Bitcoin Price Prediction as Israel Ground Operation in Gaza Jolts Global Markets – Where is BTC Heading Next?
Amidst the tumult of global markets reacting to the Israel-Hamas conflict, Bitcoin stands resilient. As of Saturday, the premier cryptocurrency is trading at $34,126, marking a modest increase of nearly 0.10%. This stability in the face of geopolitical unrest emphasizes Bitcoin’s growing role as a potential hedge against traditional market volatility.
Further bolstering its position, the US SEC, under the leadership of Chair Gary Gensler, is currently reviewing applications for 8–10 spot Bitcoin ETFs.
As investors and enthusiasts worldwide keenly observe these unfolding events, many are asking: where is BTC heading next? This Bitcoin price prediction aims to address that very question.
Geopolitical Unrest: How the Israel-Hamas Conflict Influences Global Sentiment
As Israeli ground forces escalate their operations, the intensity of Israel’s shelling of Gaza, particularly in the northern sector, continues to rise. The UN General Assembly, in a non-binding resolution, has called for a humanitarian ceasefire in Gaza.
Health and humanitarian organizations express deep concern for the well-being of Palestinians in the Gaza Strip, as the area faces a near-total communication blackout.
Negotiations between Israel and Hamas, facilitated by Qatar, are reportedly progressing and have reached an advanced stage. Since October 7, over 7,326 Palestinians have tragically lost their lives due to Israeli strikes, while more than 1,400 have perished from Hamas attacks on Israel.
Israel-Hamas war live: Israel unleashes ‘pure horror’ on Gaza Strip | Israel-Palestine conflict News | Al Jazeera https://t.co/XwuQAlpwOE
— Joel Cardwell (@joel_cardwell) October 28, 2023
In light of these significant global events, Bitcoin’s price appears to be experiencing a boost, with BTC’s value increasing in response to the unfolding situation.
As the geopolitical landscape becomes more tumultuous, many are exploring investment alternatives as a safeguard, contributing to the rise in Bitcoin’s price.
Spotlight on Cryptocurrency: SEC’s Gensler Announces Review of 8-10 Bitcoin ETF Applications
SEC Chairman Gary Gensler recently disclosed that the U.S. Securities and Exchange Commission (SEC) is in the process of reviewing between eight to ten applications for Bitcoin exchange-traded funds (ETFs).
Notably, the SEC has given the green light to ETFs linked to Bitcoin futures contracts but has held back from endorsing a spot Bitcoin ETF.
🚨Breaking: SEC Chair Gary Gensler Reveals 8-10 #Bitcoin ETF Applications Filings😱
The SEC May Approve #Bitcoin ETFs Soon! 🔥
— FortuneNodeOfficial (@Fortunenode_) October 28, 2023
Elaborating on the deliberation surrounding these Bitcoin ETFs, Gensler indicated that the decisions would involve the participation of the five-member commission.
Despite the applications having varied submission dates, Gensler refrained from forecasting the outcomes and did not specify a timeline for decisions.
SEC Chair Today: “Yes, that’s right. We didn’t appeal last week. We are reviewing all the applications for ETF products. When approved, it will trade on Stock Exchanges”
With 8-10 filings under consideration,… pic.twitter.com/iYV3g6mCyO
— Good Morning Crypto (@3TGMCrypto) October 18, 2023
While Gensler did not enumerate the specific eight to ten Bitcoin ETF applications under SEC scrutiny, available public records reveal that there are a total of twelve such applications awaiting review.
Among these, applications from prominent firms such as ARK Investment Management, Grayscale, Bitwise, Fidelity, VanEck, and Invesco stand out.
Initial market reactions to the news hinted at a surge in optimism, with speculations of potential upticks in Bitcoin ETF approvals.
Bitcoin Price Prediction
Bitcoin’s key point is at $33,920, marking the 23.6% Fibonacci retracement level. The immediate upper resistance is at $35,185, followed by $36,100 and $36,975. Conversely, the primary support stands at $33,130, with further supports at $32,460 and $31,825.
The RSI, a measure of price movement speed, stands at 60, hinting at a mild bullish sentiment. The Stochastic Oscillator shows a high 92.327, suggesting potential overbought conditions and a possible price correction.
The ADX(14) gives a strong buy signal at 62, while the ATR(14) highlights significant volatility at 1288.
The 50 EMA, reflecting an average of the last 50 days with emphasis on recent prices, is at $33,760, indicating a short-term bullish outlook.
In summary, Bitcoin remains bullish above $33,920. If it drops below this, selling might intensify. In the near future, Bitcoin could challenge the $35,185 resistance.
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