Dear Readers,

At the time of writing this article, BTC trades at $ 43815.

The RSI is almost in the overbought region.

The pump in the BTC price is because of the high expectation of the Spot ETF approval.  

It is widely expected that the BTC approval decision dates would be from January 5-10, 2014, almost 30 days from now. 

For this many millions are waiting. 

As there is still 30 days to go, we may also expect a small correction from the current level. And many are expecting the dip to accumulate as well.

If BTC try to go upside and touches around $ 48000, and the news of the ETF approval comes, it would easily trade above 48000$ and would spike further to 58000-60000 $. 

We can also compare this with Bitcoin's Rainbow chart

From the above chart, BTC go down after touching the yellow range. While it trade below and down towards the blue range, it made steadied and went higher. the light green zone indicates the price range from 40000-60000USD. The yellow zone indicates the range of 60000-80000USD.

This purely based on the ETF approval news only.

If the BTC ETF approval does not happen in the next month, there would be a heavy dump in the BTC prices.

So, keep your fingers cross on the BTC ETF news. 

The coming days are also important.

As the most expected CPI Data and the FOMC meeting are being scheduled this month in a short span of time. 

Let's hope all good news for BTC in the coming new year 2024!