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Bitcoin remains at the highs at the beginning of 2024, so we assume that more upside can be seen as recovery is acting like an impulse. As such, be aware of further gains within a five-wave cycle, where we are tracking higher degree wave III up to around 48k - 50k area. Looking at the 4-hour chart, we can see some sell-off after Matrixport’s latest report claims that the SEC will reject all Bitcoin spot ETFs in January, and final approval may be achieved in Q2. However, we are still tracking two counts at this stage due to an upcoming decision of the SEC on the spot Bitcoin ETF. As a primary count, it can be trading in an (A)-(B)-(C)-(D)-(E) bullish running triangle pattern within higher degree wave 4 before a bullish continuation for wave 5. But, according to the secondary count, keep also in mind that the recent jump could be also the 5th wave out of the wave 4 triangle pattern, so we should be aware of a larger, deeper, and longer A-B-C corrective setback down to 40k-38k-35k support area.

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