- Proponent expects BTC price breaking out of the wedge for a leg-up by mid April.
- Industry foresees the possibility of launch of Bitcoin spot ETFs amidst optimistic executive order.
The global crypto market is now curious over what the second quarter of the year holds for the business. As the business now sails in the final leg of the first quarter.
Whilst the crypto town has been dwindling from the torments coming from geopolitical tensity, anxiety around rate hikes amongst others. The business has also come across a number of positive events.
Successively, the positive events include growing adoption, institutional exposure, regulatory clarity, amongst others. In the interim, folks from the industry foresee the possibility of the launch of Bitcoin spot ETFs amidst executive order. Conversely, proponent expects BTC price breaking out of the wedge for a leg-up by mid April.
Will The Second Quarter Commence On A Healthy Note?
Amidst the prevailing tensity, the business has seen growing impetus coming in from varied sources. Talking about adoption and acceptance, nations across the globe have been considering either adopting or regulating cryptocurrencies.
Which is a positive move, in contrast to complete restrictions. The recent executive order has brought in optimism in the business.
Successively, according to some sources, protagonists from the industry are expecting three Bitcoin spot ETFs rolling out this year. Moreover, some of which could be happening as early as April.
Which is an ultra bullish update for Bitcoin and the broader crypto fraternity. On the contrary, the crypto town has been witnessing talks around Mexico declaring BTC as a legal tender.
In succession, Swiss city of Lugano is also expected to make Bitcoin and Tether its De Facto legal tender. In contrast, Virginia banks will soon be offering cryptocurrency custody services.
That said, the host of updates are lucrative for cryptocurrency investors and traders. Who are now looking at Q2 and beyond.
Will BTC Price Need To Hop Over This Hurdle For A Leg-Up?
BTC price at the time of writing is changing hands at $39,142.71, which is down about 2.4% over the day.
Whilst the market cap of the asset hovers around $742,974,024,723. The volume of trades for around the clock is at $17,509,292,851.
BTC has been ranging in its 24-hour bandwidth from the lows of $38,480.10 to the highs of 39,502.43.
A proponent from the business sheds light on the price projections of BTC with respect to time frames. On the daily timeframe, BTC has bounced-off from the support on the RSI.
We can expect BTC moving along the for wedge for some more time, before it breaks out to form higher highs. We can expect BTC breaking the wedge around mid April, post which a leg-up could be seen.
Successively, in the 4-hour time frame, not much has changed, as BTC is still hovering closer to its support.
Coming to the weekly time frame for Bitcoin, a candle could close over its resistance in a couple of days. That said, flipping on the 100D EMA could see a squeeze, which could result in volatility for Bitcoin.
Summing up, the second quarter looks brighter considering the aforesaid factors. Some of which hold immense value, and could bring virtues to the space.
Such as the launch of spot ETFs, and legalization of BTC as a tender. Which could embrace mass adoption, that is already on a spike, as smaller fishes have been accumulating more than the whales.