BTC Price Forecast and Altseason After SEC Delays ETF Ruling Until January 2024 tron-fan-club: 10.00%

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hi, good evening friends of the tron-fan club community, I hope you are all in good health, and tonight I want to share about the bitcoin forecast according to Blockchainmedia info - BTC price forecast after the SEC withholds ETF conclusions, indicating the next BTC support could reach the US $31,500 and currently the cryptocurrency movement is still relatively consolidated. Meanwhile, the altseason is largely determined by the ETH rally in the next few weeks. BTC prices consolidated today after a few days ago the US Securities and Exchange Commission (SEC) ended its decision on a number of ETF proposals until January 2024. Bitcoin (BTC) buyers are now battling sellers near the US$36,400 support/resistance level, which has been the midpoint of BTC's trading range since it first surged to US$38,000 on November 9, 2023. This depicts a BTC chart in a consolidating situation, mirror of market balance.

The delay in the ruling means that dozens of Spot Bitcoin ETF proposals in the US will likely not be approved until 2024, with investors now focused on ARK 21Shares' application deadline of January 10, 2024. Although this is easily interpreted as a "buy the rumor, sell the news" action, the SEC's attitude actually had a small impact on the BTC selling action. "BTC prices experienced a slight decline this week after reaching the US$38,000 level, corrected more than 6 percent to reach US$35,000, and then returned to last week's high. We expect the market to experience a small correction as the RSI reached a very overbought level in the daily time frame ," said Rachel Lin, CEO of SynFutures, as reported by Kitco, Saturday (18/11/2023).

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The focus now is on the US$38,000 range which serves as resistance, with Bitcoin turning down from the zone twice in two weeks. BTC Price Predictions and Potential Altseason "On the other hand, US$35,000 will likely serve as the next support zone, followed by US$31,500," Lin added. Lin also highlighted that the last seven days, altcoins joined the bull market party, with many tokens seeing double-digit gains while BTC was flat. "This has caused Bitcoin's dominance to fall from 53.5 percent last week to 52.2 percent. Whether this is the start of a new altcoin season or just a temporary spike will largely be determined by how well Ethereum performs in the coming weeks," Lin added. He noted that in recent months, the second largest cryptocurrency has lagged behind Bitcoin and other major altcoins such as Solana, Polygon, and Cardano. To start a true altcoin season, we need to see Ethereum stage another rally, which could result in a similar rally in tokens in other Ethereum ecosystems. On top of that, money flows into the crypto ecosystem continued to remain strong, marking the seventh week of positive inflows. "According to Coinshares' weekly report, Ethereum saw a sizable increase in inflows, but Bitcoin continued to dominate, attracting around 80 percent of total inflows. The options market in the derivatives market remained unchanged, with US$30,000 to US$50,000 call options having open interest "The highest (open interest) is for November and December 2023," he explained. In short, Lin pointed out, that after the initial breakout, the crypto market is now consolidating while still maintaining its bullish momentum. A BTC price forecast also provided by market analyst Rekt Capital sees consolidation at these higher levels pointing out that a similar trend has been seen during the previous two bull market cycles. "BTC could continue to move flat or see one final pullback towards the next Bitcoin Halving, which is expected to occur in mid to late April," explained Rekt Capital. Previously, the SEC postponed a decision on investment management firm Hashdex's application to convert its Bitcoin futures ETF into a Spot Bitcoin ETF. This delay will likely impact decisions on all Spot Bitcoin ETF applications. Previously new applications from Franklin Templeton and Global X had been pending. Bloomberg senior ETF analyst Eric Balchunas said he did not include WisdomTree and Franklin's applications in the new ETF race, because they filed late and had to be postponed. He also believes that the SEC may delay any ruling on the Spot Bitcoin ETF application

and this is all I can share, hopefully this is useful and really happened, I got this news from social media too and I need your comments on whether this really happened or just a glimpse of notification to shake our hearts, because the news circulating is not necessarily true because they can play the market, thank you, hopefully it really happens