Bitcoin Spot ETF is on Horizon: Here is the Best Trade Set-Up for the BTC Price

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Just a few days ago, BlackRock filed its fourth amendment to its spot Bitcoin ETF with the SEC. After a series of meetings that raised speculation and hopes, the SEC now hints at approval in the first fortnight of 2024. As a result, a positive market sentiment has been circulating within the crypto space, due to which the Bitcoin (BTC) price has been trading within a consolidated range.

Bitcoin is following a pre-determined rally that appears to be mirroring a previous trend. After withstanding the bear market, the BTC price is about to enter the next phase of the cycle, which is considered to be a ‘bull run’. Presently, the price is trading within a crucial price zone and is trying hard to sustain after breaking the resistance zone between $42,800 and $43,500. Moreover, there are a couple of resistance and price reversal zones just above the current levels, which indicates a possible shift in momentum.

Therefore, will the BTC price remain within the same pre-defined levels until the end of 2024?

As mentioned above, as the BTC price continues to trade within a sensitive region, other technical tools, such as the Elliott Wave theory, come into play. According to this, Bitcoin seems to have completed the structure of Double Three Correction (WXY). The main waves W & Y have a zig-zag correction structure that validates a double ZigZag wave, which is considered a special type of correction structure. This suggests the BTC price could witness a minor plunge to support line 1 close to $42,248 very soon. 

The bulls are expected to jump in and trigger a rebound at these levels, but if they manifest some weakness, a plunge to the support 2 line could be imminent. The lower support is close to $41,000 may offer a strong base to trigger a healthy rebound beyond $44,000.

With rising speculation on the Bitcoin Spot ETF, more institutions are expected to pour in millions. Alongside, BlackRock itself is planning to seed its spot ETF with $10 million. Furthermore, China, which had previously prohibited crypto activities, is gradually warming to them, implying that BTC could make 2024 the most profitable year for Bitcoin.