- Bitcoin has shown signs of a potential swift recovery, with market analyst Jake Wujastyk predicting a climb to $43,700 following a sharp decline to $41,454.
- Wujastyk’s technical analysis reveals a volume gap above the current trading price, indicating potential faster price movements as Bitcoin aims to fill this gap.
Amidst a period of uncertainty fueled by speculations regarding potential rejections of Bitcoin ETF proposals by the Securities and Exchange Commission (SEC), market analyst Jake Wujastyk’s assessment brings a glimmer of hope for Bitcoin’s swift recovery.
Wujastyk’s analysis points toward a potential quick rebound for Bitcoin, as the cryptocurrency has shown resilience following a sharp decline to $41,454. His technical analysis indicates a volume gap above the current trading price, suggesting a path for Bitcoin to reach $43,700 swiftly. This gap signifies lower trading activity at a particular price range, potentially leading to accelerated price movements as Bitcoin aims to fill this void.
The candlestick chart analysis reveals a mix of red and white candles along with a blue line representing the moving average, hinting at a potential pivot point for Bitcoin’s price around Nov. 22. Additionally, the “volume profile” showcased on the chart highlights price levels with the highest traded volume, offering insights into potential support and resistance areas for Bitcoin.
Impact of SEC’s ETF Speculations
Despite earlier plunges, Bitcoin has showcased resilience by reclaiming trading levels above $43,000. However, analyst Markus Thielen from Matrixport remains sceptical about the SEC’s approval of these ETFs, suggesting a possible double-digit correction due to stringent requirements not met by the applications.
The SEC’s ongoing discussions with major exchanges such as Nasdaq, CBOE, and NYSE regarding Bitcoin spot ETF issuances remain a pivotal factor in determining the market’s direction. Any potential approval could act as a catalyst for Bitcoin to witness further gains, emphasizing the significance of regulatory decisions in influencing cryptocurrency market movements.
