Bitcoin Price Prediction As Australian ETF News Could Trigger Bullish Reversal to $70k
In the last two hours, Bitcoin has experienced a bearish breakout after three days of consolidating between the $66,729 resistance and the $65,994 support levels. When going to press, Bitcoin was priced at $65,650, marking a 1.06% decline.
Today’s Price Correction Likely a Fake-Out
However, this current downtrend might be a deceptive move ahead of a significant rally. The possibility of Bitcoin surging past the $70,000 mark and reaching $80,000 or higher remains on the horizon. That’s especially true with positive news from Australia today.
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🇦🇺 Australia’s Spot #Bitcoin #ETF will Begin Trading on ASX Soonhttps://t.co/IiwptUMwec
— Crypto2Community (@Crypto2Comm) June 17, 2024
Australia ASX Approves Bitcoin ETF
According to Bitcoin Magazine, the Australian Securities Exchange (ASX) has approved listing the first Bitcoin ETF on its platform, set to go live on June 20. This development follows the successful launch of Bitcoin ETFs in the United States, where eleven such products have been introduced since January. Hong Kong has also launched Bitcoin ETFs, indicating a growing global acceptance of these investment vehicles.
ETF Approval Driven By Rising Demand
Bitcoin Magazine further reported that Arian Neiron, CEO and Managing Director at VanEck Asia Pacific, highlighted the increasing demand for Bitcoin exposure through a listed vehicle on the ASX. He mentioned that many clients have expressed readiness to invest in such a product, reflecting the rising interest in Bitcoin investment products within the Australian market.
Australia has previously seen the introduction of spot Bitcoin ETFs, with the Global X 21 Shares Bitcoin ETF (EBTC) debuting in April 2022. More recently, the Monochrome Bitcoin ETF (IBTC) began trading on June 4 on Australia’s second-largest stock exchange, the Cboe Australia exchange. Approving a Bitcoin ETF on Australia’s leading exchange, the ASX, is a significant milestone. As the largest stock exchange in the country, the ASX brings enhanced visibility, credibility, and accessibility to Bitcoin investments for institutional and retail investors.
Australia Joining Growing List Of Countries Institutionalizing Bitcoin
These developments indicate increasing acceptance and interest in Bitcoin investment products worldwide. The trend set by Australia and other countries will likely encourage more regions to follow suit, potentially leading to a substantial inflow of institutional money into Bitcoin. This increased investment could boost Bitcoin’s price and market sentiment.
Bitcoin Technical Analysis – Bears Breach Intra-Day Support
Source: TradingView
Analyzing the current market charts, Bitcoin has broken the critical intra-day support level of $65,994. However, the selling volumes remain relatively low, which suggests that bears may not have enough strength to push Bitcoin down to the weekly support level of $65,217. If the bearish momentum loses steam, mainly due to the positive news from Australia, two scenarios could unfold today.
The first scenario is a potential rebound, where Bitcoin could push back into the $65,994 – $66,729 range, continuing its range-bound trading. This would indicate continued consolidation as the market absorbs the recent developments and positions itself for the next move. The second scenario, driven by the excitement from the Australian ETF approval, could trigger a rally that pushes Bitcoin through the $66,729 resistance level. In this case, Bitcoin could be on its way to hitting the $70,000 mark within the day.
Overall, the current correction in Bitcoin’s price appears more like a fakeout as the cryptocurrency seeks higher trading volumes before making a more significant move. The bullish sentiment spurred by the ETF approval in Australia could be the catalyst Bitcoin needs to break out of its recent consolidation and embark on a parabolic price increase.
Related: Bitcoin Price Prediction 2024 – 2040
The Future Looking Bright For Bitcoin
While Bitcoin is experiencing a short-term bearish breakout, the broader market context and recent positive news suggest a potential for a bullish reversal. The approval of the Bitcoin ETF on the ASX is a significant milestone that enhances Bitcoin’s credibility and accessibility, attracting more investors and potentially leading to a significant price surge. As the market absorbs this news, a reversal to $70k could follow in a short time.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Kamal Masri
Kamal is an experienced financial analyst with a demonstrated history of working in the Financial Market. Skilled in Equities, Capital Markets, Portfolio Management, Risk management, and Corporate Finance. Kamal has worked at some of the leading online finance publications providing his expert knowledge on cryptocurrency. Kamal has written widely on digital assets across the stock and crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.
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