Crypto Rover, an experienced cryptocurrency trader and analyst, recently shared insights suggesting that the current trajectory of Bitcoin could be changing. Based on the latest technical analysis, Bitcoin could soon paint a brighter, bullish picture.
Bitcoin Breaking Free from Bearish Constraints
In his recent analysis, Crypto Rover explained the shift in Bitcoin’s price behavior. It was noted that the leading cryptocurrency is making progress in breaking a long-standing negative trend that has persisted for 77 days. This shift marks a monumental moment for Bitcoin, which has been trapped in a downward spiral for an extended period.
Crypto Rover’s claims are not unfounded. The analyst expects a more concrete upward turn if BTC can break the $27,200 mark. It is worth mentioning that achieving such a feat could give traders and investors the confidence to delve deeper into BTC, considering the positive momentum.
Beyond this threshold, Rover further stated that a breakthrough above the $31,000 mark would serve as an “undeniable” bullish signal and could potentially propel Bitcoin to new all-time highs.
In a broader context, BTC seems to be making efforts to break free from its bearish constraints. While its price has mainly ranged between $26,000 and $27,000 over the past week, its market capitalization has significantly increased by over $5 billion.
The 4-hour BTC chart suggests that it is in a consolidation phase. This could indicate that the top cryptocurrency is potentially preparing for a significant move, as such phases often indicate market makers determining the next potential price trajectory.
The Bitcoin price is currently at $26,844, having fallen by almost 1% in the last 24 hours. Its 24-hour trading volume stands at $15.5 billion, a notable increase from $9.9 billion last Friday.
Expectation of Regulatory Changes
Furthermore, it is not just the charts determining Bitcoin’s potential upward trend; underlying fundamental factors also play a role in this optimistic outlook.
At the core of this optimism is the anticipation of the US Securities and Exchange Commission (SEC) and its upcoming decisions on Bitcoin spot exchange-traded fund (ETF) applications.
Recently, the SEC delayed its decision on Blackrock’s BTC spot ETF application, one of the world’s leading asset managers. However, Crypto Rover believes that this approval, if granted, could trigger a “domino effect.”
If Blackrock receives the coveted SEC approval, the analyst believes it could pave the way for subsequent approvals for other major institutional players. Such a series of green lights could trigger a significant BTC rally and further solidify its bullish stance.
Selected Image from iStock, Chart from TradingView.
