Bitcoin Rallies Imminent; Market Gears Up for ‘Most Bullish Fundamental Catalyst’

The predictions around Bitcoin are intensifying these days, and most of them are quite optimistic. Check out the latest reports about the price of the king coin below.

A popular Bitcoin analyst named Credible Crypto has been gaining a following with his accurate predictions about Bitcoin.

He believes that Bitcoin is showing signs of an upcoming rally on both spot and futures markets.

The reason for this optimism is that the U.S. Securities and Exchange Commission (SEC) is expected to approve several BTC ETF applications soon.

This news is causing the market to hold its breath in anticipation of the potential approval.

“No change on BTC and it doesn’t get any cleaner than this. Ignore the low time frame chop on the sub-daily timeframes right now and zoom out just a bit. The picture is clear:

1. Price making higher lows and higher highs in a tight consolidation with

2. Open interest at the lowest levels of the entire consolidation and

3. [Perpetual futures] basis flipping negative to indicate spot trading at a premium while

4. Funding has been completely reset.

All this to say that we are literally as un-frothy as possible with levered players washed out, funding at baseline, and spot leading the markets into what is arguably the most bullish fundamental catalyst over the last few years.

Don’t overcomplicate it – number go up. BTC.”

Credible Crypto predicts that Bitcoin may experience another drop before breaking its low time frame resistance at $45,500.

The cryptocurrency has yet to breach the $40,000 mark and there is a gap at $38,000 that remains unfilled.

However, if there is some consolidation leading up to the ETF approval and BTC clears $45,500 convincingly, then there may not be the anticipated dip.