Bitcoin price has instilled optimism in investors regarding a bullish future on the back of multiple factors. These factors include the hype of spot Bitcoin ETF approvals by the Securities & Exchange Commission (SEC), the potential Quantitative Easing, as well as the upcoming halving event.
Bitcoin price might benefit from traders front-running the halving owing to other factors, but it is still six months away. In the past three years, BTC has shown promise of a rally right after halving events. The hype train is so intense that it has managed to draw the attention of some big wallet whales. However, what many investors are missing is how their optimism could get crushed.
While the general consensus following the 35% rally over the past two months is that BTC might see some sideways movement or correction until the market cools down, the sentiment is highly bullish, perching on the probability of spot Bitcoin ETF approvals. This development could bolster a rise to $36,833, the reclaiming of which as a support level could send Bitcoin price off toward $40,000. BTC/USD 1-day chart But if this support line is invalidated, BTC could see a drawdown to $31,507.
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