Cryptocurrency trader Crypto Rover, in its latest analysis Bitcoin It detected a significant negative trend line crossing process in its charts. According to the analyst, the market leader managed to break out of this downward trend for the first time in the last 77 days.
Crypto Rover predicted that the trend of BTC price may change from bearish to bullish in the next few weeks. However, the leading cryptocurrency He shared that he expects the price to register a higher top at $27,200 or above before confidently entering into a long-term investment for the unit.
Later, the analyst underlined that Bitcoin rising above $31,000 could be an extremely bullish signal. According to Crypto Rover, this development could lead to BTC recording an all-time high (ATH).
From a fundamental analysis perspective, the analyst believes that it is only a matter of time before the US Securities and Exchange Commission (SEC) approves Blackrock’s BTC spot exchange-traded fund (ETF) application. This comes after the institution postponed the lead fund’s application yesterday.
If the SEC approves Blackrock’s application for a spot Bitcoin ETF, Crypto Rover is confident that the SEC will also approve applications submitted by other notable institutional fund managers. This series of confirmations could then spark a strong BTC rally.