Bitcoin (BTC) has surged above $37,000, reaching its highest price in 18 months, driven by growing optimism that regulators may soon approve the first spot Bitcoin Exchange-Traded Fund (ETF). Following this rally, historical data signal the possibility of the asset initiating a major bull run.
In this context, pseudonymous crypto analyst el_crypto_prof suggested in an X (formerly Twitter) post on November 10 that Bitcoin is on the verge of ‘the biggest bull run ever’ based on historical indicators.
According to the analyst, Bitcoin has exhibited a rare buy signal on the M-Chart, an event that has only occurred once before and was a staggering eight years ago.
Bitcoin price analysis. Source: TradingView
“This indicator shows a buy signal on the M-Chart of $BTC, which has only happened once before and that was 8 YEARS ago.<…> One reason why I believe we’re facing the biggest bull run ever. Institutions are here,” he said.
Bitcoin searching for record high amid ETF speculation
The historical context of this rare event, coupled with the breakthrough above the SMA 20, aligns with a period when Bitcoin is searching for the next all-time high amidst regulatory uncertainty. The recent surge in Bitcoin’s price is noteworthy, with its momentum attributed to the potential approval of 12 separate Bitcoin ETF spots over the next week.
Bloomberg ETF analysts James Seyffart and Eric Balchunas noted that the U.S. Securities and Exchange Commission (SEC) has until November 17 to review and potentially approve several high-profile offerings from prominent U.S. fund managers.
Of all the applicants, investors are particularly enthusiastic about the possibility of BlackRock (NYSE: BLK), the world’s leading investment firm, gaining approval. Despite this anticipation, a segment of the crypto market suggests that the approval of an ETF does not guarantee a subsequent Bitcoin rally.
Indeed, while Bitcoin rallies, a similar trend is observed among investors. According to a Finbold report, most Bitcoin holders are currently making a profit. In this line, the level around $34,000 is considered a pivotal support to look out for.
Bitcoin price analysis
Bitcoin was valued at $37,026 by press time, reflecting less than 1% gains in the past 24 hours. Over the last seven days, BTC has seen a 6% increase.
Bitcoin seven-day price chart. Source: Finbold
Elsewhere, technical indicators retrieved from TradingView indicate a bullish outlook for Bitcoin. The one-day gauges summary suggests a ‘buy’ at 14, with moving averages signaling a ‘strong buy’ at 13. On the other hand, oscillators indicate a ‘sell’ at 3.
Bitcoin technical analysis. Source: TradingView
Meanwhile, Bitcoin appears to be holding above the $35,000 mark, and attention has shifted to surpassing the $40,000 resistance level.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
