Bitcoin (BTC) surged above $35,000 on October 24, 2023, after BlackRock's iShares Spot Bitcoin Exchange-Traded Fund (ETF) was listed on the Depository Trust & Clearing Corporation (DTCC) under the ticker IBTC. This is a significant development for the crypto market, as it suggests that institutional investors are becoming more comfortable with Bitcoin and that the asset is gaining mainstream acceptance.
The monthly chart of BTC looks like a double top pattern, and the bearish trend is almost reached the climax. If BTC can sustain the 35K resistance level and the ETF is approved, we can expect a jump to 45K-$50. Additionally, the BTC halving event is approaching in April 2024, which has historically been associated with an uptrend in the Bitcoin price.
Overall, the outlook for Bitcoin is positive, and the listing of BlackRock's ETF is a significant development for the asset class. It is possible that we are on the cusp of the next Bitcoin bull run. However, it is important to remember that crypto is a volatile asset class, and investors should always do their own research before investing.