In the ever-evolving realm of cryptocurrency, Bitcoin, the pioneering digital currency, has recently faced a downturn, slipping beneath the $43,000 threshold. This decline mirrors the broader crypto market, which experienced a 0.25% dip in its global market cap, now totaling $1.61 trillion.

This shift coincides with the release of the US Consumer Price Index, impacting market trends. Despite a bearish US dollar, the crypto sector remains attentive to crucial developments, such as the US Federal Reserve hinting at potential rate cuts by 2024 and the SEC reevaluating spot Bitcoin ETFs. These factors could significantly influence Bitcoin’s trajectory in the upcoming year.

As anticipation grows for a robust start in 2024, including the potential approval of a Bitcoin ETF, the market remains vigilant regarding macroeconomic factors and regulatory changes.

SEC’s Reconsideration of Bitcoin ETFs Shapes Market Outlook

The Securities and Exchange Commission (SEC) is reevaluating applications for spot Bitcoin Exchange-Traded Funds (ETFs) following recent court decisions. SEC Chair Gary Gensler has mentioned a ‘fresh evaluation’ of these applications, prompted by a court order related to Grayscale Investments’ attempt to establish a spot Bitcoin ETF.

While the SEC previously rejected such applications consistently, recent court interventions have led to a reexamination of their stance. Major financial institutions like BlackRock and Fidelity are actively seeking approval for spot Bitcoin ETFs. Gensler has expressed concerns about non-compliance with securities laws within the cryptocurrency industry, highlighting challenges associated with fraud and malicious actors.

The SEC’s reconsideration of spot Bitcoin ETFs, influenced by recent court rulings, could positively impact BTC prices. Approval might lead to increased institutional involvement, instilling confidence and potentially propelling upward price movements.

Bitwise’s 2024 Crypto Forecast and Implications for BTC Price

Bitwise predicts significant developments in the crypto space for 2024, envisioning Bitcoin surging beyond $80,000. This surge is expected to be fueled by the introduction of a new spot Bitcoin ETF and an upcoming supply halving. Bitwise also anticipates spot Bitcoin ETFs becoming the most successful ETF launch, accumulating around $72 billion in assets.

The report forecasts Coinbase’s revenue doubling, Ethereum’s revenue more than doubling to $5 billion, and a significant reduction in Ethereum transaction costs following an upgrade. It envisions AI assistants incorporating crypto for online payments, stablecoins settling more transactions than Visa, Taylor Swift entering the NFT space, and prediction markets attracting over $100 million in stakes.

Bitwise’s 2024 predictions, including Bitcoin reaching $80,000 driven by a new spot ETF, could positively impact BTC prices. Increased institutional interest and positive developments may contribute to the cryptocurrency’s upward momentum.

Bitcoin Price Prediction and Technical Outlook

As of December 15th, Bitcoin is priced around $43,400, marking a critical pivot point in its 4-hour chart trajectory. Immediate resistance levels are identified at $44,715, with additional challenges at $46,000 and $47,250. On the downside, support levels at $41,695, $40,660, and $39,720 are crucial for maintaining bullish momentum.

Technical indicators offer mixed signals, with the RSI at 74, indicating a potentially overbought condition. However, Bitcoin’s position above the 50-Day EMA of $42,315 confirms a short-term bullish trend. A noteworthy development is the completion of the 38.2% Fibonacci retracement at $41,650. A breakdown below this level could see support forming around $40,600, corresponding to the 50% Fibonacci retracement level.

In conclusion, Bitcoin’s current trend remains cautiously bullish above the $43,400 pivot point. The short-term forecast anticipates testing resistance levels, with a keen eye on macroeconomic factors and market sentiment influencing its trajectory.

Top 15 Cryptocurrencies to Watch in 2023

Stay informed about the world of digital assets by exploring our curated collection of the top 15 alternative cryptocurrencies and ICO projects to watch in 2023. Industry experts from Industry Talk and Cryptonews have selected these digital assets, providing expert advice and critical insights for your cryptocurrency investments.

Seize this opportunity to discover the potential of these digital assets and stay informed as the crypto landscape continues to evolve.