“Bitcoin, Ethereum, and Dogecoin show resilience as they rally ahead of the Fed meeting, with analysts predicting a potential surge towards $45-50K pre-halving, despite facing resistance at the current level.”
Major cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin are experiencing a surge in value due to the growing optimism surrounding the expected regulatory approval of a spot Bitcoin exchange-traded fund (ETF) listing. Bitcoin, in particular, has shown a significant decoupling from its previous correlation with U.S. equity markets and has gained over 100% year-to-date.
The recent trading volumes of the ProShares Bitcoin Strategy ETF (BITO) and the Grayscale Bitcoin Trust (GBTC) indicate that when spot Bitcoin ETFs are eventually introduced, they are likely to attract substantial trading volumes. This development is noteworthy as it suggests a strong demand for exposure to Bitcoin through ETFs.
In terms of market performance, the top gainers in the past 24 hours include GALA, Axie Infinity, and Decentraland. The global crypto market cap currently stands at $1.27 trillion, reflecting a 1.64% increase in the past 24 hours.
Looking ahead, investors are eagerly awaiting key events such as the Federal Reserve rate decision, the release of the jobs report, and Apple’s earnings report. The Federal Reserve is expected to keep its benchmark interest rate unchanged, which is crucial considering the recent stock market correction attributed to rising interest rates.
Crypto analyst Michael Van De Poppe notes that the current market capitalization of crypto is facing resistance but has been consistently reaching higher highs and higher lows since its low point in November. Van De Poppe believes that the next target for the market capitalization is $1.8 trillion. He also predicts that Bitcoin will hit resistance at $38K and continue towards $45-50K pre-halving.
Another analyst, Pentoshi, emphasizes the importance of monitoring the closing price of Bitcoin as it could signal a potential shift or invalidate the current trend. Pentoshi suggests the possibility of BTC reaching $40K-42K in the upcoming weeks.
Overall, the cryptocurrency market is experiencing positive momentum fueled by the anticipation of regulatory approval for a spot Bitcoin ETF. Investors are closely monitoring key events and the performance of Bitcoin and other cryptocurrencies to make informed investment decisions.
