Bitcoin Price Prediction: Where is the Next BTC Target as $25 Billion in Trading Volumes Flood In?
Bitcoin saw a spike in trading volumes on Friday, which have exceeded $25 billion in the past 24 hours as per CoinGecko.
The spike in trading activity came as Bitcoin dipped back to test the $30,000 level from above $31,000 on a WSJ report that the SEC had informed spot bitcoin ETF applicants that their filings were insufficient.
BTC has since recovered back to the mid-$30,000s given that the SEC’s reply to the recent spot ETF filings isn’t an outright rejection, just a request for more information before the requests can be properly processed.
BlackRock, Fidelity and a series of other major financial institutions have all filed for spot bitcoin ETFs in recent weeks, sparking hopes that a spot ETF could finally be approved, opening the door for a flood of institutional inflows into the bitcoin market.
This optimism has helped to lift bitcoin more than 20% higher from earlier monthly lows under $25,000.
Bitcoin Price Prediction - Where is the Next BTC Target?
Assuming that spot bitcoin ETF optimism hasn’t been derailed by the latest reports on Friday, bitcoin may continue to trade with an upside bias, with chart analysis also pointing to a strong likelihood of further upside.
Bitcoin’s sharp rebound from earlier monthly lows confirms that 1) the 2023 uptrend is intact and 2) that the 200DMA remains as strong support.
Near-term price predictions thus remain bullish.
Traders have been marking out long-term resistance levels around $32,500, $33,000 and $34,500 as their next BTC price targets.
Bitcoin (BTC) Alternatives to Consider – Wall Street Memes (WSM)
Investors should always be on the lookout to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
One presale that analysts at Cryptonews.com are a big fan of is being conducted by Wall Street Memes.
Wall Street Memes, one of the internet’s hottest retail investing communities, rose to prominence in the meme stock craze of 2021 and has recently been expanding its relevance in the cryptocurrency space with the presale of its new $WSM token.
The success of the $WSM presale, which has raised more than $11.6 million only around one month, isn’t surprising given the size of Wall Street Memes’ community.
Not only are there 523k hyper-engaged community members on its wallstbets Instagram account, there are another 214k on Twitter and more than 100k across its two other Instagram channels, wallstgonewild and wallstbullsnft.
All told, Wall Street Memes has a 1 million-strong social community of degens, which analysts think all but guarantees that the $WSM token will be listed on tier 1 crypto exchanges like Binance.
With 30% of the token supply being held back for community rewards, it can reasonably be expected that airdrops to holders will be a big part of the ecosystem.
Indeed, the first $WSM airdrop is open now.
Analysts are already predicting big things for Wall Street Memes when it lists on exchanges and you can be a part of it.