End of Uptober #bitcoin  $BTC ) Hits Highest Weekly Close in 78 Week, $40,000 Next ❓🚀❓

BTC's price broke out from the $30,500 resistance area last week, reaching the highest weekly close since April 2022 #cryptotrading

The weekly RSI and daily timeframe Elliott Wave count are both bullish, supporting the ongoing price increase.

Key Points from the Bitcoin Price Movement 💰

• Bitcoin closed at $34,525 last week, the highest weekly close in 550 days, breaking out above the long-term resistance area at $30,500.

• The weekly RSI is above 50 and increasing, indicating a bullish trend.

Impact of Institutional Investment on Bitcoin 🏦

• The potential approval of a Bitcoin ETF could attract institutional investors, boost confidence, and drive demand and prices.

• Rejection of the #etf could create short-term bearish sentiment in the crypto market.

• Institutions like BlackRock getting involved shows Bitcoin’s growing importance in finance, potentially driving up prices in the short-term and stabilizing them in the long-term.

#BTC Price Prediction: How Long Will Increase Continue? 🔮

• The daily timeframe Elliott Wave count suggests that Bitcoin is in wave three of a five-wave upward movement, with the top of the fifth sub-wave likely to reach $39,200, 13% above the current price.

• However, a close below the channel’s support trendline at $33,000 will invalidate the count and could trigger a 13% drop to the closest short-term support at $30,000.