- October 29, 2023
- Posted by: [email protected]
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In the midst of global markets reacting to the ongoing Israel-Hamas conflict, Bitcoin has demonstrated remarkable resilience. As of Saturday, the world’s premier cryptocurrency is trading at $34,126, registering a modest increase of nearly 0.10%. This stability in the face of geopolitical turmoil underscores Bitcoin’s evolving role as a potential hedge against traditional market volatility.
Adding further weight to its position, the U.S. Securities and Exchange Commission (SEC), led by Chair Gary Gensler, is currently in the process of reviewing applications for 8–10 spot Bitcoin exchange-traded funds (ETFs).
A serious concern arises among the vigilant eyes of investors and enthusiasts all over the world: What is in store for BTC? This Bitcoin price prediction aims to answer this exact question.
Against the backdrop of escalating Israeli ground operations and the increasing intensity of shelling in the northern sector of Gaza, the UN General Assembly has passed a non-binding resolution calling for a humanitarian ceasefire in Gaza. Concerns for the well-being of Palestinians in the Gaza Strip are mounting, particularly due to a near-total communication blackout in the area.
Negotiations between Israel and Hamas, facilitated by Qatar, are reportedly progressing and have reached an advanced stage. Since October 7, the toll of Palestinian casualties due to Israeli airstrikes has tragically risen to over 7,326, with more than 1,400 lives lost as a result of Hamas attacks on Israel.
In the face of these significant global events, Bitcoin’s price seems to be receiving a boost, with its value responding to the unfolding situation.
As the geopolitical landscape becomes increasingly tumultuous, many are exploring alternative investment options as a safeguard, contributing to the rise in Bitcoin’s price.
Furthermore, SEC Chairman Gary Gensler recently announced that the Securities and Exchange Commission is now considering between eight and ten applications for Bitcoin exchange-traded funds (ETFs). Notably, while the SEC has approved ETFs connected to Bitcoin futures contracts, it has not approved a spot Bitcoin ETF.
Regarding the deliberation surrounding these Bitcoin ETFs, Gensler emphasized that the decisions would involve the participation of the five-member commission. Despite the varying submission dates of the applications, Gensler did not provide forecasts or specify a timeline for decisions.
While Gensler did not enumerate the specific eight to ten Bitcoin ETF applications under SEC scrutiny, public records indicate that there are a total of twelve such applications awaiting review. Among these, applications from well-known firms like ARK Investment Management, Grayscale, Bitwise, Fidelity, VanEck, and Invesco are particularly noteworthy.
Initial market reactions to this news hinted at a surge in optimism, with speculations circulating about potential upticks in Bitcoin ETF approvals.
As of now, Bitcoin’s key support level is at $33,920, marking the 23.6% Fibonacci retracement level. The immediate upper resistance levels are at $35,185, followed by $36,100 and $36,975. Conversely, the primary support level stands at $33,130, with additional support at $32,460 and $31,825.
Amidst the turmoil of the Israel-Hamas conflict, Bitcoin remains resilient, and its price is influenced by both global events and the anticipation of regulatory developments. The ongoing review of Bitcoin ETF applications by the SEC adds an additional layer of intrigue to Bitcoin’s future. As Bitcoin enthusiasts and investors continue to observe these developments closely, the cryptocurrency’s price trajectory remains uncertain, with potential for further volatility.
