Bitcoin Price to New ATH Is Inevitable as US Congress Supports Banks’ Crypto Adoption

As a seasoned crypto investor with a keen interest in following market trends and fundamentals, I’m thrilled to see Bitcoin’s recent bullish momentum. The consistent closing above the 50 daily moving average and the surge in trading volume for US-based spot Bitcoin ETFs are promising signs of a potential new all-time high.


As an analyst, I’ve observed Bitcoin (BTC) maintaining its bullish trajectory during early trading hours in London on Friday. At the moment of writing, the leading cryptocurrency was hovering around $66,410. This upward trend indicates that the bulls are gearing up for another push towards a new record-breaking high. Additionally, Bitcoin has managed to close above the 50-day moving average in the past three days, having spent the previous two months in a corrective phase.

Bitcoin Whales Anticipate New High Soon

Based on information from market intelligence platform Santiment’s analysis of blockchain data, approximately 15,907 Bitcoin wallets contain over 100 coins each. Notably, these large Bitcoin holders collectively possess around 11.79 million coins, while the balances in centralized exchange wallets have been decreasing.

According to Coinspeaker’s report, there has been a substantial increase in trading volume for US-based Bitcoin spot ETFs lately, with considerable cash inflows. Additionally, Grayscale’s GBTC has noticeably cut down on its daily Bitcoin sales. Based on first-quarter financial reports, approximately 937 institutions have purchased Bitcoins using the recently authorized spot Bitcoin ETFs.

On Thursday, the US Senate passed the CRA (Consumer Financial Protection Rules Act) with a unanimous vote, which reversed SAB 121 (Senate Amendment 121). This legislation previously required banks to keep clients’ cryptocurrencies in their custody. The bipartisan support for this issue underscores the growing significance and appeal of digital assets within the American political landscape.

As a crypto investor, I’m thrilled about the Senate passing the CRA overturning SAB 121. This is a significant victory for financial innovation in the crypto space and sends a clear message that the heavy-handed tactics of the Biden administration and Gary Gensler towards crypto are not welcome. Furthermore, this marks the first time Congress has passed standalone crypto legislation. The best is yet to come!

As a crypto investor, I’m closely monitoring the developments surrounding President Biden’s decision regarding the proposed CRA (Consumer Financial Protection Act). According to reports, US House Majority Whip Tom Emmer has highlighted that the president is under significant pressure to either approve or veto this act prior to the upcoming elections. The US Congress has expressed their disapproval of Gary Gensler’s recent efforts to regulate crypto projects more stringently. Meanwhile, other countries are rapidly embracing the web3 industry and its potential benefits. Therefore, it is crucial for us as investors to stay informed about these political developments and how they might impact our investments in the digital asset space.

I take great pride in being among the early critics of the Securities and Exchange Commission’s excessive actions. On New Year’s Day, 2021, I filed a lawsuit against the SEC on behalf of individual investors and users. Today, the Senate passed SAB 121 with a bipartisan majority of 60 affirmative votes, sending a strong message against the SEC’s overreach.

— John E Deaton (@JohnEDeaton1) May 16, 2024

Midterm BTC Price Targets

From both a technical and fundamental perspective, the price of Bitcoin is strongly positioned to continue rising in the next few months. Following the latest halving event, which occurred less than a month ago, the value has been retesting this year’s record high. This recurring pattern indicates that we might be experiencing a “super cycle” for Bitcoin.

$BTC So far, so good..!!
Bitcoin is still moving within the Bullish Flag pattern.
To confirm the Breakout, #Bitcoin bulls need to clear the $68k resistance level.
Once the Breakout is confirmed, we can expect a new ATH in June.
— Captain Faibik (@CryptoFaibik) May 17, 2024

As a cryptocurrency analyst, I’ve been closely monitoring Bitcoin’s price movements. Recently, I’ve noticed that Bitcoin has been forming a bullish pennant flag pattern. Based on this technical analysis, I believe we can expect Bitcoin’s price to surge towards $86K in the near future. This prediction aligns with the 2.618 daily Fibonacci Extension level as well.

The crypto analyst pointed out that for Bitcoin’s bullish trend to be confirmed, it needs to routinely end its trading periods above the $68K mark in the upcoming weeks.

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2024-05-17 12:37