The upward structure of the price, begun in January, accelerated sharply this week due to a validation of spot Bitcoin ETFs probably at the beginning of 2024. A throwback to the major pivot zone of 31K is expected before continuing the rise.
Note
There are several technical factors which explain the increase but above all there are four fundamental reasons: the low supply owned by exchanges, the validation of spot ETFs in January, the mining price and the next halving.Trade active
Note
Google Trends: Explosion in the number of searches for the term “Bitcoin ETF” ...Note
I still expect a V-bottom on 31K support in the coming weeks.Trade active
Finally, I no longer anticipate a throwback:Note
The breakout from 38K to 42K then 48K is very close.Trade active
Trade active
![[Bitcoin] next ATH: $82K](https://s3.tradingview.com/8/8K31R1xZ_mid.png)
Trade active
Note
The rise towards 48K is close.Trade active
Trade active
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.