Bitcoin’s Meteoric Rise: Here’s Where BTC Price is Heading

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Bitcoin (BTC) has successfully surpassed the crucial $30,000 mark, marking a significant milestone for the cryptocurrency. However, it now faces a formidable resistance area near $31,000. Should Bitcoin overcome this resistance, it has the potential to embark on a substantial bullish trend, carrying the momentum into the latter half of 2023. At present, Bitcoin shows signs of positive momentum, with short-term targets indicating potential higher highs. 

Despite concerns surrounding the approval of Bitcoin exchange-traded funds (ETFs) in the United States, crypto traders remain unfazed. The market seems to be shrugging off these worries, showing confidence in the continuation of the bull run.

According to a new YouTube video  by Crypto Capital Venture, Bitcoin’s narrative is strong, with regulatory bodies like the SEC distinguishing it as a separate entity from altcoins. The ongoing discussions about Bitcoin-related ETFs and various organizations refiling applications for approval contribute to this as well. This short-to-mid-term narrative may reflect a more bullish outlook for Bitcoin, resembling the price action observed in 2016 rather than the consolidation experienced in 2019.

Additionally, Bitcoin has climbed above the 20-month moving average, which holds critical importance in determining the macro trend. For Bitcoin to sustain its upward trajectory, it is crucial for the monthly candle to close above the $20,500 range, representing the 20-month moving average.

In terms of short-term targets, if Bitcoin breaks out of the consolidation, a higher high target below $33,000 is likely. However, strong resistance is anticipated in the $33,000 to $34,000 range, marked by an upper trendline that dates back to July. This area represents a critical zone where Bitcoin’s bullish momentum may face challenges. Nevertheless, if Bitcoin successfully surpasses this resistance, it could trigger a significant bullish move.