Bitcoin, Ethereum, Dogecoin Rally Ahead Of Fed Meeting — Analyst Says Apex Crypto Hit Resistance At This Level, But To 'Continue Towards $45-50K Pre-Halving'
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin have surged ahead of the Federal Reserve meeting, with optimism surrounding the potential regulatory approval of a spot Bitcoin ETF listing. Bitcoin has shown a significant correlation with U.S. equity markets in recent years, but appears to be decoupling from this trend. The ProShares Bitcoin Strategy ETF (BITO) and the Grayscale Bitcoin Trust (GBTC) have seen significant increases in trading volume, indicating that spot Bitcoin ETFs could attract substantial trading volumes when introduced. Crypto analyst Michael Van De Poppe predicts Bitcoin will hit resistance at $38K, but will likely continue towards $45-50K pre-halving.
October 30, 2023 | 2:42 am
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POSITIVE IMPACT
Bitcoin has surged ahead of the Federal Reserve meeting, with optimism surrounding the potential regulatory approval of a spot Bitcoin ETF listing. Analyst predicts Bitcoin will hit resistance at $38K, but will likely continue towards $45-50K pre-halving.
The news of potential regulatory approval for a spot Bitcoin ETF listing has led to a surge in Bitcoin's price. This, coupled with the prediction of Bitcoin hitting resistance at $38K but likely continuing towards $45-50K pre-halving, indicates a positive short-term impact on Bitcoin's price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Dogecoin has surged ahead of the Federal Reserve meeting, with optimism surrounding the potential regulatory approval of a spot Bitcoin ETF listing.
The news of potential regulatory approval for a spot Bitcoin ETF listing has led to a surge in Dogecoin's price. This indicates a positive short-term impact on Dogecoin's price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ethereum has surged ahead of the Federal Reserve meeting, with optimism surrounding the potential regulatory approval of a spot Bitcoin ETF listing.
The news of potential regulatory approval for a spot Bitcoin ETF listing has led to a surge in Ethereum's price. This indicates a positive short-term impact on Ethereum's price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80