Bitcoin Price Inching Closer to Much-Coveted $30,000 Level

The price of Bitcoin is poised on the edge of the make-it-or-break-it $30,000 level once again. 

Currently trading at $29,228, according to data from CoinGecko, the world's largest cryptocurrency has spiked by more than 3% over the past 24 hours. 

Notably, Bitcoin is outperforming all of the top altcoins except for Solana (SOL) and Ripple-affiliated XRP, which are up 6% and 10.1%, respectively, over the last 24 hours. 

Bitcoin's next major move?

As reported by U.Today, the Bollinger Bands Width (BBW) indicator for the bellwether coin has decreased to a mere 0.20. 

For those unfamiliar, Bollinger Bands serve as a tool to indicate asset price volatility. 

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Essentially, these bands expand and contract based on market dynamics. When these bands narrow, it historically suggests an upcoming sharp price shift, which could be in either direction. 

With the present positioning of the Bollinger Bands, Allemann interprets this as a potential sign of an upward price swing.

The main bullish catalyst? 

The hype surrounding the seemingly imminent approval of a spot-based Bitcoin exchange-traded fund could serve as the main bullish catalyst for the battered cryptocurrency industry. 

Mike Novogratz, the CEO of Galaxy Digital, in a recent interview with CNBC, opined that a spot Bitcoin exchange-traded fund (ETF) in the US will likely gain approval soon. 

With financial titans like BlackRock, boasting over $10 trillion in assets under management, also in the race and pushing forward their ETF applications, the atmosphere is rife with anticipation. 

The approval of a spot Bitcoin ETF is likely to take place either in late 2023 or early 2024, according to various industry experts. 

Crypto services provider Matrixport predicts that Bitcoin's price could reach between $42,000 and $56,000 if BlackRock's spot Bitcoin ETF gains approval. The uber-bullish prediction is based on potential investment inflows from gold ETF investors and the U.S. registered investor advisor community.