On Nov. 12, Bitcoin (BTC) reached $37,000, its highest level for 18 months. The increase came amid growing optimism that US regulators will soon approve a spot Bitcoin exchange-traded fund (ETF), which one analyst says could lead to the next bull run.
Market analysts looking at historical data suggest that an ETF approval could cause the asset’s price to rise further. One pundit on social media platform X (formerly Twitter) suggests this price rise could be the biggest Bitcoin bull market.
Cryptocurrency analyst el_crypto_prof suggested on X that Bitcoin is on the cusp of “the biggest bull run of all time.” The expert said that Bitcoin recently flashed a rare buy signal, last seen eight years ago. The signal can be read on a chart using a long time frame.
Bitcoin has also risen above the 20-day Simple Moving Average (SMA) line, which the expert calls an important level. These mechanics suggest that Bitcoin could soon break out into its largest bull market.
The positive signals fit into an intriguing period for Bitcoin, as it looks to reach a historical maximum in an environment of regulatory uncertainty.
Its recent price dynamics can be attributed to the potential approval of 12 Bitcoin spot ETFs. The latest odds predict the chance of an approval of the applications within the next week.
Bloomberg ETF analysts James Seyffart and Eric Balchunas noted that the US Securities and Exchange Commission (SEC) has until Nov. 17 to review and potentially approve applications from well-known fund managers. Investors are focusing on an ETF approval for BlackRock, the world’s largest investment company. However, skeptics say an ETF approval does not guarantee a bull market.
Bitcoin is currently fluctuating around $36,134, and is down 1.8% in the last 24 hours. Over the past seven days, its price has risen 3.8%.
Technical indicators on TradingView forecast bullish prospects for Bitcoin. A summary indicator suggests “buy,” while the moving average indicator is flashing a more bullish “strong buy” signal.
Currently, Bitcoin appears to have settled above $35,000. The crypto community is now focusing on the $40,000 resistance level.
All of these suggest that Bitcoin’s biggest rally may come around soon. Investors eagerly anticipate the SEC’s decision on ETF approvals, which may cause further upside.