Crypto Industry News:
Ark Invest CEO Cathie Wood says the cryptocurrency ecosystem will be dominated by Bitcoin and Ethereum.
Wood discussed the long-term prospects of the cryptocurrency industry in a television interview. She also admitted that she is optimistic that the SEC will approve bitcoin ETFs. She pointed to "significant" changes taking place in the current regulatory landscape. In her opinion, it is better than it was, for example, a year ago. Apparently, as part of the current process of analyzing applications for the creation of ETFs, "the SEC is actually asking questions" and is not - as was probably the case before - immediately rejecting requests to create funds.
Wood also believes that the cryptocurrency market will be dominated by ether and bitcoin. The value of the entire market will grow to USD 25 trillion in 2030. How will this translate into the price of bitcoin itself? In February, Ark Invest presented scenarios for the growth of the BTC price. The pessimistic variant assumed a price of USD 682,800 by the end of 2030. However, you can also assume as much as $1.48 million.
Wood also believes that the SEC will approve multiple spot bitcoin ETFs at the same time. She noted that the deadline to respond to Ark's application for a Bitcoin ETF is January 10.
JPMorgan agrees. The bank said in September that it expected the SEC to approve several Bitcoin ETFs at the same time.
Technical Market Outlook:
The BTC/USD pair had retraced all of the recent 8.88% correction and the bulls are about to test the last swing high seen at the level of $37,897. The intraday technical support is seen at $37,519 and the intraday technical resistance is the swing high. The next target for bulls is seen at the level of $40,000, but first the last week high located at $37,889 must be violated. The momentum is again strong and positive on the H4 time frame chart, so the Bitcoin is ready to continue the up trend.
Weekly Pivot Points:
WR3 - $38,322
WR2 - $37,676
WR1 - $37,333
Weekly Pivot - $37,030
WS1 - $36,687
WS2 - $36,384
WS3 - $35,738
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $40,000. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.