Bitcoin ETF Ticking Time Bomb! Approval Could Trigger Historic Crypto Rally!

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In this video, I delve into the significance of the falling wedge on the Bitcoin weekly chart, highlighting its potential to reach a $60,000 target in the context of the much-anticipated Bitcoin spot ETF. As of January 4, there’s growing speculation and excitement about the ETF’s imminent approval, which could have a substantial impact on Bitcoin’s price, altcoin markets, and Bitcoin dominance. I analyze recent market movements, including the liquidation of $540 million from the crypto market, and discuss how these events might influence Bitcoin’s trajectory. The video also explores the possible outcomes of the ETF decision, including a breakout to a $50,000 short-term target and a $60,000 long-term target, while considering the potential for a decline if the ETF is not approved. I emphasize the importance of technical analysis in predicting Bitcoin’s movement, especially in light of the ETF decision, and speculate on the broader implications for the crypto market.

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Intro 00:00
Big Grayscale news 1:10
Bitcoin ETF final stretch 2:30
BTC price pressure building 3:15
$50k Bitcoin target 5:10
BTC attempting something it’s never done 6:30
Bitcoin dominance and altcoins 9:30
What if ETF is not approved? 9:15
One step at a time 12:00

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Anybody remember this falling wedge on the Bitcoin weekly chart this is really the bare cycle wedge $60,000 Target to the upside as you know this is a very big pattern a macro pattern so it takes time to hit Targets this $60,000 Target plays into the shorter term move the shorter term

Structure and truly ties into the bigger story here that is the Bitcoin spot ETF I want to break down what is happening with the Bitcoin spot ETF it is it is imminent out there that’s that’s that’s the word on the street right now it is getting ready to happen and so it is

Thursday January 4th as I record this video there could be potential for today there could be potential for tomorrow and I want to discuss this is coming to a breaking point one way or another and it’s getting very exciting not only just for the crypto charts these targets that

We’re talking about but also for altcoin markets and Bitcoin dominance what’s happening over here on the Bitcoin dominance chart I want to tie it all together so everybody if you’re out there I appreciate you please hit the Subscribe and that like button and let’s just jump into the video here’s what we

Have going on this is Craig over here he’s the chief legal officer at grayscale he just he just posted just over an hour ago just filling out some forms and so right now it’s kind of trending over here on X grayscale Chief legal officer just posted just filling

Out some form ETF is coming this week this is obviously the speculation of it all but let’s let’s dig into the story and actually talk about how it applies to the charts how it applies to what happens next in terms of a potential Bitcoin breakout so here’s the headline Fidelity grayscale filing 8A

Form show progress for spot Bitcoin ETF applications issuers form AA filing signify registration that allows issuers to trade on exchange and marks progress towards the potential approval of a spot Bitcoin ETF it seems like we’re we’re at the Finish Line This Is What It Seems like the move signifies registration

Allows issuers to trade on an exchange once the product has been approved grayscale’s move comes a day after Fidelity filed its form a8a and days ahead of an upcoming deadline for when the SEC will have to decide whether to approve or disapprove of a spot Bitcoin ETF so we’re getting there now here’s

Where it starts playing into the charts and it starts playing into which way are we going to break and if technical analysis was a sport right now we’re we’re we’re we’re in that final stretch here and it’s getting exciting in terms of finding out how this game is going to

End and when I say game I mean just this setup this structure and this structure that’s happening on this chart right now it actually ties into whether or not Bitcoin is going to do something it has never done and so we’re getting into that final inning now and this is where

Things are becoming exciting so grayscale is looking to convert its Flagship GPD BTC fund to a spot Bitcoin ETF following a long journey that’s the story now here’s where it ties into the charts and let me just start by saying this was a big headline from yesterday important in regards to what actually

Happens when this news breaks Bitcoin Falls this was yesterday as $540 million is liquidated from crypto Market in 4 hours the reason that’s important is because and there it is there’s the liquidations happening this is the daily candle from yesterday the reason it’s important there were Longs just set ready for the Bitcoin

Spot ETF they were they were just there in anticipation that Bitcoin just going to get approved and it’s going to go higher right now a lot of those Longs got liquidated and there are many of them on the sidelines now just waiting now no longer either able to take that

That leveraged long type of risk or not interested and they’re waiting to see what happens what happens if there isn’t approval and so as this this kind of anticipation continues to build up pressure right and then there potentially will be an approval all of a sudden there might be an even bigger

Inflow of hype coming into Bitcoin which will allow for just a massive breakout out of this Apex remember today is Thursday right tomorrow potentially it could be approved Friday but then we have the weekend so as we go into this Apex and this is a daily chart you can just see

Going to the 10th here is the 10th the 10th is almost exactly at the Apex like just such a nice area where we we really we really look to 70 75% to the Apex of a triangle for a breakout right so the fact that this is all kind of coming

Together just from a technical analysis perspective is insane flip side as well everybody if it doesn’t get approved the break to the downside is very much in play so let’s let’s discuss what could actually happen with Bitcoin $50,000 Target first off is the target to the upside and I just want to point

Something out this whether there’s a Bitcoin spot ETF approval or not this would be a technical move if it were to happen that is very common out of a out of a triangle like this we can even go back to bitcoin this last area where it

Was kind of just going crazy and you can see this reversal Zone in red this is a lux algo indicator this res reversal Zone Bitcoin just broke out to the upper upper area of that reversal Zone you can see the $50,000 Target for Bitcoin is in the upper area of that reversal Zone

