact on the cryptocurrency market.
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