Bitcoin Price Prediction: Where is the Next BTC Target as $25 Billion in Trading Volumes Flood In?
Bitcoin saw a spike in trading volumes on Friday, which have exceeded $25 billion in the past 24 hours as per CoinGecko.
The spike in trading activity came as Bitcoin dipped back to test the $30,000 level from above $31,000 on a WSJ report that the SEC had informed spot bitcoin ETF applicants that their filings were insufficient.
BTC has since recovered back to the mid-$30,000s given that the SEC’s reply to the recent spot ETF filings isn’t an outright rejection, just a request for more information before the requests can be properly processed.
BlackRock, Fidelity and a series of other major financial institutions have all filed for spot bitcoin ETFs in recent weeks, sparking hopes that a spot ETF could finally be approved, opening the door for a flood of institutional inflows into the bitcoin market.
This optimism has helped to lift bitcoin more than 20% higher from earlier monthly lows under $25,000.
Assuming that spot bitcoin ETF optimism hasn’t been derailed by the latest reports on Friday, bitcoin may continue to trade with an upside bias, with chart analysis also pointing to a strong likelihood of further upside.
Bitcoin’s sharp rebound from earlier monthly lows confirms that 1) the 2023 uptrend is intact and 2) that the 200DMA remains as strong support.
Near-term price predictions thus remain bullish.
Traders have been marking out long-term resistance levels around $32,500, $33,000 and $34,500 as their next BTC price targets.
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their
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