That would not be uncommon now here’s where the the $60,000 Target that I discussed in the beginning of this video kind of comes into play $50,000 Target right here right that’s where it is for Bitcoin $60,000 Target so this is the short-term Target $50,000 the long-term Target out of this

Tri out of this falling wedge if it hits is $60,000 let me just let me just mark it right around $60,000 right here now all of this all of these charts coming together the weekly long-term Target the the daily short-term Target this is the actual story of of just Bitcoin trying

Attempting to do something it’s never done that is to break through the bull market doors the lower high Fibonacci prior to this having so that’s that area up to around $57,000 the 786 of the Fibonacci this green area right now all the targets are

In play and we are there we are we are at this short-term just trigger point in terms of Bitcoin on these charts and the thing the event one of the most massive events for Bitcoin could be what triggers Bitcoin to not only make the move to 50,000 a clear technical move to

This to this area obviously it’s a technical Target 50,000 out of the triangle but it’s also just this upper end of this reversal Zone which really proves to be a nice resistance a nice area where where Bitcoin could just start trading sideways allowing the 20-day right but I want to show you

Something the case for Bitcoin to just not only ride 50 $1,000 hype because of the bitcoin’s body the of approval but this case where Bitcoin I’m going to go all the way back to the last bull market to give you a sense this is Bitcoin in a bull market notice how

Bitcoin in this parabolic phase of the bull market it it just rides the the entire upper end of that reversal Zone just going crazy barely any time barely any window for consolidation that’s that event EV where I’m curious and this is going to this is going to really answer the question

There’s been so much debate in terms of is the Bitcoin spot ETF priced in is it not are the inflows going to be ridiculous right away this will answer the question if we have a parabolic ridiculous chart like that or will Bitcoin yeah maybe it’ll have a nice

Little run to 50,000 and then typical just consolidation maybe even pull back down a little bit but to give you a sense that would mean hypothetically let’s say bitcoin’s trading at where it is now we get the Bitcoin spot ETF approval and boom 15% 16% move here to the $50,000

Target is Bitcoin just going to cool off at that moment or is it going to just keep going crazy kind of like that bull market Vibes one thing I do want to knowe in terms of talking about bull market Vibes the the daily oscillator even after this liquidation this

Liquidation on the chart here excuse me comes down to the around the 50 Area these are bull market things happening on the daily RSI meaning just steadily above 50 coming back down steadily above 50 you go back to a bull market let me just go back here this is what we’re

Looking at just kind of steadily above this area see that coming back down to 50 hovering around 50 going back up 50 going back up that’s that’s that bull market Vibe on the on the RSI the other thing I want to point out and

I I I want to talk about this because I think it’s important it’s the Bitcoin dominance Factor Bitcoin dominance I think is getting ready to to top out here and start falling for the bull market for altcoin season but that isn’t to say that there won’t be

Another swing high and I think there will be and I think there will be especially because of a Bitcoin spot ETF approval I think this will just allow altcoins potentially to take a break and I will say it’s going to be very interesting to see how altcoins react to

A Bitcoin spot ETF approval will altcoins be moving if altcoins are moving with Bitcoin at the same time and not just chilling out on the sidelines watching Bitcoin go crazy that will be very telling into Bitcoin dominance as well but I think it’s okay to anticipate on this weekly Bitcoin dominance chart

Bitcoin just going higher one more last time we have a Target potentially to 60 to 65% Bitcoin dominance this lower high Fibonacci on the macro before falling and this could be the Bitcoin spot ETF approval move for Bitcoin topping out and then going into the bull market

Bitcoin dominance falling as it has in previous bull market Cycles post Bitcoin having so that’s what I’m looking on bitcoin dominance but I just want to say Bitcoin breaking out right now out of this triangle maybe off of the news of a Bitcoin spot ETF very much in play the

Question is what what does BTC price due in terms of the technicals how much hype is there uh how many how many people are just pouring into Bitcoin to drive BTC price up not only to $50,000 Target but higher and I I maybe should have interjected this a little a couple more

Times throughout the video what if it’s not approved what if it’s you know somehow just it’s rejected if if something bad comes comes of this $37,000 Target I think it is to the downside and that’s that’s a short-term Target you go to weekly and we have all

Of these targets down here uh for for Bitcoin just to pull into the 20we moving average in green this is something we’ve talked about a lot right there 20we moving average the 50s all the way down here at 30 so Bitcoin falling into this general area that

Would be a very normal pre Bitcoin bull market move but that could be triggered by a denial right so it’s all about just for everybody out there including myself evaluating these markets taking it one step at a time one day at a time there’s so much speculation nobody knows what or

When this is going to happen or how so we know the targets though and one thing I will say if everything goes so well for the Bulls Bitcoin spot ETF approval $50,000 Target hit and it keeps going and then we’re hitting a $60,000 Target and we’re breaking those bull market

Doors prior to the Bitcoin having we’re in a whole new world and I think even my analysis on this YouTube channel will need to change a little bit in terms of tracking this whole new world and this whole new structure that’s being formed on the Bitcoin charts the we the weekly

Bitcoin charts because guess what that would be something that’s never happened before so those are my thoughts on bitcoin right now as as we do have a lot of speculation we have the the chief legal officer over here at grayscale tweet posting just filling out some

Forms a lot of speculation happen on the charts right now so everybody let me know your thoughts about the Bitcoin charts about the targets that we have on this on this chart what you think is going to happen next I appreciate each and every one of you cruising through

I’ll see you in the next video God bless