Bitcoin’s (BTC) price is trading with a bullish bias on the daily timeframe. It shows very actionable movement over the past week. The price action is defined by noticeable higher highs with the potential for more gains based on the technical outlook.
Meanwhile, head of research at CryptoQuant, Julio Moreno, says launching a spot Bitcoin exchange-traded fund (ETF) could increase the market capitalization by $1 trillion.
Bitcoin Market Capitalization Could Benefit From Spot BTC ETF Launch
According to Moreno, “the next wave of institutional adoption for Bitcoin will come from the launch of spot BTC ETFs.” He is aware that the approvals may not come this year. With this, Moreno holds that the probability of approval continues to increase over time. There are two possible drivers, according to the researcher. First, the court victories of Grayscale (GBTC) and Ripple (XRP) in their respective court cases.
With the above, Moreno anticipates approximately $150 billion in fresh capital inflow into the Bitcoin market once the SEC nods. His assumption is based on the historical relationship between the total market capitalization and the realized capitalization of BTC. Specifically, a $150 billion fresh capital inflow into the BTC market could increase the market capitalization of the flagship crypto by $450 to $900 billion.
BTC Developers Discover Massive Security Risk In Bitcoin Lightning Network
Based on recent revelations, Bitcoin developers discovered a massive risk in the BTC Lightning Network. Per the claims, there are intentional backdoors in the code that bad actors could exploit. These could see them get full control of the network. On grounds of the discovery, the developer exited the project, reportedly.
Top BTC developers recently discovered a massive security risk in the Bitcoin Lightning Network.
He claims there are intentional backdoors in the code that allow attackers to get full control of the network.
This triggered him to announce his departure from the…
— Whale (@WhaleChart) October 21, 2023
Citing the developer in a recent disclosure:
Effective now, I’m halting my involvement with the development of the lightning network and its implementations, including coordinating the handling of security issues at the protocol level.
Bitcoin Price Forecast As BTC Pumps Hard
Bitcoin price is bullish, pumping hard over the past week to the current price of $30,051, a 13% surge since around mid-October. The move above the $30,000 psychological level was confirmed on Saturday, October 21, after multiple rejections between October 16 and 20.
It comes on the back of the Federal Reserve meeting on Friday at the Economic Club in New York. This means that the contents of the event took precedence over the fake news of a spot BTC ETF approval that shocked the markets on October 16.
Well that was a crazy turn of events..
Just another day in crypto.. pic.twitter.com/iaCxBQVbRQ
— Miles Deutscher (@milesdeutscher) October 16, 2023
The surge has seen Bitcoin price tag the supply zone, extending from $30,280 to $31,454. Notably, a supply zone is an order block populated by sellers. As such, aggressive selling is expected within this range. BTC must break above the mean threshold (midline) of this order block for a confirmed uptrend at $30,868.
In a highly bullish case, the gains could see Bitcoin price flip the supply zone from a resistance barrier to a bullish breaker, potentially extrapolating to tag the range high at $31,804.
The Relative Strength Index (RSI) at 75 points to more gains as it remains northbound. This means momentum is still rising. The Awesome Oscillator (AO) indicator also records large volumes of histogram bars, showing a strong presence by the bulls in the BTC market. This adds credence to the bullish thesis.
Meanwhile, profit-taking could interrupt the uptrend, potentially as traders that bought BTC around the $27,000 psychological range book profits. The ensuing selling pressure could send Bitcoin price south, to lose the $29,868 support level.
Increased selling pressure could see Bitcoin price drop further, losing all the ground covered over the last three days to flip the $28,105 support floor to a resistance barrier. In the dire case, the slump could see the king of crypto fall into the demand zone, an order block that extends from $27,017 to $26,546. This area is populated by buyers, meaning aggressive buying should be expected. However, if BTC records a solid move below the midline of this order block at $26,782, it would confirm a continued downtrend.
If push comes to shove, Bitcoin price could extend the slump to tag the $25,635 range low, 15% below current levels.
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